多金属业务布局

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中矿资源(002738):地勘老兵厚积薄发,多金属业务布局绘新篇
Shenwan Hongyuan Securities· 2025-09-26 11:18
上 市 公 司 有色金属 2025 年 09 月 26 日 中矿资源 (002738) | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 5,364 | 3,267 | 6,150 | 7,795 | 10,168 | | 同比增长率(%) | -10.8 | 34.9 | 14.7 | 26.7 | 30.4 | | 归母净利润(百万元) | 757 | 89 | 445 | 1,063 | 1,733 | | 同比增长率(%) | -65.7 | -81.2 | -41.3 | 139.1 | 63.0 | | 每股收益(元/股) | 1.05 | 0.12 | 0.62 | 1.47 | 2.40 | | 毛利率(%) | 32.8 | 18.0 | 20.7 | 29.4 | 34.3 | | ROE(%) | 6.2 | 0.7 | 3.6 | 8.1 | 12.1 | | 市盈率 | 41 | | 71 | 30 | 18 | 注: "净资产收益率"是指摊 ...
中矿资源(002738):锂盐业绩承压 收购铜矿实现多金属布局
Xin Lang Cai Jing· 2025-04-29 10:40
Financial Performance - In 2024, the company achieved operating revenue of 5.364 billion yuan, a year-on-year decrease of 10.80% [1] - The net profit attributable to shareholders was 757 million yuan, a year-on-year increase of 65.72% [1] - The net profit after deducting non-recurring items was 603 million yuan, a year-on-year decrease of 71.71% [1] - In Q1 2025, the company reported operating revenue of 1.536 billion yuan, a year-on-year increase of 36.37% [1] - The net profit attributable to shareholders in Q1 2025 was 135 million yuan, a year-on-year decrease of 47.38% [1] - The net profit after deducting non-recurring items in Q1 2025 was 43 million yuan, a year-on-year decrease of 81.28% [1] - The company plans to distribute a cash dividend of 5 yuan per 10 shares (including tax) [1] Lithium Business Impact - The company's lithium salt production in 2024 increased by 137.75% to 43,700 tons [2] - Lithium salt sales reached 42,600 tons in 2024, a year-on-year increase of 145.01% [2] - The self-sufficiency rate of the company's lithium mines improved, effectively reducing production costs [2] - However, the average price of battery-grade lithium carbonate fell by 65.70% to 90,200 yuan/ton, and battery-grade lithium hydroxide dropped by 68.49% to 88,600 yuan/ton [2] - The gross margin for lithium battery raw material development and utilization decreased by 39.15 percentage points to 18.62%, negatively impacting overall performance [2] Rare Metals Segment - The rare light metal (potassium salt) segment achieved operating revenue of 1.395 billion yuan in 2024, a year-on-year increase of 24.16% [2] - The gross profit for this segment was 1.092 billion yuan, a year-on-year increase of 50.98%, reinforcing the company's leading position in the global potassium salt industry [2] Multi-Metal Business Strategy - The company acquired a 65% stake in the Kitumba copper mine project in Zambia and initiated the investment in an integrated mining and smelting project [3] - The design capacity for the Kitumba project is 3.5 million tons/year for ore mining and 60,000 tons/year for cathode copper [3] - The company also acquired a 98% stake in the Tsumeb project in Namibia, starting a 20,000 tons/year multi-metal recycling project [3] - This strategic acquisition allows the company to enter new high-quality resource sectors, including copper and rare resources like germanium [3] - The company aims to leverage its expertise in solid mineral exploration to enhance acquisition efficiency and reduce costs, supporting sustainable development in mineral rights [3] Future Growth Potential - The acquisitions in Zambia and Namibia are expected to become new growth points for the company, showcasing its capabilities in mineral exploration [4] - The projected net profits for 2025-2027 are 823 million yuan, 1.32 billion yuan, and 2.121 billion yuan, respectively [4] - Corresponding EPS for 2025-2027 is estimated at 1.14, 1.83, and 2.94 yuan, with PE ratios of 25, 16, and 10x [4]