Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The report indicates that the decline in lithium prices in 2024 will lead to a recovery in gross profit margins, while price transmission in 2025 may see a decline [1] - The company achieved a revenue of 381.94 million in 2023, with a slight decrease to 381.62 million in 2024, but is expected to grow to 419.79 million in 2025, reflecting a 10% year-on-year increase [1] - The net profit attributable to the parent company is projected to increase from 44.61 million in 2023 to 73.22 million in 2024, before declining to 58.59 million in 2025, indicating a 19.99% decrease [1] Financial Performance Summary - Total revenue for 2024 is forecasted at 381.62 million, with a year-on-year change of -0.08% [8] - The gross profit margin is expected to be 32.91% in 2024, decreasing to 31.00% in 2025 [8] - The net profit margin for 2024 is projected at 19.19%, with a decline to 13.96% in 2025 [8] - Earnings per share (EPS) is expected to be 1.10 in 2024, dropping to 0.88 in 2025 [8] Market Data - The closing price of the company's stock is 29.10, with a market capitalization of 1,933.87 million [5] - The price-to-earnings (P/E) ratio is 28.14 based on the latest diluted earnings per share [5][8] - The company has a net asset value per share of 7.70 [6]
2024年报、2025一季报点评:2024年锂价回落带动毛利率回升,2025年价格传导或有回落