Kings(SH:603505)2024-04-17 10:21Group 1: Investor Relations Activities - The company conducted offline and online investor meetings from April 1 to April 15, 2024, involving over 100 institutions [2][3][4]. - Key participants included various funds and securities firms, such as Zhonggeng Fund, Ruifeng Fund, and others [2][3]. Group 2: Financial Performance Overview - In 2023, the company achieved a revenue of CNY 1.896 billion, representing a year-on-year growth of 80.54% [4]. - The net profit attributable to shareholders was CNY 349 million, up 56.89% year-on-year, with a non-recurring net profit of CNY 351 million, increasing by 62.23% [4]. - The sales volume of fluorite products reached 426,600 tons, a 3.92% increase, while sales amounted to 441,300 tons, up 7.01% [4]. Group 3: Growth Drivers - The growth was primarily driven by the production of new projects in Baotou and Jiangxi, which became significant profit contributors [4]. - The average selling price of fluorite products increased by approximately 10.73% [4]. Group 4: Industry Trends and Regulations - A national safety inspection policy for fluorite mines was introduced, which may accelerate the exit of small to medium capacities in the industry [5]. - The policy includes a three-phase approach: self-inspection (March-May), key inspections (June-July), and evaluation (August) [5]. Group 5: Inventory and Production Insights - The company reported significant inventory levels of over 300,000 tons of fluorite concentrate due to production timing mismatches between Baogang Jinshi and Jincheng Fluorine Chemical [6][7]. - The production cost for Jiangxi Jinling Lithium Industry is approximately CNY 2,000 per ton, with a net profit margin of around 40% [7]. Group 6: Future Outlook - The company plans to focus on the Mongolian project before considering expansions into South Africa and South America [8]. - Capital expenditures for 2024 are expected to decrease [8].