Sinomine Resource Group (002738.SZ): Cesium-Rubidium Builds the Base, Lithium Gathers Momentum — Global Polymetallic Platform Sets Sail
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Key Views
Lithium rests on Zimbabwe's Bikita and Canada's Tanco mines; Bikita's cumulative lithium resources have risen to 3.4341 million tonnes LCE, with 2026-2028 lithium salt sales forecast at 46,000/59,000/71,000 tonnes and average prices of RMB 147,000/154,000/155,000 per tonne. Cesium-rubidium provides a durable moat, holding gross margins above 60% and nearly half of consolidated gross profit; 2025 revenue reached RMB 1.125 billion at a 74.07% margin, with salt sales guided at 906/951/999 tonnes. Zambia's Kitumba copper mine (614,000 tonnes contained copper) targets production within 2026, while Namibia's Tsumeb phase one began trial production in late 2025, expected to contribute RMB 160/260/520 million of revenue over 2026-2028.
Outlook
Attributable net profit is projected at RMB 2.65/4.40/5.68 billion for 2026-2028 (EPS RMB 3.67/6.10/7.87). Own-mine lithium capacity is planned to exceed 100,000 tonnes LCE annually within two years, reaching 150,000 tonnes within five years.
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Sinomine Resource Group (002738.SZ) — Overweight, reflecting multi-metal scale expansion and valuation re-rating potential.