Investment essentials 24Q1 to achieve homing net profit 5Streeppokergame.300 million yuanStreeppokergame, an increase of 17%, in line with market expectations. The revenue of Q1 in 24 years is 600 million yuan, which is 55% less than that of Q1, 41% less than that of Q1, and the net profit of Q1 is 5%.Streeppokergame.300 million yuan, with a decrease of 43%, a ring increase of 17%, a deduction of non-net profit of 580 million yuan, a decrease of 37%, an annular decrease of 8%, a gross profit margin of 50%, a net profit rate of 86%, an increase of 19pct and an increase of 43pct, and the performance is in line with market expectations. Lithium: Q1 sales ring increased by 55%, per ton cost slightly lower than the same period last year to maintain the advantage. 24Q1 produced 2386 tons of lithium carbonate, an increase of 34%, a decrease of 38%, and a sales volume of 3970 tons, an increase of 643% and 55%. In terms of price and cost, the income of Q1 lithium carbonate is about 310 million yuan, the operating cost is about 160 million yuan, the average price including tax is 88000 yuan, the ring minus 31%, and the cost of sales per ton is 39000 yuan, which is slightly lower than the same period last year, with an increase of 15%. The net profit per ton is about 27000 yuan, and Q1 contributes about 110 million yuan. The first phase of the 50000-ton LCE project in Mamicuo Salt Lake is progressing smoothly, and we expect Q2 to obtain project approval and mining license, and is expected to be fully put into production by the end of 25. Potassium: the sales volume of Q1 decreased by 53%, and the cost of sales per ton decreased by 20% +. The production of 24Q1 potassium chloride was 159000 tons, with a decrease of 19%, a decrease of 52%, and a sales volume of 140000 tons, a decrease of 63% and 53%. In terms of price cost, Q1 potash has an income of about 300 million yuan, an operating cost of about 140 million yuan, an average price of 2337 yuan including tax, a decrease of 14%, a reduction of 20% per ton of sales cost, a net profit of 700,800 yuan per ton, and a profit of about 100 million yuan contributed by Q1. The profit per unit of price dropped slightly. Copper: Q1 investment income of 350 million yuan, slightly higher than expected. Q1, a shareholding company, produces 42000 tons of copper, with an average price of about 80,000 yuan including tax, a net profit of about 27000 yuan per ton, a revenue of 3 billion yuan, an increase of 21%, a net profit of 1.1 billion yuan, an increase of 12%, and a corresponding investment income of 350 million yuan, an increase of 12%. The second phase of Julong's reconstruction and expansion project was approved in February 24, and we expect 25Q3 trial production and 25Q4 production to increase the annual copper output from 154000 tons in 23 years to 30-350000 tons after reaching production. Q1 expense rate rose month-on-month, operating cash flow under pressure. During the 24Q1 period, the expense rate is 10.7%, with the same increase of 5.2pct and ring increase of 2.4pct, of which the management fee rate is 9.4% and the ring increase of 3.1pct. The final inventory of Q1 was 511 million yuan, an increase of 2.6% over the beginning of the year. Q1 net cash flow of operating activities-240 million yuan, with a decrease of 181% and 134%.StreeppokergameQ1 capital expenditure was 30 million yuan, an increase of 14% and a decrease of 61%. Profit forecast and investment rating: we maintain the company's profit forecast for 2024-2026. It is estimated that the company's net profit for 2024-2026 will be RMB 26.9 trillion, compared with the same period last year. The net profit of the company will be RMB 3.07 billion, compared with-21% for the same period last year, 14% for 17x/15x/11xPE, and 32% for 24-26, and the Buy rating will be maintained. Risk tip: capacity release is lower than expected and demand is lower than expected [disclaimer] this article only represents the views of third parties and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.