雅化集团（002497）：扬帆展翼，再起征程

Investment Rating - The investment rating for the company is "Buy" with an initial recommendation [9]. Core Insights - The company, established in 1952, initially focused on civil explosives and has since expanded into the lithium salt sector through acquisitions, achieving a comprehensive "resource-smelting" layout. Both main business segments are now at a growth inflection point, with significant long-term potential [2][5][17]. Lithium Segment - The company is transitioning from being a leading lithium salt producer to a more integrated model focusing on resource acquisition and smelting. The Kamativi mine in Zimbabwe is set to begin large-scale production in November 2024, with an annual capacity of 350,000 tons of lithium concentrate, significantly enhancing the company's resource self-sufficiency [6][36][38]. - Future plans include increasing the Kamativi mine's capacity to 500,000 tons and developing other lithium resources in Namibia and Sichuan, which will further boost production flexibility and profitability [6][37][38]. Civil Explosives Segment - As a leading player in the domestic civil explosives market, the company is expanding its operations both domestically and internationally. The company benefits from a strong market position in regions with high demand for civil explosives, particularly in the context of the "Belt and Road" initiative [7][17]. - The company is also transitioning from traditional explosive manufacturing to providing blasting and mining services, which will enhance revenue and profit margins [7][17]. Financial Projections - The company is projected to achieve net profits of approximately 591 million, 824 million, and 1.168 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 32X, 23X, and 16X [8].