Performance Summary - In 2024, the company achieved revenue of 5.364 billion yuan, a year-on-year decrease of 10.8%, primarily due to the decline in lithium prices [1] - For Q1 2025, revenue was 1.536 billion yuan, a quarter-on-quarter decrease of 14.38% but a year-on-year increase of 36.37%, driven by significant growth in cesium and rubidium salt business [1] - The net profit attributable to shareholders for 2024 was 757 million yuan, down 65.72% year-on-year; in Q1 2025, the net profit was 135 million yuan, a quarter-on-quarter decrease of 36.19%, with a loss of 100 million yuan from the Tsumeb smelter [1] Lithium and Cesium Sales - In 2024, lithium salt production doubled, with output and sales reaching 43,732 tons and 42,649 tons respectively, up 138% and 145% year-on-year; cesium salt production remained stable at 960 tons, while formic cesium sales decreased by 21% to 2,320 bbl [2] - The average selling price of lithium salt in 2024 was 73,400 yuan/ton, a decrease of 70% year-on-year; the average price of cesium salt was 862,600 yuan/ton, an increase of 22%, with formic cesium averaging 287,500 yuan/bbl, up 102% [2] - In Q1 2025, lithium salt sales were 8,964 tons, a year-on-year increase of 13%, while cesium salt sales surged by 78% to 265 dry tons; the average spot price of lithium carbonate was 75,800 yuan/ton, down 1% year-on-year [2] Business Synergy - The company owns lithium mines in Zimbabwe (Bikita) and Canada (Tanco), with a total processing capacity of 4.18 million tons/year; in 2024, lithium salt sales reached 42,600 tons, with self-sourced mines contributing 39,500 tons, achieving a self-sufficiency rate of 93% [3] - Lithium business generated revenue of 3.1 billion yuan in 2024, accounting for 58% of total revenue, down 13 percentage points year-on-year, with a gross profit of 583 million yuan, representing 33% of total gross profit, down 41 percentage points year-on-year [3] - The cesium and rubidium salt segment, as a global leader, achieved revenue of 1.4 billion yuan in 2024, up 7% year-on-year, accounting for 26% of total revenue, with a gross profit of 1.1 billion yuan, up 40 percentage points year-on-year, and a gross margin of 64% [3] Smelting Business - In Q1 2025, the Tsumeb smelter in Namibia incurred a net profit loss of 100 million yuan, impacting short-term performance; however, the company has implemented cost reduction and efficiency improvement measures to restore profitability [4] - The historical low of lithium prices has positioned the cesium and rubidium business as a stabilizing factor for profitability; in 2024, the overall gross margin was 33%, down 22 percentage points year-on-year, while the cesium and rubidium business gross margin improved to 78%, up 14 percentage points [4] - In Q1 2025, the gross margin was 22%, down 5% quarter-on-quarter, while the cesium and rubidium business achieved a gross margin of 67%, significantly supporting the company's profitability during the lithium price decline [4] Investment Outlook - The company is strategically positioned in cesium, rubidium, lithium, and copper sectors, gradually implementing a multi-metal platform development strategy; this diversified approach is expected to solidify the company's fundamentals and enhance performance elasticity amid declining lithium prices [4] - The company has notable advantages in exploration and management, which are expected to lead to continuous cost reductions; projected net profits for 2025-2027 are 642 million, 1.063 billion, and 1.840 billion yuan respectively [4]

长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 柯中 来源：雪球 本文不吹不黑 ， 单纯的记录和分析公开信息 ， 并做简单的假设 。 一 、 2017 年 ： 阿尔巴尼亚普拉提铜矿 收购标的 ： BALKAN RESOURCES 公司持有的普拉提铜矿 100% 采矿权 交易金额 ： 首期支付 330.72 万加元 （ 约合人民币 1650 万元 ） ， 后期根据开发进度分期 支付最高 500 万加元 （ 约合人民币 2500 万元 ） 资产与储量 ： 矿权面积 290 公顷 ， 属铁氧化物铜金 （ IOCG ） 型矿床 目前这个矿暂时处于未开发阶段 。 二 、 2018 年 ： 江西东鹏新材料 收购标的 ： 江西东鹏新材料 100% 股权 交易金额 ： 18 亿元人民币 （ 其中现金支付 3.99 亿元 ， 其余通过发行股份支付 ） 资产与储量 ： 锂盐产能 ： 电池级氟化锂 6000 吨 / 年 、 氢氧化锂 + 碳酸锂 2.5 万吨 / 年 。 铯资源 ： 通过包销协议锁定津巴布韦 Bikita 矿山铯榴石原料 。 战略意义 ： 整合 " 矿产 ...