①铜箔+固态电池，HVLP3/4已量产出货，HVLP5进入送样，这家公司自主研发产品可用于半、全固态电 池； ②碳酸锂+锂矿，投资建设年产3万吨高纯锂盐技改项目，项目完成后，这家公司将拥有超7万吨电池 级锂盐+400多万吨锂精矿产。 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 前言 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a net profit attributable to shareholders of 4.663 billion yuan for 2024, a year-on-year decrease of 41%. The net profit excluding non-recurring items was 4.401 billion yuan, down 50% year-on-year [2][6]. - In Q4 2024, the net profit attributable to shareholders was 1.522 billion yuan, a decrease of 34% year-on-year but an increase of 64% quarter-on-quarter. The net profit excluding non-recurring items was 1.33 billion yuan, down 59% year-on-year but up 46% quarter-on-quarter [2][6]. - The company’s potassium fertilizer business generated 11.713 billion yuan in revenue, a decrease of 20% year-on-year, while lithium carbonate revenue was 3.075 billion yuan, down 52% year-on-year [12]. Summary by Sections Financial Performance - The company achieved total revenue of 15.134 billion yuan in 2024, with a gross profit of 7.848 billion yuan, representing a gross margin of 52% [15]. - The potassium fertilizer segment accounted for 77% of total revenue, while lithium accounted for 20% [12]. - The average selling price for potassium chloride was approximately 2,507 yuan per ton, down 4% year-on-year, while the average selling price for lithium carbonate was about 74,000 yuan per ton, down 56% year-on-year [12]. Market Outlook - The potassium fertilizer business is expected to maintain strong profitability, providing stable cash flow. The lithium business is projected to ramp up production with a 40,000-ton lithium salt project expected to commence in 2025 [12]. - The entry of a state-owned enterprise, WISCO, is anticipated to enhance the company's long-term development potential through system upgrades and resource integration [12]. Shareholder Returns - The company has a robust cash position and stable earnings from its potassium fertilizer business, leading to expectations for future dividends [12].