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中矿资源(002738):锂价下跌拖累公司业绩 铯铷业务提供盈利安全垫
Xin Lang Cai Jing· 2025-04-29 02:48
Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to falling lithium prices, but its cesium and rubidium business provided a buffer against these losses [1][2]. Financial Performance - 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%, falling within the previously forecasted range [1]. - Quarterly revenue for 2024 was 1.13 billion, 1.30 billion, 1.15 billion, and 1.79 billion yuan, with Q4 showing a significant increase of 78% quarter-on-quarter and 56% year-on-year [1]. - The net profit for Q4 was 260 million, 220 million, 70 million, and 210 million yuan, with Q4 showing a quarter-on-quarter increase of 53% and a year-on-year increase of 190% [1]. - For Q1 2025, the company reported revenue of 1.54 billion yuan, a quarter-on-quarter increase of 36% but a year-on-year decrease of 14% [1]. Business Segments - The gross profit for 2024 was 1.76 billion yuan, down 47% year-on-year, with lithium salt contributing 600 million yuan (33%), cesium and rubidium business 1.1 billion yuan (62%), and trading business 120 million yuan (7%) [2]. - Lithium salt production and sales were 44,000 and 43,000 tons, respectively, with a year-on-year sales increase of 145% [2]. - The average selling price of lithium salt was 83,000 yuan per ton (including tax), a 70% decrease year-on-year, which was the main reason for the decline in lithium salt performance [2]. - The company successfully reduced costs from 103,000 yuan per ton to 60,000 yuan per ton through various measures [2]. - The cesium and rubidium business saw a gross profit of 580 million yuan, an 18% increase year-on-year, with formic acid cesium gross profit reaching 510 million yuan, a 122% increase year-on-year [2]. Future Outlook - The company plans to develop multi-metal businesses, including a 30,000-ton lithium sulfate plant in Zimbabwe and a 60,000-ton copper mine by 2026 [3]. - The company aims to complete a 200,000-ton multi-metal recycling project, with expected production capacities of 33 tons of germanium, 11 tons of gallium, and 11,000 tons of zinc by 2025 [3]. - The company maintains a monopoly in cesium production and plans to establish a cesium selection plant in Zimbabwe by 2025 [3]. - The company has revised its profit forecast for 2025-2027, estimating net profits of 900 million, 1.4 billion, and 2.4 billion yuan, corresponding to PE ratios of 24, 15, and 9 times [3].