Soochow Securities·2025-08-26 09:29Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to gradually increase its own resource output, with significant performance elasticity contributed by lithium price increases in the second half of the year [1] - The company's Q2 performance met expectations, with a revenue of 8.38 billion yuan, down 12.6% year-on-year, and a net profit attributable to shareholders of -530 million yuan, up 30.1% year-on-year [9] - The company anticipates lithium salt sales to reach 160,000 to 180,000 tons in 2025, a year-on-year increase of approximately 30% [9] - The Goulamina lithium project in Mali is expected to contribute additional output in the second half of the year, while the Mariana project is gradually ramping up production [9] - The company forecasts a net profit attributable to shareholders of 434 million yuan in 2025, with a year-on-year growth of 120.93% [1][9] Financial Summary - Total revenue for 2023 is projected at 32.972 billion yuan, with a year-on-year decrease of 21.16% [1] - The net profit attributable to shareholders for 2025 is estimated at 434.1 million yuan, with a significant recovery from a loss of 2.074 billion yuan in 2024 [1] - The earnings per share (EPS) for 2025 is expected to be 0.22 yuan, recovering from -1.03 yuan in 2024 [1] - The company’s total assets are projected to reach 100.832 billion yuan in 2024, increasing to 118.668 billion yuan by 2027 [10]