证券代码：002785 证券简称：万里石 | | □特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活 | □媒体采访  业绩说明会 | | | 动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他（电话会议） | | | 参与单位名称 | 投资者网上提问 | | | 及人员姓名 | | | | 时间 | 2025 年 5 月 日（周四）下午 15:40-17:00 | 15 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网络远程的方 | | | | 式召开业绩说明会 | | | | 公司董事长：胡精沛先生； | | | 上市公司接待 | 公司副总经理、财务总监：朱著香女士； | | | 人员姓名 | 公司董事会秘书：殷逸伦先生； | | | | 公司独立董事：陈泽艺女士。 | | | | 为进一步加强与投资者的互动交流，厦门万里石股份有限公司（以下简称"公 | | | | 司"）参加由厦门证监局、厦门上市公司协会与深圳市全景网络有限公司联合举 | | | | 办的"厦门辖区上市 ...

相比锂周期高点时对矿山的青睐，周期低谷时，企业更倾向于生产成本更低的盐湖提锂。就在上个月，新疆就发生了一起高溢价的盐湖资产竞拍。 每经记者｜胥帅 每经编辑｜张海妮 由于碳酸锂行情低迷，资本市场几乎都要忘记这个曾经的"宠儿"。 锂企"龙头"天齐锂业（SZ002466，股价30.23元，市值496.14亿元）在4月创出年内股价新低。 《每日经济新闻》记者发现，碳酸锂价格虽然在下跌，但最近三个交易日有止跌趋势，价格也走到了关键博弈点"6.5万元"。 记者采访锂企高管和行业分析师发现，"6.5万元"是外购矿石提锂以及南美盐湖提锂到岸的成本线。 图片来源：每日经济新闻（资料图） "6.5万元"是锂价成本的重要关卡 碳酸锂期货市场渐有企稳迹象。 以碳酸锂LC2506主力合约为例，其今年迎来月线四连跌，年内跌幅超过15%。到了5月12日，该主力合约价格一度触及每吨6.2万元的低点，此后迎来反弹， 形成"两阳包一阴"的底部形态，价格也保持在每吨6.5万元。碳酸锂期货价格的趋势和现货价格类似，5月13日，国内电池级碳酸锂基准价为65633元/吨，较 卓创资讯富宝锂电分析师苏津仪向《每日经济新闻》记者表示，目前进口6%锂辉石CI ...

Group 1: 2024 Operational Challenges and Responses - In 2024, the company faced significant market downturns and a reduction in external orders, impacting operational performance [2] - The company adjusted its market strategy, enhanced internal incentives, and focused on core business areas to address these challenges [2] - The company achieved a substantial increase in order acquisition, securing 50% of the total 2.2 million tons from the top 10 water treatment projects in the country [2] Group 2: Financial Performance and Investment Losses - The company reported an investment loss of approximately 420 million from its stake in Yunnan Water, which affected overall performance [3] - The subsidiary, Liangye, incurred a loss of about 150 million, further impacting the company's financial results [3] Group 3: Strategic Directions for 2025 - The company plans to restructure its business by integrating renewable energy with seawater desalination and salt chemical industries [4] - It aims to enhance its pharmaceutical sector, having completed pilot tests for various membrane products, with ongoing sales efforts [4] - The company is focusing on lithium extraction from salt lakes, improving the performance and cost-effectiveness of its titanium-based adsorbents [4] Group 4: Operational Improvements and Innovations - The company is advancing the standardization, digitalization, and cost-effectiveness of its water service operations [4] - It is reinforcing its competitive edge in traditional water treatment membrane technologies, achieving significant advancements in efficiency [4] - The company is implementing targeted strategies to boost sales in the industrial membrane sector, capitalizing on opportunities arising from the US-China trade tensions [4] Group 5: Risk Management and Future Outlook - The company anticipates a manageable impact from potential further impairment losses from Yunnan Water, estimated at just over 100 million [6] - The company is committed to improving governance, internal controls, and addressing historical risks in a phased manner [4]

