Financial Performance - The estimated net profit attributable to shareholders for the first three quarters of 2024 is projected to be between 1,250 million and 1,350 million CNY, representing a year-on-year increase of 130.22% to 148.64% compared to 542.96 million CNY in the same period last year[3]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between 1,260 million and 1,360 million CNY, reflecting a year-on-year growth of 123.07% to 140.77% compared to 564.85 million CNY last year[3]. - The basic earnings per share are projected to be between 0.6804 CNY and 0.7348 CNY, compared to 0.2955 CNY per share in the same period last year[3]. - For the third quarter of 2024, the estimated net profit attributable to shareholders is expected to be between 366.59 million and 466.59 million CNY, with a year-on-year change of -10.67% to 13.69% compared to 410.40 million CNY last year[4]. - The estimated net profit after deducting non-recurring gains and losses for the third quarter is projected to be between 365.29 million and 465.29 million CNY, compared to 407.30 million CNY last year[4]. Production and Sales - The company’s subsidiaries have increased production and sales of main mineral products following the completion of technical upgrades at the Yinan Mining subsidiary, which resumed operations on July 10, 2023[6]. - The sales prices of main mineral products, including tin concentrate, silver concentrate, lead concentrate, and zinc concentrate, have increased compared to the same period last year due to changes in macroeconomic conditions and market demand[6]. Disclosure and Risks - The performance forecast has not been audited by a registered accountant, and the specific data will be confirmed in the company's third-quarter report[5]. - The company emphasizes the importance of timely information disclosure to investors and highlights the potential investment risks[7].

Investment Rating - The report maintains a "Buy" rating for Xingye Yinshi (000426) [2][4] Core Views - The company is expected to see incremental growth in mining production and is classified as a cyclical growth stock [2] - The report is optimistic about the price trends of tin and silver, which are expected to drive strong earnings growth for the company [2] - The company's operating quality is expected to improve continuously following the approval of the Budun Yingen mining rights [4] Financial Projections - Revenue for 2024-2026 is projected to be 5.212 billion, 5.665 billion, and 5.777 billion yuan, with year-on-year growth rates of 40.62%, 8.70%, and 1.98% respectively [2] - Net profit attributable to shareholders for 2024-2026 is forecasted to be 1.755 billion, 1.985 billion, and 2.081 billion yuan, with year-on-year growth rates of 81.01%, 13.14%, and 4.83% respectively [2] - EPS for 2024-2026 is estimated to be 0.96, 1.08, and 1.13 yuan, with corresponding P/E ratios of 13.0x, 11.5x, and 10.9x [2] Key Events - The Budun Yingen mining rights were approved, with a designed production capacity of 675,000 tons/year for silver ore [6] - The company invested in an Indonesian copper-gold mine project, acquiring a 19.99% stake in FEG for approximately 14.25 million AUD, enhancing its global gold asset portfolio [6] - The company's H1 2024 net profit surged by 566.43% year-on-year to 883 million yuan, driven by rising silver and tin prices [6] Financial Performance - In H1 2024, the average prices of silver and tin on the Shanghai Futures Exchange increased by 27.8% and 15.7% year-on-year, respectively [6] - Gross margins for zinc concentrate, lead concentrate, copper-silver concentrate, and tin concentrate businesses in H1 2024 were 53.33%, 56.69%, 74.42%, and 73.06%, respectively, showing significant year-on-year improvements [6] Industry and Market Data - The company operates in the non-ferrous metals/industrial metals sector [4] - The current stock price is 12.38 yuan, with a total market capitalization of 20.73 billion yuan and a P/B ratio of 3.93 [4]

