Sinomine(002738) 国信证券·2025-04-27 04:17Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][17] Core Views - The company has diversified its multi-metal layout to withstand the downward pressure in the lithium industry, indicating promising future growth potential [1][4] - The company reported a revenue of 5.36 billion yuan for 2024, a decrease of 10.8% year-on-year, and a net profit attributable to shareholders of 760 million yuan, down 65.7% year-on-year [2][7] - The company is actively implementing cost reduction and efficiency enhancement measures in response to the challenges in the lithium sector, including plans to gradually start a 30,000 tons/year lithium sulfate production capacity in Zimbabwe [3][9] Financial Performance Summary - For 2024, the company achieved a revenue of 5.36 billion yuan, a decrease of 10.8% year-on-year, and a net profit of 760 million yuan, down 65.7% year-on-year [2][7] - The first quarter of 2025 saw a revenue of 1.54 billion yuan, an increase of 36.4% year-on-year, but a net profit of 130 million yuan, down 47.4% year-on-year [2][7] - The company’s cesium business generated a revenue of 1.4 billion yuan in 2024, up 24.2% year-on-year, with a gross profit margin of 78.3% [9][10] Business Segment Performance - In the cesium business, the company achieved a revenue of 3.45 billion yuan in Q1 2025, a significant increase of 94% year-on-year [9][10] - The lithium business produced approximately 43,700 tons of lithium salt in 2024, a year-on-year increase of 138%, with sales of about 42,600 tons, up 145% [3][9] - The copper business is expanding with the Kitumba project, which is expected to be operational by Q3 2026, with a designed capacity of 60,000 tons of cathode copper per year [10][11] Future Projections - Revenue projections for 2025-2027 are 5.86 billion yuan, 7.81 billion yuan, and 11.53 billion yuan, with year-on-year growth rates of 9.3%, 33.2%, and 47.6% respectively [4][17] - Net profit projections for the same period are 1.01 billion yuan, 1.70 billion yuan, and 2.81 billion yuan, with growth rates of 33.6%, 67.7%, and 65.5% respectively [4][17] - The company is expected to maintain strong long-term growth potential due to its robust exploration capabilities and the steady development of its cesium and lithium businesses [4][17]