Group 1: Financial Performance - The company achieved a revenue of 533 million yuan in 2024, with a net profit of 53.02 million yuan attributed to shareholders [6] - The sales gross margin increased from 22.77% in Q1 2023 to 52.75% in Q1 2025, driven by growth in the lithium extraction segment and new product sales [2] Group 2: Investment and Growth Strategy - The company plans to focus on the development and innovation of separation materials and technologies, aiming to become a leader in the membrane separation industry [3] - Future investments will be directed towards mergers and acquisitions to promote business development and enhance shareholder returns [3] Group 3: Market Expansion and Competitive Advantage - The company aims to expand its overseas market presence by establishing offices and partnerships, leveraging its high-performance membrane materials and cost control capabilities [3] - The competitive advantages in the water treatment sector include significant R&D capabilities and project implementation expertise [7] Group 4: Research and Development - In 2024, the company invested 56.23 million yuan in R&D, accounting for 10.54% of its revenue, with a focus on optimizing its R&D system [9] - The fourth-generation lithium adsorption agent has improved adsorption capacity by 30%-50% compared to previous generations, enhancing lithium extraction efficiency and reducing costs [11] Group 5: Environmental and Regulatory Compliance - The company is committed to upgrading its technology to meet increasingly stringent environmental standards in water treatment [13] - The membrane integration technology solutions are tailored to meet specific industry requirements, ensuring compliance with production processes [12]

Core Viewpoint - The company achieved stable growth in both operating revenue and net profit attributable to shareholders in 2024, driven by consistent sales growth in materials, which offset the decline in revenue from lithium extraction projects [1][2]. Financial Performance - In 2024, the company reported total operating revenue of 2.554 billion yuan, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 787 million yuan, up 9.79% year-on-year [2]. - For Q1 2025, the company achieved total operating revenue of 577 million yuan, a year-on-year decrease of 8.58%, while net profit attributable to shareholders was 193 million yuan, reflecting a year-on-year increase of 14.18% [2]. Segment Performance - The metal resources segment saw sales revenue from adsorption materials reach 256 million yuan, a year-on-year increase of 30%, with price increases for gallium and uranium compared to 2023 [3]. - The life sciences segment's sales revenue from adsorption materials was 568 million yuan, up 28% year-on-year, benefiting from the demand for GLP-1 peptide drugs [3]. - Water treatment and ultra-purification adsorption materials generated sales revenue of 688 million yuan, a year-on-year increase of 34%, while chemical and catalytic adsorption separation materials saw revenue rise to 202 million yuan, up 42% year-on-year [3]. - Energy-saving and environmental protection adsorption materials achieved sales revenue of 181 million yuan, remaining stable year-on-year [3]. Project Development - The lithium extraction project in Tibet is progressing, with the construction of a 3,300-ton lithium hydroxide production line expected to become the first industrialized lithium extraction project in the region [3]. - A subsequent 6,700-ton production line is anticipated to accelerate construction as conditions permit [3].