证券代码：000426 证券简称：兴业银锡 公告编号：2024-54 近日，公司收到内蒙古自治区发展和改革委员会下发的《境外投资项目备案 通知书》（内发改外资函（2024）605 号）、内蒙古自治区商务厅颁发的《企业 境外投资证书》 （境外投资证第 N1500202400083）。公司已完成本次投资涉及 的发改委、商务部门的备案登记事宜。 内蒙古兴业银锡矿业股份有限公司 关于全资子公司对外投资的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、对外投资概述 1、内蒙古兴业银锡矿业股份有限公司（以下简称"兴业银锡"或"公司"） 于 2024 年 9 月 4 日召开第十届董事会第六次会议审议通过了《关于全资子公司 对外投资的议案》。公司通过全资子公司兴业黄金(香港)矿业有限公司（以下简 称"兴业黄金（香港）、认购人"）于 2024 年 9 月 4 日与澳大利亚上市公司 Far East Gold Limited（ASX 代码:FEG）签订《股权认购协议》，兴业黄金（香港） 以每股 0.2 澳元的价格分三批认购 FEG 在澳大利亚证券交易所（ASX）向兴 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company, Xingye Yinxin, is positioned to benefit from a favorable silver and tin market cycle, with significant production increases expected in 2024 [2][4]. - The company has a strong resource base, with a total mineral reserve of 205.5 million tons, including 9,678.69 tons of silver and 19.10 thousand tons of tin [2][14]. - The global tin supply is projected to grow slowly, while demand from sectors such as semiconductors, photovoltaics, and electric vehicles is expected to drive high growth in tin consumption [3][4]. Summary by Sections Company Overview - Xingye Yinxin specializes in the mining and smelting of non-ferrous and precious metals, with over 30 years of industry experience and a comprehensive industrial chain [11]. - The company has undergone significant restructuring and expansion, focusing on enhancing its resource reserves and production capabilities [12][13]. Financial Performance - The company forecasts revenues of 54.14 billion, 62.34 billion, and 70.26 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 16.24 billion, 20.74 billion, and 25.93 billion yuan [4][6]. - The current price-to-earnings (PE) ratios are estimated at 11.8, 9.3, and 7.4 for the years 2024, 2025, and 2026 [4]. Market Dynamics - The report highlights a significant increase in tin and silver production for 2024, driven by successful technological upgrades and capacity expansions at the company's main mining operations [2][4]. - Global tin consumption is expected to reach 40.69, 41.29, and 42.08 million tons from 2024 to 2026, with a compound annual growth rate (CAGR) of 4.28% [3]. Resource and Production Capacity - The company has a diverse range of mineral resources, including substantial reserves of zinc, iron, copper, and other metals, positioning it as a leading player in the industry [14][15]. - In 2023, the company achieved a 110.74% increase in tin concentrate production and a 10.75% increase in copper-silver concentrate production [16].

证券代码：000426 证券简称：兴业银锡 公告编号：2024－53 内蒙古兴业银锡矿业股份有限公司 关于公司子公司收购探矿权暨关联交易的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 重要内容提示： 1、交易内容：内蒙古兴业银锡矿业股份有限公司（以下简称"公司"、或"兴业 银锡"）全资子公司内蒙古兴业集团锡林矿业有限公司（以下简称"锡林矿业"）拟 与公司控股股东内蒙古兴业黄金冶炼集团有限责任公司（原名"内蒙古兴业集团股份 有限公司"，以下简称"兴业集团"、"转让方"或"乙方"）签订《探矿权转让协 议》，锡林矿业拟受让兴业集团持有的内蒙古自治区东乌珠穆沁旗朝不楞矿区多金属 矿勘探探矿权（证号：T1500002009113010036728），根据陕西德衡矿业权资产评估有 限公司（以下简称"陕西德衡"）出具的《内蒙古自治区东乌珠穆沁旗朝不楞矿区多 金属矿勘探探矿权评估报告》（陕德衡矿评[2024]第 025 号），以矿权评估价值人民 币 5361.34 万元（大写：伍仟叁佰陆拾壹万叁仟肆佰圆整）作为定价基础，经双方协 商确定标的矿权交易对价为 5350.00 ...

内蒙古兴业银锡矿业股份有限公司 证券代码：000426 证券简称：兴业银锡 公告编号：2024-51 表决结果：同意 2 票，反对 0 票，弃权 0 票（关联监事刘承革对本议案回避 了表决）。 2、审议通过《关于公司子公司融冠矿业收购查干敖包探矿权暨关联交易的议 案》 第十届监事会第六次会议决议公告 本公司及监事会全体成员保证信息披露的内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、监事会会议召开情况 内蒙古兴业银锡矿业股份有限公司（以下简称"公司"）第十届监事会第六 次会议通知于 2024 年 9 月 13 日以专人送达、电子邮件等方式发出，会议于 2024 年 9 月 18 日以通讯方式召开。本次会议应参加表决监事 3 人，实际收到表决票 3 张。会议的召集、召开、表决符合《公司法》及《公司章程》的规定，决议合 法有效。 二、监事会会议审议情况 1、审议通过《关于公司子公司锡林矿业收购朝不楞探矿权暨关联交易的议案》 具体内容详见公司同日于巨潮资讯网（www.cninfo.com.cn）上披露的《兴 业银锡：关于公司子公司收购探矿权暨关联交易的公告》(公告编号：2024-53)。 具体 ...

