民生证券研报指出，锡锑共振助力业绩增长，华锡有色未来增储潜力可期。公司为锡、锑双龙头，矿产 资源储量丰富。公司拥有铜坑矿、高峰矿两大矿山的采矿权，参考2024年年报数据，铜坑矿储量锡/锌 分别是3.6/53万吨，高峰矿储量锡/锑/铅/锌分别是9.58/10.05/10.70/33.54万吨，佛子矿储量锌/铅分别是 6.64/5.46万吨。此外公司共有矿田铜坑矿深部锌多金属矿、大厂矿田羊角尖区锌铜矿、龙口铅锌矿、大 厂矿田翁罗-贯洞区锌铅矿、冷水塘锌矿5个探矿权，未来还有五吉矿存注入预期，仍有进一步增储空 间。预计2025-2027年公司实现归母净利分别为9.84/11.39/13.23亿元，对应2025年8月18日收盘价的PE分 别为17/14/12倍，维持"推荐"评级。 ...

Core Viewpoint - Huaxi Nonferrous's stock price is reported at 26.04 yuan, down 1.59% from the previous trading day, with a trading volume of 409 million yuan and a turnover rate of 5.73% [1] Group 1: Company Overview - Huaxi Nonferrous specializes in the mining, smelting, and deep processing of nonferrous metals, with main products including tin, antimony, and zinc [1] - The company is part of the small metals sector and is associated with the concept of central state-owned enterprise reform [1] Group 2: Market Analysis - Minsheng Securities issued a research report on August 18, recommending Huaxi Nonferrous, indicating that the company's performance in the first half of 2025 is expected to grow due to rising antimony prices, while tin prices remain high [1] - The company is continuously advancing its resource layout [1]

Core Viewpoint - The report highlights that Huaxi Nonferrous (600301) has shown significant performance growth driven by the resonance of tin and antimony, with promising potential for future resource expansion [1][6]. Financial Performance - In H1 2025, the company achieved operating revenue of 2.787 billion yuan, a year-on-year increase of 23.66%, and a net profit attributable to shareholders of 382 million yuan, up 9.49% year-on-year [2]. - For Q2 2025, the company reported operating revenue of 1.543 billion yuan, a quarter-on-quarter increase of 23.95% and a year-on-year increase of 26.64%, with a net profit of 228 million yuan, up 48.87% quarter-on-quarter and 7.83% year-on-year [2]. Production Volume - In H1 2025, the company produced approximately 3,273.80 tons of tin concentrate, down 6.18% year-on-year, while sales increased by 41.02% to about 124.34 tons [3]. - Tin ingot production was approximately 6,147.02 tons, up 19.30% year-on-year, with sales of about 5,781.59 tons, an increase of 7.39% [3]. - Zinc concentrate production was about 27,100 tons, down 1.17% year-on-year, with sales of 11,000 tons, down 4.67% [3]. Pricing and Margins - The average price for tin, antimony, zinc, lead, and copper in H1 2025 was 262,100 yuan/ton, 189,000 yuan/ton, 23,100 yuan/ton, 17,000 yuan/ton, and 77,600 yuan/ton, respectively, with year-on-year changes of +2,120 yuan, +8,310 yuan, +90 yuan, -10 yuan, and +270 yuan [4]. - The company's overall gross margin was 36.36%, a decrease of 2.56 percentage points year-on-year, with specific product margins showing varied performance [4]. Resource Expansion Potential - The company has made progress in resource layout, with significant increases in mineral reserves, including a 93.59% increase in lead-zinc resources at the Fozichong mining area [5]. - As of H1 2025, the company holds a total mineral resource of 89.591 million tons, with metal resources including tin, antimony, indium, zinc, lead, silver, and copper totaling 4.4925 million tons [5]. Investment Recommendations - The company is positioned as a leader in tin and antimony, with rich mineral resource reserves and ongoing exploration projects that suggest further resource expansion [6]. - Future net profit forecasts for 2025, 2026, and 2027 are 984 million yuan, 1.139 billion yuan, and 1.323 billion yuan, respectively, with corresponding price-to-earnings ratios of 17, 14, and 12 times based on the closing price on August 18, 2025 [6].

