巨龙投资收益可观，公司高分红凸显投资价值

Investment Rating - The report maintains an "Accumulate - A" rating for the company with a 6-month target price of 33.15 CNY per share [4]. Core Views - The company has significant investment returns from its stake in Jilong Copper Industry, and its high dividend payout highlights its investment value [3][9]. - The decline in lithium carbonate prices has impacted profits, but the company benefits from low-cost lithium salt production and ongoing project developments [3][9]. Financial Performance Summary - In 2023, the company achieved operating revenue of 5.226 billion CNY, a year-on-year decrease of 36.22%. The net profit attributable to shareholders was 3.420 billion CNY, down 39.52% year-on-year [2]. - The fourth quarter of 2023 saw a significant drop in revenue to 1.037 billion CNY, a decrease of 58.23% year-on-year and 25.58% quarter-on-quarter [2]. - The company plans to produce 100,000 tons of potassium chloride and 10,500 tons of battery-grade lithium carbonate in 2024 [3]. Production and Sales Overview - Potassium Chloride: In 2023, the company produced 1.0942 million tons, a decrease of 16.3% year-on-year, with a sales volume of 1.2934 million tons, an increase of 17.4% year-on-year [3]. - Lithium Carbonate: The company produced 12,062.5 tons in 2023, a year-on-year increase of 14.5%, with a sales volume of 10,314.5 tons, down 3.7% year-on-year [3]. Investment in Jilong Copper Industry - The company holds a 30.78% stake in Jilong Copper Industry, generating an investment income of approximately 1.296 billion CNY in 2023, an increase of 78.81% year-on-year [3]. Dividend Policy - The company plans to distribute a cash dividend of 8.00 CNY per 10 shares, totaling 1.256 billion CNY for the year, reflecting a commitment to high dividend payouts [8].