Core Insights - The company reported a slight increase in revenue for 2024, with total revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 2.554 billion, 787 million, and 745 million respectively, representing year-on-year growth of 2.62%, 9.79%, and 2.99% [1] - The company experienced a significant decline in Q4 2024 revenue and net profit compared to the previous quarter, with revenue down 27.4% year-on-year [1] - In Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 577 million, 193 million, and 190 million respectively, with year-on-year changes of -8.58%, +14.18%, and +15.17% [1] Revenue Breakdown - The company's non-lithium basic warehouse business showed strong growth, with total revenue excluding the lithium extraction project from salt lakes reaching 2.455 billion, a year-on-year increase of 24.71% [2] - The salt lake lithium extraction project generated only 99 million in revenue, down 81% year-on-year, impacting overall revenue growth [2] - Revenue from various application areas in adsorption materials included: 256 million from metal resources (+30%), 568 million from life sciences (+28%), 688 million from water treatment and ultrapure water (+34%), 181 million from energy conservation and environmental protection (-2%), 56 million from food processing (+28%), and 200 million from chemicals and catalysis (+42%) [2] Profitability and Margins - The company achieved a gross margin of 49.47% in 2024, an increase of 0.8 percentage points year-on-year, benefiting from a higher proportion of mid-to-high-end adsorption materials and a decrease in the proportion of lower-margin system device revenue [2] - In Q1 2025, the gross margin improved to 50.79%, up 5.37 percentage points year-on-year, with continued strong growth in the life sciences, metal resources, and water treatment sectors [2] International Expansion - The company saw a significant increase in overseas revenue, which reached 655 million in 2024, a year-on-year growth of 45.1%, accounting for 25.65% of total revenue [3] - The company established a wholly-owned subsidiary in the United States and set up warehousing units in North America and Europe to facilitate localized business development [3] Future Projections - Revenue projections for 2025-2027 are estimated at 3.085 billion, 3.824 billion, and 4.679 billion respectively, with year-on-year growth rates of 20.78%, 23.98%, and 22.34% [3] - Net profit attributable to shareholders is expected to reach 959 million, 1.204 billion, and 1.548 billion for the same period, with growth rates of 21.85%, 25.55%, and 28.53% respectively [3] - The current stock price corresponds to a price-to-earnings ratio of 23.34, 18.59, and 14.47 for 2025-2027, reflecting the company's strong growth potential as a leading platform for adsorption materials [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown steady growth in performance, with significant contributions from its adsorption materials across multiple sectors [5][6] - The company reported a revenue of 2.554 billion yuan in 2024, a year-on-year increase of 3%, and a net profit attributable to shareholders of 787 million yuan, up 10% year-on-year [4][5] - The first quarter of 2025 saw a revenue of 577 million yuan, a decrease of 9% year-on-year, while the net profit attributable to shareholders increased by 14% year-on-year [4][6] Summary by Sections Financial Performance - In 2024, the company's core business revenue (excluding lithium extraction from salt lake systems) was 2.46 billion yuan, a year-on-year increase of 25%, accounting for 96% of total revenue [5] - The revenue from adsorption materials reached 1.99 billion yuan, representing 80.9% of the total revenue, while the revenue from the salt lake lithium extraction project dropped significantly by 81% [5] - For Q1 2025, excluding the salt lake lithium extraction business, the core business revenue was 577 million yuan, a year-on-year increase of 9% [6] Business Segments - The adsorption materials segment has shown high growth across various sectors, with metal resources revenue increasing by 30%, life sciences by 28%, and water treatment and ultrapure water by 34% in 2024 [5] - The life sciences segment is expected to become a core growth engine due to ongoing capacity upgrades and expansions [7] International Strategy - The company has made significant progress in its international strategy, achieving overseas sales revenue of 655 million yuan in 2024, a substantial increase of 45.1% year-on-year [8] - The company is expanding its marketing and technical service network internationally, enhancing its brand influence and reputation [8] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 1.055 billion yuan, 1.253 billion yuan, and 1.495 billion yuan respectively [9] - The report anticipates continued high growth for the company, particularly in the adsorption materials sector and life sciences [9]

