证券研究报告 | 2025年08月24日 中矿资源（002738.SZ）——半年报点评 优于大市 铯业务稳中有升，多业务拓展打造新的成长曲线 公司发布半年报：上半年实现营收 32.67 亿元，同比+34.89%，实现归母净 利 0.89 元，同比-81.16%，实现扣非净利 750 万元，同比-98.31%。其中， 25Q2 实现营收 17.30 亿元，环比+12.62%，实现归母净利-4565 万元，环比 转亏，实现扣非净利-3522 万元，环比转亏。 铯业务：上半年，稀有轻金属(铯铷盐)板块实现营收约 7.08 亿元，同比 +50.43%，实现毛利约 5.11 亿元，同比+50.15%；其中，Q1/Q2 分别实现营收 3.45/3.63 亿元，Q2 环比+5.22%，Q1/Q2 分别实现毛利 2.31/2.80 亿元，Q2 环比+21.21%。公司铯盐业务实现营收和利润的大幅增长，进一步夯实行业 龙头地位。 锂业务：上半年，自有锂盐产品销量约 1.79 万吨，同比+6.37%，Q1/Q2 分别 销售约 0.90/0.89 万吨，另外公司于上半年对外直接销售自产锂辉石精矿约 3.48 万吨。公司锂矿&锂盐降 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][17] Core Views - The company has diversified its multi-metal layout to withstand the downward pressure in the lithium industry, indicating potential for future growth [1][4] - The company reported a revenue of 5.36 billion yuan for 2024, a decrease of 10.8% year-on-year, and a net profit of 757 million yuan, down 65.7% year-on-year [2][7] - The company is actively implementing cost reduction and efficiency improvement measures in response to the challenges in the lithium sector, including plans to gradually start a 30,000 tons/year lithium sulfate production capacity in Zimbabwe [3][9] Financial Performance - In 2024, the company achieved a revenue of 5.36 billion yuan, a net profit of 757 million yuan, and a non-recurring net profit of 600 million yuan, reflecting significant declines in profitability [2][7] - For Q1 2025, the company reported a revenue of 1.54 billion yuan, an increase of 36.4% year-on-year, but a net profit of 130 million yuan, down 47.4% year-on-year [2][7] - The company’s cesium business generated a revenue of 1.4 billion yuan in 2024, up 24.2% year-on-year, with a gross profit margin of 78.3% [9][10] Business Segments - In the cesium business, the company achieved a revenue of 3.45 billion yuan in Q1 2025, a year-on-year increase of 94%, solidifying its leading position in the industry [9][10] - The lithium business saw a production of approximately 43,700 tons in 2024, a 138% increase year-on-year, with sales of about 42,600 tons, up 145% year-on-year [3][9] - The copper business is expanding with the Kitumba project, which is expected to be operational by Q3 2026, with a designed capacity of 60,000 tons of cathode copper per year [10][11] Future Outlook - The company is projected to achieve revenues of 5.86 billion yuan, 7.81 billion yuan, and 11.53 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 9.3%, 33.2%, and 47.6% [4][17] - The net profit is expected to increase to 1.01 billion yuan, 1.70 billion yuan, and 2.81 billion yuan for the same years, with growth rates of 33.6%, 67.7%, and 65.5% respectively [4][17] - The company maintains a strong long-term growth potential due to its robust exploration capabilities and the steady development of its cesium and lithium businesses [4][17]