中矿资源（002738）：铜冶炼厂拖累公司业绩，铯铷业务构筑业绩支撑

Investment Rating - The report maintains a rating of "Buy" for the company [6]. Core Views - The company's performance in the first half of 2025 was impacted by losses in copper smelting, while the cesium and rubidium business provided a performance cushion [1]. - The lithium salt business saw a decline in profitability due to falling prices, but there are expectations for improvement in the second half of 2025 [3]. - The company is expected to achieve significant growth in net profit from 2025 to 2027, with projections of 6.4 billion, 14.6 billion, and 22.7 billion yuan respectively [3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 3.27 billion yuan, a year-on-year increase of 35%, but the net profit attributable to shareholders was only 90 million yuan, a decrease of 81% [1]. - The gross profit margin for the first half of 2025 was 18%, with a significant drop in lithium salt gross profit by 75% year-on-year [2]. - The cesium and rubidium business saw a gross profit of 510 million yuan, up 50% year-on-year, which helped offset losses from other segments [1]. Business Segments - The lithium salt segment sold 18,000 tons in the first half of 2025, a year-on-year increase of 6.4%, but the average price fell by 13% in Q2 2025 [2]. - The copper smelting business is expected to incur a net loss of approximately 200 million yuan in the first half of 2025 due to tight global copper concentrate supply [2]. - The cesium and rubidium business showed strong growth, with Q2 2025 gross profit reaching approximately 280 million yuan, a quarter-on-quarter increase of 22% [1]. Future Outlook - The company anticipates improved profitability in the lithium salt business in the second half of 2025, driven by rising lithium prices and cost reduction measures [3]. - The cesium and rubidium business is expected to continue supporting the company's earnings during the transition period [3]. - The company plans to expand its copper production capacity to over 100,000 tons within five years, with the Kitumba copper mine expected to reach production by 2026 [3].