证券研究报告 | 公司点评 | 小金属 中矿资源(002738) 报告日期：2025 年 05 月 04 日 铯铷业务持续发力，铜矿镓锗稳步推进 ——中矿资源年报及一季报点评报告 投资要点 ❑ 公司发布 2024 年报及 2025 年一季报。2024 年公司实现营收 53.6 亿，同比- 10.8%，归母净利 7.6 亿元，同比-65.7%，扣非归母净利 6.0 亿元，同比- 71.7%。24 年拟每 10 股派发现金红利 5.0 元，合计现金分红 3.6 亿，现金分红 率 48%。25Q1 营收 15.4 亿，同比+36.4%，环比-14.4%%，归母净利 1.3 亿 元，同比-47.4%，环比-36.2%，扣非归母净利 0.4 亿元，同比-81.3%，环比- 77.2%。 ❑ 锂业务销量持续增长，多方举措进行降本 2024 年锂盐产量 4.37 万吨，同比+137.8%，销量 4.26 万吨，同比+145.0%。 25Q1 锂盐销量 0.90 万吨，同比+13.0%。根据亚洲金属网， 2024 年锂均价 9 万/ 吨，同比-65%。2025 年 Q1 碳酸锂均价 7.5 万元/吨，同比-26%。公司 20 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company's revenue for 2024 was 5.36 billion, a year-on-year decrease of 10.8%, with a net profit attributable to shareholders of 760 million, down 65.7% year-on-year [1] - The company is accelerating the development of its copper and gallium-indium projects, which are expected to contribute to profits starting in 2025 [4] - The lithium salt production and sales have significantly increased, with a production of 43,700 tons in 2024, up 137.8% year-on-year, and sales of 42,600 tons, up 145.0% year-on-year [2] - The cesium and rubidium business shows strong growth, with revenue of 1.4 billion in 2024, up 24.2% year-on-year, and a gross profit margin of 78.3%, up 13.9 percentage points year-on-year [3] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.54 billion, a year-on-year increase of 36.4%, but a net profit of 130 million, down 47.4% year-on-year [1] - The company plans to distribute a cash dividend of 5.0 yuan per 10 shares for 2024, totaling 360 million, with a cash dividend rate of 47.7% [1] Lithium Business - The average price of domestic lithium carbonate in 2024 was 90,000 yuan, down 64.8% year-on-year, with a Q1 2025 average price of 75,000 yuan [2] - The company is optimizing lithium salt costs through adjustments in raw material structure and energy cost reductions, with plans to complete 30,000 tons of lithium sulfate capacity in Africa by 2026 [2] Cesium and Rubidium Business - The cesium and rubidium fine chemical production in 2024 was 960 tons, a slight decrease of 0.2% year-on-year, while sales were 844 tons, down 15.5% year-on-year [3] - The gross profit for the cesium and rubidium business in Q1 2025 was 230 million, reflecting a year-on-year increase of 92% [3] Copper and Gallium-Indium Projects - The company completed the acquisition of a 65% stake in the Kitumba copper mine in Zambia in July 2024, with plans for 60,000 tons of copper capacity [4] - The company also acquired a 98% stake in the Tsume project in Namibia, with plans for significant gallium and indium production [4] Profit Forecast - The company forecasts net profits of 800 million, 1.79 billion, and 2.99 billion for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 26, 12, and 7 [5]