中国矿业权评估师协会 评估报告统一编码回执单 编码:6106720240102054888 报告 | 评估委托方: | 内蒙古兴业集团锡林矿业有限公司 | | --- | --- | | 评估机构名称: | 陕西德衡矿业权资产评估有限公司 | | 评估报告名称: | 内蒙古自治区东乌珠穆沁旗朝不楞矿区多 | | | 金属矿勘探探矿权评估报告 | | 报告内部编号: | 陕德衡矿评[2024]第025号 | | 评 估 值: | 5361.34(万元) | | 报告签字人: | 王小亭(矿业权评估师) | | | 张凡(矿业权评估师) | 说明: 1、二维码及报告编码相关信息应与中国矿业权评估师协会评估报告统一编码管理系统 内存档资料保持一致； 2、本评估报告统一编码回执单仅证明矿业权评估报告已在中国矿业权评估师协会评估 报告统一编码管理系统进行了编码及存档,不能作为评估机构和签字评估师免除相关 法律责任的依据； 3、在出具正式报告时，本评估报告统一编码回执单应列装在报告的封面或扉页位置。 内蒙古自治区东乌珠穆沁旗朝不楞矿区 多金属矿勘探探矿权 评估报告 陕德衡矿评[2024]第 025 号 陕西德衡矿业权资 ...

中国矿业权评估师协会 编码:6106720240102054889 | 评估委托方: | 内蒙古兴业集团融冠矿业有限公司 | | --- | --- | | 评估机构名称: | 陕西德衡矿业权资产评估有限公司 | | 评估报告名称： | 内蒙古自治区东乌珠穆沁旗查干敖包多金 属矿勘探探矿权评估报告 | | 报告内部编号: | 陕德衡矿评[2024]第033号 | | 评 估 值: | 6689.31(万元) | | 报告签字人: | 王小亭(矿业权评估师) | | | 张凡(矿业权评估师) | 说明: 1、二维码及报告编码相关信息应与中国矿业权评估师协会评估报告统一编码管理系统 内存档资料保持一致; 2、本评估报告统一编码回执单仅证明矿业权评估报告已在中国矿业权评估师协会评估 报告统一编码管理系统进行了编码及存档,不能作为评估机构和签字评估师免除相关 法律责任的依据； 3、在出具正式报告时，本评估报告统一编码回执单应列装在报告的封面或扉页位置。 内蒙古自治区东乌珠穆沁旗查干敖包 多金属矿勘探探矿权 评估报告 陕德衡矿评[2024]第 033 号 评估报告统一编码回执单 内蒙古自治区东乌珠穆沁旗查干敖包多金属矿 ...

第十届董事会第七次会议决议公告 证券代码：000426 证券简称：兴业银锡 公告编号：2024-51 内蒙古兴业银锡矿业股份有限公司 本公司及董事会全体成员保证信息披露的内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 2、审议通过《关于公司子公司融冠矿业收购查干敖包探矿权暨关联交易的议 案》 本议案已经公司董事会审计与法律委员会及独立董事专门会议审议通过（全 体独立董事同意本次关联交易事项）。具体内容详见公司同日于巨潮资讯网 （www.cninfo.com.cn）上披露的《兴业银锡：关于公司子公司收购探矿权暨关 联交易的公告》(公告编号：2024-53)。 表决结果：同意 6 票，反对 0 票，弃权 0 票（关联董事吉兴业、吉祥、张树 成对本议案回避了表决）。 三、备查文件 1、公司第十届董事会第七次会议决议； 一、董事会会议召开情况 内蒙古兴业银锡矿业股份有限公司（以下简称"公司"）第十届董事会第七 次会议通知于 2024 年 9 月 13 日以专人送达、电子邮件等方式发出，会议于 2024 年 9 月 18 日以通讯方式召开。本次会议应参加表决董事 9 人，实际收到表决票 9 张。会议的 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][10][11] Core Views - The company achieved a revenue of 2.198 billion yuan in the first half of 2024, representing a year-on-year growth of 76.42%, and a net profit attributable to shareholders of 883 million yuan, reflecting a significant increase of 566.43% [1][6][10] - The company benefits from the completion of technical upgrades, with its subsidiary, Yinman Mining, reporting a net profit increase of 411% year-on-year in the first half of 2024 [10][11] - The report anticipates continued revenue growth for the company, projecting revenues of 5.796 billion yuan, 6.061 billion yuan, and 6.347 billion yuan for 2024, 2025, and 2026, respectively [11][12] Financial Performance Summary - In the first half of 2024, the company reported a gross profit margin of 64.63%, an increase of 24.39 percentage points year-on-year, and a net profit margin of 39.57%, up by 10.55 percentage points year-on-year [1][10] - The company's asset-liability ratio decreased to 35.21% by the end of the second quarter of 2024, down by 5.37 percentage points from the end of 2023 [1][10] - The company’s earnings per share (EPS) are projected to be 1.03 yuan, 1.09 yuan, and 1.17 yuan for 2024, 2025, and 2026, respectively [11][12]