金石资源：资源与技术共驱，拾级而上

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The supply of fluorite is becoming increasingly tight, leading to a sustained upward trend in market conditions. The company leverages its single fluorite mine as a foundation and drives multi-point layouts around the "resource + technology" dual strategy, including projects in Baotou and Jiangxi [3][6]. Company Overview - The company, established in 2001, focuses on the investment and development of fluorite, a strategic mineral resource in China. It has a resource reserve of approximately 27 million tons of ore, corresponding to about 13 million tons of mineral content. The company operates eight mines and seven processing plants, maintaining a leading position in national fluorite production [3][4][5]. Resource Endowment - The demand for fluorite is stable in traditional applications such as steel, electrolytic aluminum, and construction materials. However, new energy and materials sectors are expected to drive additional demand. On the supply side, domestic fluorite resources are characterized by a predominance of low-grade ores, and while the company has projects in Baotou and Mongolia, the overall supply growth is expected to lag behind demand growth [4][28]. Market Conditions - The price of fluorite has been on an upward trajectory, with the price range shifting from 1,000-2,000 RMB/ton to 3,000-4,000 RMB/ton. This price increase is supported by tightening supply and rising costs, indicating a strong certainty of price elevation from both supply and cost perspectives [4][28]. Company Highlights - The company emphasizes a dual strategy of "resource as king, technology as paramount," enabling it to efficiently leverage technology to enhance resource utilization. The Baotou project and the investment in Mongolia are expected to significantly increase production capacity, with plans to achieve an annual output of 200,000-300,000 tons of fluorite products within 1-2 years and 500,000 tons within 3-5 years [5][18]. Financial Analysis - The company has shown robust growth, with a compound annual growth rate (CAGR) of 22.7% in revenue and 20.6% in net profit from 2013 to 2023. In 2023, the company achieved record performance with a revenue increase of 80.5% and a net profit increase of 56.9% year-on-year. The first half of 2024 saw a revenue of 1.12 billion RMB, a 100.2% increase year-on-year [22][24].