藏格矿业：事件点评：紫金赋能，发展提速

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4]. Core Views - The acquisition by Zijin Mining highlights the company's value, with Zijin becoming the controlling shareholder after acquiring a total of 25% of the company's shares at a premium of 18.6% over the pre-suspension share price [1]. - Zijin's involvement is expected to accelerate the company's potassium and lithium expansion projects, leveraging Zijin's global expertise in mining operations and resource management [2]. - The company is positioned to become Zijin's lithium platform, benefiting from Zijin's extensive lithium resource reserves and production goals [2]. Summary by Sections Company Overview - Zijin Mining's acquisition of a 25% stake positions it as the controlling shareholder, enhancing the company's governance and operational capabilities [1]. - The share transfer involved a price of 35 CNY per share, reflecting a significant market valuation [1]. Business Segments - Lithium: The company plans to develop a 100,000-ton lithium carbonate production capacity at the Marmizuo salt lake, with the first phase of 50,000 tons currently in the permitting process [3]. - Potassium: The company is expanding its potassium production in Laos, with a planned capacity of 2 million tons per year, which is expected to double upon completion [3]. - Copper: The company holds a 30.78% stake in Julong Copper, with expansion projects set to significantly increase copper production capacity by the end of 2025 [3]. Financial Projections - The company forecasts a net profit of 2.56 billion CNY in 2024, with a projected increase to 4.29 billion CNY by 2026, reflecting a growth rate of 63.9% [4]. - Revenue is expected to decline in 2024 but rebound in 2026, with a projected revenue of 3.75 billion CNY [4]. - The report anticipates a PE ratio of 20 for 2024 and 2025, dropping to 12 by 2026, indicating improved valuation as growth accelerates [4].