金石资源：单一型萤石量减价增，看好萤石景气

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company has seen a reduction in single-type fluorite volume but an increase in price, indicating a positive outlook for fluorite market conditions [4][6] - In the first three quarters of 2024, the company achieved revenue of 1.83 billion yuan, a year-on-year increase of 58.50%, and a net profit attributable to shareholders of 250 million yuan, a year-on-year increase of 1.70% [2][6] - The company is expected to maintain a leading position in fluorite production in China, with a favorable market outlook for the fourth quarter [6] Financial Performance Summary - For Q3 2024, the company reported revenue of 711 million yuan, a year-on-year increase of 19.39%, but a net profit of approximately 82.76 million yuan, which represents a year-on-year decrease of 30.88% and a quarter-on-quarter decrease of 22.71% [2][6] - The company’s single-type fluorite sales volume decreased to approximately 280,000 tons, down from 360,000 tons in the same period last year, while the average market price for fluorite increased by 10.1% year-on-year [6] - The company’s investment income for the first three quarters was approximately 72.43 million yuan, a year-on-year increase of 502.09% [6] Future Outlook - The company anticipates that the "selection and chemical integration" project will yield overall profitability, with production and sales of AHF reaching 85,000 tons and 82,500 tons respectively in the first three quarters of 2024 [6] - The company expects to maintain high fluorite prices in the short term, with a positive trend in market conditions [6] - Forecasted net profits for 2024-2026 are 351 million yuan, 654 million yuan, and 745 million yuan respectively, with year-on-year growth rates of 0.48%, 86.63%, and 13.88% [6][7]