Sinomine Resource Group Co Ltd | Asia Pacific 1H26 Preliminary NP Rmb10.5-12.5bn; Mid-point In-line

研报英文原文证据摘录

Sinomine Resource Group Co Ltd | Asia Pacific 1H26 Preliminary NP Rmb10.5-12.5bn; Mid-point In-line

Update

July 10, 2026 10:04 AM GMT

Morgan Stanley Asia Limited+MSinomine Resource Group Co Ltd | Asia Pacific Chris Jiang

Equity Analyst

1H26 Preliminary NP Rmb10.5- Chris.Jiang@morganstanley.comRachel L Zhang +852 3963-1593

Rachel.Zhang@morganstanley.com +852 2239-1520

12.5bn; Mid-point In-line Hannah Yang, CFA

Hannah.Yang1@morganstanley.com +852 2239-7079

Reaction to earnings Cynthia Tang

Research Associate

Unchanged In-line Largely unchanged Cynthia.Tang@morganstanley.com +852 3963-4360

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

1H26 preliminary NP was Rmb10.5-12.5bn, vs. Rmb89mn in 1H25. Management Sinomine Resource Group Co Ltd (002738.SZ, 002738

attributed the earnings growth to lithium price increases and narrowing losses of CH)

the Tsumeb smelter. Greater China Materials | China

Stock Rating Overweight

2Q26 profit is implied at Rmb542-742mn, vs. Rmb508mn in 1Q26, and we think Industry View Attractive

the mid-point is in-line, considering ~Rmb18k/t lithium price QoQ improvement. Price target Rmb78.00

Up/downside to price target (%) 51

Sinomine conducts temporary maintenance for its lithium conversion capacity in Shr price, close (Jul 10, 2026) Rmb51.80

52-Week Range Rmb100.86-31.31

July, reducing output by 1kt/+LCE, but this has limited impact on full-year volume. Sh out, dil, curr (mn) 721

Mkt cap, curr (mn) Rmb37,373

Sinomine has also restarted its Tanco mine in Canada in light of lithium price EV, curr (mn) Rmb33,854

recovery, and may contribute 1-2kt LCE volume in 2026. Avg daily trading value (mn) Rmb1,924