Kings(603505) 开源证券·2024-04-23 07:06Investment Rating - The investment rating for the company is maintained as "Buy" [5] Core Views - The company achieved a record high in Q1 2024 performance, with revenue of 448 million yuan, a year-on-year increase of 166.49%, and a net profit attributable to shareholders of 60.54 million yuan, up 74.94% year-on-year [7] - The company expects to continue its growth trajectory with clear production targets for various projects, including plans to produce 400,000 to 500,000 tons of fluorite products from its single fluorite mine in 2024 [9] - The recent price performance of fluorite has exceeded expectations, with the average price of 97 wet powder fluorite at 3,350 yuan/ton, an increase of 11.9% year-on-year [10] Financial Performance Summary - In Q1 2024, the company reported a non-recurring net profit of 61.14 million yuan, reflecting a year-on-year growth of 83.44% [7] - The company's revenue and profit forecasts for 2024-2026 are as follows: net profit of 700 million yuan in 2024, 950 million yuan in 2025, and 1.145 billion yuan in 2026, with corresponding EPS of 1.16, 1.56, and 1.89 yuan [7] - The company's financial metrics indicate a projected P/E ratio of 27.0 for 2024, 20.0 for 2025, and 16.5 for 2026, suggesting a favorable valuation outlook [7][12] Project Updates - The company has reported stable operational performance across its projects, including a slight decrease in production and sales of fluorite concentrate from its single mine, while prices have increased [9] - The Baotou "selection and processing integration" project produced approximately 125,000 tons of fluorite powder and 23,800 tons of anhydrous hydrofluoric acid, with sales figures reflecting strong demand [9] - The Jiangxi Jinling project produced 9,500 tons of lithium mica concentrate, with a gross margin of about 20% [9]