Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report indicates that the decline in lithium carbonate prices in 2024 will lead to a recovery in profitability, with expectations for stable growth in 2025 [1][7] - The company is projected to achieve significant revenue growth, with total revenue expected to reach 5.2 billion yuan in 2024, a year-on-year increase of 50% [7] - The net profit attributable to the parent company is forecasted to be 150.56 million yuan in 2024, representing a year-on-year increase of 182.47% [7] Financial Projections - Total revenue projections for the company are as follows: - 2023A: 346.38 million yuan - 2024A: 519.99 million yuan - 2025E: 597.95 million yuan - 2026E: 717.55 million yuan - 2027E: 861.05 million yuan - Year-on-year growth rates for total revenue are projected at: - 2024: 50.12% - 2025: 14.99% - 2026: 20.00% - 2027: 20.00% [1][8] - Net profit attributable to the parent company is forecasted as follows: - 2023A: 53.30 million yuan - 2024A: 150.56 million yuan - 2025E: 173.11 million yuan - 2026E: 202.70 million yuan - 2027E: 236.02 million yuan - Year-on-year growth rates for net profit are projected at: - 2024: 182.47% - 2025: 14.97% - 2026: 17.09% - 2027: 16.44% [1][8] Valuation Metrics - The latest diluted EPS (Earnings Per Share) projections are: - 2023A: 0.53 yuan - 2024A: 1.49 yuan - 2025E: 1.71 yuan - 2026E: 2.00 yuan - 2027E: 2.33 yuan - The P/E (Price to Earnings) ratios based on the latest diluted EPS are: - 2024: 17.43 - 2025: 15.16 - 2026: 12.94 - 2027: 11.12 [1][8]