Kings(SH:603505) KAIYUAN SECURITIES·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [17][31]. Core Insights - The company achieved record high revenues and profits in 2023, with revenue reaching 1.896 billion yuan, a year-on-year increase of 80.5%, and net profit of 349 million yuan, up 56.9% year-on-year [31]. - The growth in revenue and profit is attributed to two main factors: the gradual completion and production of new projects, contributing significantly to profits, and the simultaneous increase in both volume and price of fluorite products [31][32]. - The company forecasts continued growth, with projected net profits of 700 million yuan, 950 million yuan, and 1.145 billion yuan for 2024, 2025, and 2026 respectively, alongside corresponding EPS of 1.16 yuan, 1.56 yuan, and 1.89 yuan [31]. Financial Summary - In 2023, the company produced 426,600 tons of self-produced fluorite concentrate, with sales of 441,300 tons, generating revenue of 1.157 billion yuan and a gross margin of 47.3% [1]. - The company also produced 30,600 tons of anhydrous hydrofluoric acid, with sales of 28,900 tons, resulting in revenue of 259 million yuan and a gross margin of 5.2% [1]. - The production of lithium mica concentrate reached 47,300 tons, with sales of 18,500 tons, generating revenue of 94.72 million yuan and a gross margin of 61.63% [1]. - The report highlights that 2023 is a pivotal year for the company and the industry, with fluorite prices expected to continue rising and various projects exceeding expectations [1].