中矿资源（002738.SZ）2025 年半年报点评 铜冶炼拖累业绩，期待铜矿镓锗项目投产 2025 年 08 月 24 日 ➢ 事件：公司发布 2025 年半年报。2025H1 公司实现营收 32.7 亿元，同比 +34.9%，归母净利 0.9 亿元，同比-81.2%，扣非归母净利 0.1 亿元，同比-98.3%。 单季度看，25Q2 营收 17.3 亿元，同比+33.6%，环比+12.6%，归母净利-0.5 亿元，同环比由盈转亏，扣非归母净利-0.4 亿元，同环比由盈转亏。 ➢ 锂：锂价下跌，盈利能力下滑。1）量：25H1 锂盐销量 1.8 万吨，同比增加 6.4%，对外直接销售锂辉石精矿 3.5 万吨，其中 Q2 锂盐销量 0.9 万吨，环比基 本持平；2）价：25H1 国内碳酸锂均价 7.0 万元，同比-32.0%，其中 25Q2 均 价 6.5 万元，环比-13.6%；3）本&利：公司通过调整锂辉石原料占比等方式持 续降本，但由于锂价下跌，25H1 锂业务毛利率 10.9%，同比下降 24.7pct。 ➢ 铯铷：资源优势突出，业绩持续增长。25H1 实现营收 7.1 亿元，同比增加 50.4%，毛利 ...

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company reported a revenue of 5.36 billion in 2024, a decrease of 10.8% year-on-year, and a net profit of 760 million, down 65.7% year-on-year. The first quarter of 2025 saw a revenue of 1.54 billion, an increase of 36.4% year-on-year, but a net profit decline of 47.4% year-on-year [1][6] - The lithium business continues to grow, 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. The company is implementing cost-reduction measures to mitigate market risks [2][3] - The cesium and rubidium business is showing strong performance, with a revenue of 345 million in the first quarter of 2025, a growth of 94% year-on-year [3] - The copper smelting business faced challenges due to a tight global supply of copper concentrate, leading to a net loss of approximately 100 million in the first quarter of 2025 [4] - The company aims to achieve a production capacity of 60,000 tons per year at the Kitumba copper project by 2026, with a total copper resource of 27.9 million tons [5][6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.36 billion, with a net profit of 760 million, reflecting a significant decline in profitability. The first quarter of 2025 showed a revenue of 1.54 billion, but net profit decreased to 130 million [1][6] - The projected net profits for 2025-2027 are 640 million, 1.32 billion, and 1.98 billion respectively, with corresponding EPS of 0.89, 1.83, and 2.74 [6][12] Business Segments - The lithium segment is expanding, with a production increase to 43,700 tons in 2024 and a sales increase to 42,600 tons. The company is also focusing on cost reduction strategies [2][3] - The cesium and rubidium segment reported a revenue increase of 94% in the first quarter of 2025, indicating strong market demand [3] - The copper smelting segment is under pressure due to reduced processing fees, resulting in a net loss in early 2025 [4] Future Outlook - The company is targeting a production capacity of 60,000 tons per year at the Kitumba copper project by 2026, with ongoing construction and development plans [5][6]

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]