（文章来源：每日经济新闻） 民生证券8月18日发布研报称，给予华锡有色（600301.SH）推荐评级。评级理由主要包括：1）事件： 公司发布2025年半年报；2）量：2024年公司金属产量同比稳中有增，受到春节假期叠加冶炼厂检修等 影响自产矿销售量或同比小幅下降；3）价：锑价同环比显著提升带动业绩稳步增长，锡价较为平稳维 持高位；4）资源端布局稳步推进，增储潜力可期。风险提示：锡、锑、锌价格大幅波动，安全环保风 险，下游需求不及预期。 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company has shown significant performance growth driven by the synergy of tin and antimony prices, with a notable increase in resource reserves potential [4][5]. - The company is positioned as a leader in the tin and antimony industry, with robust resource endowments and a strong market presence [45][46]. Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 2.787 billion yuan, a year-on-year increase of 23.66%, and a net profit attributable to shareholders of 382 million yuan, up 9.49% year-on-year [1][13]. - In Q2 2025, the company reported operating revenue of 1.543 billion yuan, a quarter-on-quarter increase of 23.95% and a year-on-year increase of 26.64% [1][13]. Production and Sales - The company’s tin concentrate production in H1 2025 was approximately 3,273.80 tons, a decrease of 6.18% year-on-year, while sales increased by 41.02% [2][22]. - The production of zinc ingots rose by 8.47% year-on-year, with sales also increasing by 8.06% [2][22]. Pricing and Margins - The average prices for the company's main products in H1 2025 were 262,100 yuan/ton for tin, 189,000 yuan/ton for antimony, and 23,100 yuan/ton for zinc, with significant year-on-year increases for antimony [3][26]. - The overall gross margin for H1 2025 was 36.36%, a decrease of 2.56 percentage points year-on-year [3][26]. Resource Development - The company has made progress in resource development, with significant increases in mineral reserves, particularly in the Fozichong lead-zinc mine, which saw a 93.59% increase in verified reserves [4][47]. - The company holds mining rights for three major mines, with a total resource amount of 89.591 million tons as of H1 2025 [4][47]. Future Outlook - The company is expected to achieve net profits of 984 million yuan, 1.139 billion yuan, and 1.323 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 17, 14, and 12 [6][5]. - The anticipated demand surge, coupled with relaxed export policies, is expected to create a favorable market environment for tin and antimony [49].

