Sinomine(SZ:002738) Soochow Securities·2025-08-22 09:59Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 3.27 billion yuan, a year-on-year decrease of 34.9%, and a net profit attributable to shareholders of 90 million yuan, down 81.2% year-on-year [7] - The company's cesium and rubidium business saw a significant profit increase, with a revenue of 710 million yuan in the first half of 2025, up 50% year-on-year [7] - The lithium price is expected to rebound in the second half of 2025, potentially contributing over 200 million yuan in profit [7] - The copper smelting business faced losses due to tight global copper concentrate supply, but is expected to reduce losses in the third quarter of 2025 [7] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 670 million yuan, 1.28 billion yuan, and 2.15 billion yuan respectively [7] Financial Summary - Total revenue for 2023 is projected at 6,013 million yuan, with a year-on-year decrease of 25.22% [1] - The net profit attributable to shareholders for 2023 is estimated at 2,208.16 million yuan, down 32.98% year-on-year [1] - The earnings per share (EPS) for 2023 is projected at 3.06 yuan, with a price-to-earnings (P/E) ratio of 13.29 [1] - The company expects a total revenue of 7,016 million yuan in 2025, representing a year-on-year increase of 30.81% [1] - The projected net profit attributable to shareholders for 2025 is 670.67 million yuan, a decrease of 11.40% year-on-year [1] - The EPS for 2025 is expected to be 0.93 yuan, with a P/E ratio of 43.75 [1]