Sinomine(SZ:002738) Ping An Securities·2025-11-12 10:28Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company reported a quarter-on-quarter improvement in performance, with significant upcoming projects in copper and multi-metal sectors [5][8] - The lithium salt price has increased, leading to improved profitability, with Q3 sales gross margin reaching 23.24%, up 9.12 percentage points [8] - The company is enhancing its lithium salt production capacity and progressing with copper and multi-metal projects, which are expected to drive future growth [8] Summary by Sections Financial Performance - In Q3 2025, the company achieved total revenue of 1.55 billion yuan, a year-on-year increase of 35.19%, and a net profit of 115 million yuan, up 58.18% year-on-year [5] - For the first three quarters, total revenue reached 4.82 billion yuan, a year-on-year increase of 34.99%, while net profit was 204 million yuan, down 62.58% year-on-year [5] Future Projections - Revenue projections for 2025-2027 are adjusted to 4.31 billion, 11.48 billion, and 23.59 billion yuan, respectively [8] - Corresponding P/E ratios are projected at 98.4, 37.0, and 18.0 times for the same period [8] Operational Developments - The company is upgrading its lithium salt production line and plans to increase its annual production capacity to 71,000 tons [8] - The Kitumba copper mine project is progressing as planned, with initial design and construction phases underway [8] - The Tsumeb multi-metal recycling project is also advancing, with the installation of key processing equipment [8]