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]