Financial Performance - In 2024, the company achieved a revenue of CNY 2.55 billion, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of CNY 0.98 billion, up 7.87% [2] - The large project revenue was CNY 0.1 billion, accounting for 3.9%, a significant decline of 81% compared to 2023, attributed to the cyclical nature of the lithium industry and project execution progress [3] - Excluding the large lithium project, the core business revenue was CNY 2.46 billion, a year-on-year increase of 25%, representing 96.1% of total revenue [3] - The comprehensive gross margin for 2024 was 49.5%, remaining stable compared to the previous year [3] - In Q1 2025, the company reported a revenue of CNY 0.577 billion, a decrease of 8% year-on-year, with a net profit of CNY 0.193 billion, an increase of 14% [3] Business Segments - The chemical and catalytic adsorption separation materials segment achieved sales revenue of CNY 0.202 billion in 2024, a year-on-year increase of 42% [5] - The water treatment and ultra-pure adsorption materials segment generated sales revenue of CNY 0.688 billion in 2024, a growth of 34% [9] - The company plans to increase production capacity for high-end materials, targeting a total production of 65,700 tons in 2024, a 33.4% increase year-on-year [6] Strategic Initiatives - The Tibet Jiezhe Chaka project utilizes a new environmentally friendly "zero-carbon" process, overcoming challenges related to high altitude and sensitive environments [4] - The company is expanding its solid-phase synthesis carrier business, benefiting from the growing market for GLP-1 peptide drugs [8] - A shareholder meeting approved plans for a new high-end materials manufacturing park, aiming to meet the demand for high-value adsorption separation materials [6] Dividend Policy - The company plans to distribute a total cash dividend of CNY 0.365 billion for the 2024 fiscal year, which represents 46% of the net profit attributable to shareholders [10]

Group 1: Company Overview and Goals - Tibet Mining focuses on the development of lithium and chromium resources, establishing the Zabuye Phase II project as a benchmark for mineral resource development in the Qinghai-Tibet Plateau [3][69] - The company aims to become a leader in the green and sustainable development of mineral resources in the Qinghai-Tibet Plateau [72] - The production targets for 2025 include 100,000 tons of chromium ore, 5,000 tons of lithium concentrate, 7,000 tons of lithium carbonate, and 93,000 tons of potassium chloride [7][8] Group 2: Project Progress and Challenges - The Zabuye Phase II project is located in a high-altitude, low-oxygen area and is the first integrated lithium extraction project in the region [3][5] - As of the end of 2023, the project progress is at 90%, with a target of 95% completion by the end of 2024 [5][18] - The project has faced delays, with only 5% progress made in the past year, raising concerns about the timeline for completion [3][18] Group 3: Financial Performance and Market Conditions - The company reported a basic earnings per share of 0.21 yuan for 2024, with a cash dividend distribution of 0.5 yuan per 10 shares [70][71] - The direct cost of lithium carbonate from Zabuye Phase II is over 40,000 yuan per ton, while the comprehensive cost is below 5,000 yuan, approaching zero cost [10][31] - The company has consistently been profitable, despite stock price declines attributed to various market factors [6][20] Group 4: Investor Relations and Market Strategy - The company emphasizes the importance of investor relations management and plans to enhance communication with investors [64] - There are currently no plans for stock buybacks, and the company is focused on improving investor confidence through operational performance [6][34] - The company is closely monitoring the lithium market and adjusting strategies to mitigate risks associated with price fluctuations [19][66]

倒计时6天 2025起点锂电圆柱电池技术论坛 暨圆柱电池20强排行榜发布会 01 供需关系： 从过剩到动态平衡，价格中枢或企稳 2025年全球新能源汽车销量增速预计为23.85%，对应碳酸锂需求增量约18万吨LCE；储能需求 增速超38%，新增需求约7.5万吨LCE。尽管下游磷酸铁锂和三元材料产能扩张，但实际产量受 制于利润水平（2024年磷酸铁锂产能利用率仅49.5%），需求释放仍需价格企稳后的利润修 复。 结论： 需求增长明确，但短期受制于产业链利润分配，长期看价格触底后需求弹性将增强。 02 原材料成本变化： 成本曲线下移，行业洗牌加速 成本分位差异显著： 2025年全球碳酸锂项目现金成本分布在4万-10万元/吨，头部矿山（如盐 湖提锂）成本低于5万元/吨，而锂云母等高成本产能需8万元/吨以上。当前价格（2025年1月约 7.79万元/吨）已逼近高成本产能盈亏线，行业进入产能出清阶段。 澳矿挺价与库存低位： 上游冶炼厂因澳矿价格坚挺、库存低位（2024年碳酸锂周度产量环比下 降10%），挺价意愿强烈，成本支撑作用凸显。 1、供应端：产能释放与成本约束并存 2025年全球锂矿及盐湖产能仍处于释放周期，预计 ...