ZGXT(SZ:000831) Huafu Securities·2024-05-17 12:00Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Views - The company reported a revenue of 3.99 billion yuan in 2023, a year-on-year decrease of 5.4%, and a net profit of 420 million yuan, down 45.7% year-on-year [4] - The decline in rare earth prices has pressured the company's performance, with a significant drop in net profit in Q1 2024, amounting to a loss of 290 million yuan [4] - The successful integration of Jianghua Rare Earth has enhanced the company's potential, with an increase in mining quotas [4] Financial Data Summary - Total shares: 1,061.22 million, circulating shares: 980.89 million [2] - Market capitalization: 27.71 billion yuan [2] - Book value per share: 4.31 yuan [2] - Debt-to-asset ratio: 7.78% [2] - Highest/Lowest price in the past year: 34.10/20.26 yuan [2] Revenue and Profit Forecast - The company is expected to achieve net profits of 281 million yuan, 581 million yuan, and 648 million yuan for 2024, 2025, and 2026 respectively [5] - Revenue projections for 2024, 2025, and 2026 are 4.81 billion yuan, 6.12 billion yuan, and 6.92 billion yuan respectively, with growth rates of 21%, 27%, and 13% [5][7] Production and Sales Data - In 2023, the production of rare earth minerals was 2,384 tons, an increase of 27.6% year-on-year, while sales volume was 1,931 tons, up 10.8% year-on-year [4] - The average price of praseodymium-neodymium oxide in 2023 was 533,000 yuan, a decrease of 35.4% year-on-year [4]