Kings(SH:603505) Changjiang Securities·2025-04-28 10:16Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 2.75 billion yuan for 2024, representing a year-on-year increase of 45.2%, while the net profit attributable to shareholders was 260 million yuan, a decrease of 26.3% year-on-year [2][5] - For Q1 2025, the company achieved a revenue of 860 million yuan, a year-on-year increase of 91.7%, and a net profit of 70 million yuan, reflecting a year-on-year increase of 10.5% [2][5] - The company plans to distribute a total cash dividend of 90 million yuan for 2024, which accounts for 35% of the net profit attributable to shareholders [2][5] Financial Performance Summary - In 2024, the company’s single mine operations generated a revenue of 1.12 billion yuan, with a gross margin of 41.5%, despite a 3.0% decline in revenue year-on-year [11] - The "selection and chemical integration" project saw a significant revenue increase of 300.4%, generating 1.04 billion yuan, although the gross margin was slightly negative at -0.55% [11] - The lithium project faced challenges, with a provision for inventory impairment of 20.16 million yuan, leading to a net loss of 22.32 million yuan attributable to shareholders [11] - The company expects net profits attributable to shareholders to reach 490 million yuan, 690 million yuan, and 850 million yuan for the years 2025, 2026, and 2027 respectively [11][12]