When considering new stock purchases, investors often find themselves choosing between companies that offer great growth opportunities or procuring passive income. To have both options in a single investment, though, is not an opportunity that comes along very often.

But that's exactly what Albemarle (ALB 1.65%) offers right now. Shares of Albemarle, a leading lithium producer, are attractive for a variety of reasons, including the fact that the stock is hanging on the discount rack. Undeniably, this is one premier stock that's not to be missed.

The ABCs of ALB

Tracing its origin story back to 1887, Albemarle has emerged as a leader in lithium production. In addition to lithium resources located in the United States, Chile, Argentina, and Australia, the company operates lithium production facilities in North & South America, Asia, and Australia. Clearly, the company's geographic footprint is considerable.

While lithium is the company's bread and butter (about 64% of 2022 sales), bromine -- a chemical found in flame retardants -- and other specialty chemicals round out the company's business, representing about 24% of the company's 2022 sales. The third aspect of Albemarle's business is Ketjen, a wholly owned subsidiary that launched earlier this year. It provides catalyst solutions to the oil and gas industry, among others.

Electric car sales will drive higher lithium demand

With such a history that stretches back to the late 19th century, it might seem that the company is no longer in growth mode. But that'd be a flawed conclusion. If it achieves the midpoint of its 2023 revenue guidance, it will mean that the company has achieved a 185% rise in its top line over the past five years.

Although electric vehicles (EVs) are a frequent sight on highways and byways these days, they're far less common than traditional internal combustion-powered vehicles. Albemarle expects that to change over the next few years, projecting that EV market penetration will rise from about 11% in 2022 to 47% in 2030. This, in turn, will lead to an increase in lithium demand -- something from which Albemarle can prosper. In advance of this, Albemarle is preparing to ramp up lithium production. According to the company, it is advancing expansion projects at its assets located in Australia and the U.S. -- projects that will help the company to achieve an approximate 200% increase in annual lithium production from 2022 to 2030.

Let lithium power your passive income

Investors who energize their portfolios with Albemarle can get paid while they wait for the company's growth initiatives to play out. Demonstrating a steadfast commitment to shareholders, Albemarle has hiked its dividend higher for the past 28 years, and management expects to extend the streak to 29 years in 2023.

The stock's forward dividend yield of 1.1% may not have the allure of high-yield dividend payers, but savvy investors know the value of shoring up one's portfolio with rock-solid dividend stocks like Albemarle. Management has taken a conservative approach to returning capital to shareholders, which helps to keep the company on firm financial footing. Over the past five years, Albemarle has averaged a payout ratio of 39%. Further illustrating the company's strong financial health, Albemarle has an investment-grade balance sheet.

Now's the time to power your portfolio with Albemarle

A leader among lithium stocks, Albemarle is nearing screaming-buy territory. Currently, shares are trading at 5.3 times trailing earnings, representing a steep discount from its five-year average price-to-earnings ratio of 44.2. Moreover, the stock is valued at only 7.4 times operating cash flow. Between its growth prospects, reliable dividend, exposure to the EV industry, and attractive valuation, Albemarle is a stock that should electrify the enthusiasm of all sorts of investors.