Sinomine(SZ:002738) Ping An Securities·2025-04-28 10:50Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company achieved record highs in cesium and rubidium business, accelerating its multi-metal layout [1][9]. - The company reported a revenue of 5.364 billion yuan in 2024, a year-over-year decrease of 10.8%, and a net profit attributable to shareholders of 757 million yuan, down 65.7% year-over-year [4][7]. - The company is expected to see a revenue increase in 2025, with projections of 5.584 billion yuan, representing a year-over-year growth of 4.1% [7][11]. - The lithium salt production in 2024 reached 43,700 tons, a significant increase of 137.8% year-over-year, with sales also rising by 145% [8]. - The company has made strategic acquisitions in copper and gallium projects, enhancing its growth potential [9]. Financial Summary - The total revenue for 2024 is projected at 5.364 billion yuan, with a net profit of 757 million yuan [4][10]. - The company’s gross margin is expected to improve from 32.8% in 2024 to 40.4% by 2027 [11]. - The earnings per share (EPS) is projected to increase from 1.05 yuan in 2024 to 3.73 yuan by 2027 [11][12]. - The company’s total assets are expected to grow from 17.193 billion yuan in 2024 to 23.239 billion yuan by 2027 [10][12]. Business Development - The cesium and rubidium segment generated a revenue of 1.395 billion yuan in 2024, marking a year-over-year increase of 24.16% [8]. - The company has initiated the construction of the Kitumba copper mine project, which is expected to produce 60,000 tons of cathode copper annually [9]. - The company’s self-owned mines accounted for 92.6% of lithium salt sales in 2024, reflecting a 6.6 percentage point increase year-over-year [8].