Core Viewpoint - Huaxi Nonferrous is positioned as a key nonferrous listed platform in Guangxi Province, expected to benefit significantly from the rising prices of tin and antimony, maintaining a "buy" rating [1] Group 1: Production and Financial Performance - In Q2 2025, the company's tin ingot production is projected to reach 3,237.96 tons, representing a year-on-year increase of 90% and a quarter-on-quarter increase of 11% [1] - The tin concentrate output is estimated at 1,650.28 tons, showing a year-on-year decrease of 7% but a quarter-on-quarter increase of 2% [1] - The estimated non-tax selling price of lead-antimony concentrate in Q2 2025 is approximately 84,700 yuan per ton, with the segment achieving a gross profit of 240 million yuan, a quarter-on-quarter increase of 53%, and a gross margin close to 90%, up by 9.36 percentage points [1] Group 2: Strategic Initiatives - The company has proposed a "Three-Year Action Plan," with plans for a 1.09 billion yuan investment in March 2025 to develop the deep mining project for ore bodies 100 and 105, increasing production capacity from 330,000 tons per year to 450,000 tons per year [1] - In April 2025, the deep zinc polymetallic mine at the copper pit in Nandan County, Guangxi, completed a transition from exploration to mining, with the reported scale of the Huaxi Mining copper pit increasing from 2.376 million tons per year to 3.5 million tons per year [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15] Core Views - The company is expected to benefit significantly from the rising prices of tin and antimony, with a projected increase in revenue and net profit for the coming years [5][6] - The company achieved a revenue of 2.787 billion yuan in H1 2025, representing a year-on-year increase of 23.66%, and a net profit of 382 million yuan, up 9.49% year-on-year [5][6] - The forecast for net profit from 2025 to 2027 has been adjusted upwards, with expected figures of 942 million yuan, 1.051 billion yuan, and 1.328 billion yuan respectively [5][6] Financial Performance Summary - In Q2 2025, the company reported a revenue of 1.543 billion yuan, a year-on-year increase of 19.55% and a quarter-on-quarter increase of 23.95% [5][6] - The net profit for Q2 2025 was 228 million yuan, showing a year-on-year increase of 2.22% and a quarter-on-quarter increase of 48.87% [5][6] - The company’s tin ingot production in Q2 2025 was 3,237.96 tons, a year-on-year increase of 90% and a quarter-on-quarter increase of 11% [6] Production and Pricing Insights - The average market price for tin ingots in Q2 2025 was approximately 264,000 yuan per ton, with a slight increase compared to the previous periods [6] - The company’s gross profit from the tin ingot segment in Q2 2025 was 186 million yuan, reflecting a quarter-on-quarter increase of 38% [6] - The antimony segment achieved a gross profit of 240 million yuan in Q2 2025, with a gross margin close to 90% [6] Strategic Initiatives - The company is actively promoting a "Three-Year Action Plan" aimed at enhancing production capacity, including a planned investment of 1.09 billion yuan for deep mining projects [7] - The company’s copper mine project has seen an increase in certified scale from 2.376 million tons per year to 3.5 million tons per year [7] Financial Projections - Revenue projections for 2025 to 2027 are 5.103 billion yuan, 5.435 billion yuan, and 6.506 billion yuan respectively, with corresponding net profit estimates of 942 million yuan, 1.051 billion yuan, and 1.328 billion yuan [9][12] - The expected EPS for 2025, 2026, and 2027 are 1.49 yuan, 1.66 yuan, and 2.10 yuan respectively, with P/E ratios of 17.8, 15.9, and 12.6 [9][12]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][22]. Core Views - The company achieved a significant increase in profits in Q2, primarily due to a notable rise in self-produced ore sales. The revenue for the first half of 2025 reached 2.787 billion yuan, a year-on-year increase of 23.66%, with a net profit of 382 million yuan, up 9.49% year-on-year [2][10]. - The company is focusing on resource expansion and production capacity enhancement, with several major projects underway, including the increase of ore reserves at the Fozi Mine and the acceleration of mining projects [4][19]. Financial Performance - In the first half of 2025, the company produced 3,273.80 tons of tin concentrate, a decrease of 6.18% year-on-year, while tin ingot production increased by 19.30% to 6,147.02 tons. Zinc concentrate production was 27,100 tons, down 1.17% year-on-year, and zinc ingot production was 16,500 tons, up 8.47% [2][14]. - The gross profit structure shows that tin ingot business contributed 321 million yuan, accounting for 31.68% of total gross profit, while antimony ingot and lead-antimony concentrate contributed 413 million yuan, accounting for 40.73% [3][14]. Future Outlook - The company has slightly adjusted its profit forecast, expecting revenues of 5.349 billion yuan in 2025, with a year-on-year growth rate of 15.5%. The net profit is projected to be 1.001 billion yuan, reflecting a growth rate of 52.2% [5][22]. - The company is one of the few in China focusing on tin and antimony as primary minerals, which positions it well to benefit from price increases in these metals [5][22].

Market Performance - The small metals sector increased by 2.32% on August 15, with Baowu Magnesium leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Individual Stock Performance - Baowu Magnesium (002182) closed at 13.22, up 5.00% with a trading volume of 388,500 shares and a transaction value of 508 million [1] - Shenghe Resources (600392) closed at 23.18, up 4.79% with a trading volume of 2,325,500 shares and a transaction value of 5.366 billion [1] - Zhongkuang Resources (002738) closed at 41.46, up 4.14% with a trading volume of 266,400 shares and a transaction value of 1.092 billion [1] - Other notable performers include Jinyao Co. (601958) up 4.08%, and China Tungsten High-tech (000657) up 3.72% [1] Capital Flow Analysis - The small metals sector saw a net inflow of 1.028 billion from institutional investors, while retail investors experienced a net outflow of 395 million [1] - Major stocks like Shenghe Resources and Baowu Magnesium had significant net inflows from institutional investors, indicating strong interest [2] - Retail investors showed a net outflow in several stocks, including Shenghe Resources and Zhongkuang Resources, suggesting a cautious sentiment among retail participants [2]

Group 1 - The company reported a revenue of 2.787 billion yuan, representing a year-on-year increase of 23.66% [1] - The net profit attributable to shareholders reached 382 million yuan, showing a year-on-year growth of 9.49% [1] - The main business activities include exploration, mining, and processing of non-ferrous metals, with key products being tin, zinc, lead, antimony, and copper concentrates [1] Group 2 - The company holds significant mineral reserves of tin, antimony, and zinc, ranking among the top in the country, which supports its long-term sustainable development [1] - The company adheres to five operational philosophies: leading efficiency, new quality empowerment, collaborative efficiency, cash is king, and risk control [2] - As the only state-owned listed company in the non-ferrous metal industry in Guangxi, the company benefits from favorable external conditions and policy support [2]