多金属业务并行开发，构建中长期业绩增长极。锂业务：继续推进矿冶降本，拟在津巴布韦建设3 万吨 硫酸锂工厂，视市场行情择机动工；铜业务：力争2026 年完成Kitumba 铜矿6 万吨/年一体化建设并达 产达标。锗业务：规划20 万吨多金属综合循环回收项目，对应金属产能33 吨锗，11 吨镓，1.1 万吨 锌，公司预计2025 年完成火法冶炼工艺建设。铯业务：公司把持全球仅存在产铯榴石资源与主要铯铷 盐产能，公司预计2025 年完成津巴布韦Bikita 矿山铯选厂建设，并围绕Tsumeb 冶炼厂打造非洲中南部 多金属综合回收利用中心，布局锗、铯等金属冶炼产能。 投资建议：锂价出清周期或有延长，我们下修此前对公司盈利预测。2025-2027年锂价假设为7.5/8.5/9.5 万元/吨。公司锂盐业务高度一体化，持续降本有望平稳度过出清周期；铷铯业务垄断地位凸显，贡献 稳增现金流；铜矿业务实现突破，矿权禀赋优质具备增储空间；锗镓业务有望快速放量，充分受益于中 美博弈带来的战略金属价值上移。我们预计2025-2027 年公司归母净利为9/14/24 亿元，对应PE 24/15/9 倍，维持"增持"评级。 风险提示：项目 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected earnings growth and market conditions [6]. Core Views - The company's performance has been negatively impacted by falling lithium prices, but its cesium and rubidium business provides a profit cushion [2][4]. - The company is expected to navigate the lithium price clearing cycle through cost reduction strategies and maintain stable cash flow from its monopolistic position in the cesium and rubidium market [4]. Financial Performance Summary - In 2024, the company achieved revenue of 5.4 billion yuan, a year-on-year decrease of 11%, with a gross margin of 33% [1]. - The net profit attributable to shareholders was 757 million yuan, down 66% year-on-year, with a net profit margin of 14% [1]. - Quarterly revenue for 2024 was 1.13 billion, 1.30 billion, 1.15 billion, and 1.79 billion yuan, with Q4 showing significant growth of 78% year-on-year and 56% quarter-on-quarter [1]. - For Q1 2025, revenue was 1.54 billion yuan, reflecting a 36% increase year-on-year but a 14% decrease quarter-on-quarter [1]. Profit Structure Summary - The company's gross profit for 2024 was 1.76 billion yuan, a decrease of 47% year-on-year, with lithium salt contributing 600 million yuan (33%), cesium and rubidium business contributing 1.1 billion yuan (62%), and trading business contributing 120 million yuan (7%) [2]. - The average selling price of lithium salt was 83,000 yuan per ton, a 70% decrease year-on-year, which was the main reason for the decline in lithium salt performance [2]. - The company managed to reduce its operating cost per ton from 103,000 yuan to 60,000 yuan through various cost-cutting measures [2]. Business Development Summary - The company is pursuing multi-metal business development, including plans to build a 30,000-ton lithium sulfate plant in Zimbabwe and aims to complete the Kitumba copper mine's integrated construction by 2026 [3]. - The cesium business is expected to see continued growth due to the company's monopolistic position, with plans to complete the cesium selection plant in Zimbabwe by 2025 [3]. Earnings Forecast Summary - The report revises the earnings forecast for the company, projecting net profits of 882 million yuan, 1.43 billion yuan, and 2.41 billion yuan for 2025, 2026, and 2027 respectively [4]. - The projected price assumptions for lithium are 75,000 yuan, 85,000 yuan, and 95,000 yuan per ton for 2025-2027 [4].