Sinomine(002738) 东方财富·2024-08-20 08:23Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company experienced a slight decline in net profit in Q2 2024 compared to Q1 2024, with a significant year-on-year decrease in both revenue and net profit for H1 2024. However, the company has shown resilience in its lithium salt profit margins despite a weak market backdrop [2][3]. - The company is actively reducing costs at its Bikita lithium mine and has initiated a new growth point through the acquisition and development of the Kitumba copper mine, which is expected to contribute to long-term profitability [3][6]. Financial Performance Summary - For H1 2024, the company reported revenue of 2.422 billion yuan, a year-on-year decrease of 32.8%, and a net profit attributable to shareholders of 473 million yuan, down 68.5%. The adjusted net profit was 445 million yuan, reflecting a 70.2% decline [2]. - In Q2 2024, the company achieved revenue of 1.296 billion yuan, a year-on-year decrease of 15.3% but a quarter-on-quarter increase of 15.0%. The net profit attributable to shareholders was 217 million yuan, down 46.7% year-on-year and 15.4% quarter-on-quarter [2]. - The gross margin for H1 2024 was 41.6%, with a net profit margin of 18.4%. In Q2 2024, the gross margin improved to 44.7%, while the net profit margin was 17.1% [2]. Business Segment Performance - The lithium salt business generated revenue of 1.59 billion yuan in H1 2024, a year-on-year decline of 41.0%. However, the sales volume from self-owned lithium mines increased significantly by 127.3% to 16,798.7 tons. The gross margin for the lithium salt business was 35.6%, down 30.2 percentage points year-on-year [2][3]. - The cesium and rubidium business reported revenue of 470 million yuan, a year-on-year decrease of 11.8%, but the gross margin improved to 72.4%, up 6.1 percentage points year-on-year [2][3]. Strategic Developments - The company has implemented cost-reduction measures at the Bikita mine, including the integration of solar power, which has significantly lowered electricity costs. The Kitumba copper mine acquisition, with a resource estimate of 27.9 million tons of copper ore, is expected to provide a new profit growth point for the company [3][6].