Investment Rating - The investment rating for the company is maintained at "Outperform the Market" [3][15]. Core Views - The company reported a significant increase in net profit excluding non-recurring items, primarily due to rising tin prices, with an expected average tin price of approximately 248,300 CNY/ton in 2024, reflecting a year-on-year increase of 16.92% [7][15]. - The company is the largest refined tin producer globally, holding a 25.03% market share worldwide and a 47.98% share in the domestic market for tin metal [2][14]. - The company aims to enhance its resource integration and production capabilities, targeting production goals of 90,000 tons of tin, 125,000 tons of copper, 131,600 tons of zinc, and 1,023 tons of indium by 2025 [9][15]. Financial Performance - In 2024, the company achieved a revenue of 41.973 billion CNY, a decrease of 0.91% year-on-year, and a net profit attributable to shareholders of 1.444 billion CNY, an increase of 2.55% year-on-year [7][4]. - The net profit excluding non-recurring items for 2024 was 1.943 billion CNY, representing a substantial year-on-year increase of 40.48% [7][4]. - The company plans to distribute a cash dividend of 1.9 CNY per 10 shares, totaling approximately 313 million CNY, which accounts for 21.65% of the 2024 net profit [2][13]. Production and Resource Management - The total production of non-ferrous metals in 2024 was 361,000 tons, with tin production at 84,800 tons, copper at 130,300 tons, zinc at 144,000 tons, and indium at 127 tons, showing respective year-on-year increases of 6%, 0.77%, 6.90%, and 24.51% [9][14]. - The company maintains a self-sufficiency rate of 30.21% for tin concentrate, 15.91% for copper concentrate, and 72.72% for zinc concentrate [9][14]. Future Outlook - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 42.577 billion CNY, 43.285 billion CNY, and 43.993 billion CNY, reflecting year-on-year growth rates of 1.4%, 1.7%, and 1.6% respectively [15][4]. - The net profit forecast for 2025 to 2027 is 2.392 billion CNY, 2.603 billion CNY, and 2.815 billion CNY, with growth rates of 65.6%, 8.8%, and 8.1% respectively [15][4].

Core Viewpoint - The 2024 annual performance briefing and investor communication meeting of Xiyeg股份 was successfully held, focusing on the company's achievements and future goals amidst a complex economic environment [1][5]. Group 1: Meeting Overview - The meeting was themed "Anchoring Goals and Riding the Momentum, Reforming and Advancing on a New Journey," utilizing digital and virtual reality technologies for interactive communication with investors [2]. - Key executives, including the chairman and independent directors, participated in the meeting, highlighting the company's commitment to transparency and investor relations [1][3]. Group 2: Company Performance and Future Goals - The company reported strong performance in 2024, with a focus on achieving its "14th Five-Year Plan" and preparing for the "15th Five-Year Plan," aiming to become a world-class leading enterprise [5][6]. - The company secretary provided a comprehensive review of the company's operational achievements and introduced the 2025 operational goals, enhancing investor understanding of the company's performance [6][9]. Group 3: Industry Insights - The vice president shared insights on the tin and indium industry, noting increased global supply disruptions and the strategic importance of tin in the renewable energy and electronic communication sectors, indicating a positive long-term demand outlook [7][8]. - The company is committed to sustainable development and has released its first sustainability report, emphasizing governance, environmental, and social aspects [8][12]. Group 4: Investor Relations and Communication - The company has strengthened its investor relations by establishing effective communication mechanisms with institutional investors and industry analysts, enhancing the "Chief Look at Tin" segment during the meeting [10]. - The company has consistently utilized video live streaming for its performance briefings over the past five years, receiving recognition for best practices in investor communication [14].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][5][15] Core Insights - The company achieved a revenue of 41.973 billion yuan in 2024, a slight decrease of 0.91% year-on-year, while the net profit attributable to shareholders was 1.444 billion yuan, up 2.55% year-on-year. The non-recurring net profit saw a significant increase of 40.48% year-on-year, reaching 1.943 billion yuan, primarily due to rising tin prices [1][7][14] - The average tin price in 2024 was approximately 248,300 yuan per ton, reflecting a year-on-year increase of 16.92% [1][7] - The company is the largest refined tin producer globally, holding a domestic market share of 47.98% and a global market share of 25.03% in 2024 [2][14] Financial Performance - The company reported a significant increase in cash flow from operating activities, amounting to 3.405 billion yuan, which is a 55.25% increase year-on-year [7][13] - The company plans to distribute a cash dividend of 1.9 yuan per 10 shares, totaling approximately 313 million yuan, which represents 21.65% of the 2024 net profit [2][13] - The company’s total production of non-ferrous metals in 2024 was 361,000 tons, a 4% increase year-on-year, with specific increases in tin (6%), zinc (6.90%), and indium (24.51%) [1][9] Future Projections - Revenue projections for 2025-2027 are estimated at 42.577 billion yuan, 43.285 billion yuan, and 43.993 billion yuan, with year-on-year growth rates of 1.4%, 1.7%, and 1.6% respectively [3][15] - The net profit attributable to shareholders is projected to reach 2.392 billion yuan, 2.603 billion yuan, and 2.815 billion yuan for the years 2025-2027, with significant growth of 65.6% in 2025 [3][15] - The company aims to produce 90,000 tons of tin, 125,000 tons of copper, 131,600 tons of zinc, and 1,023 tons of indium in 2025 [1][9]

Investment Rating - The report maintains a "Recommended" rating for the company [7][63]. Core Views - The company is a global leader in the tin and indium industry, with excellent resource endowments. Supply-side disruptions are ongoing, and the demand side is recovering steadily, which is expected to drive tin prices upward. The company is likely to benefit significantly from this price increase [5][63]. Summary by Sections 1. Event: Company Releases 2024 Annual Report - In 2024, the company achieved revenue of 41.973 billion yuan, a year-on-year decrease of 0.91%. The net profit attributable to shareholders was 1.444 billion yuan, an increase of 2.55% year-on-year, while the net profit excluding non-recurring items was 1.943 billion yuan, a significant increase of 40.48% year-on-year [12][5]. 2. Performance Analysis - The company's non-recurring net profit saw significant growth due to the increase in tin and zinc prices. However, the overall net profit growth was limited due to the payment of mining rights transfer income and impairment provisions [12][16]. - In Q4 2024, the company reported revenue of 12.760 billion yuan, a year-on-year increase of 46.64% and a quarter-on-quarter increase of 22.25%. The net profit attributable to shareholders was 161 million yuan, a year-on-year decrease of 48.63% and a quarter-on-quarter decrease of 66.74% [12][5]. 3. Production and Resource Overview - The company achieved a record high production of non-ferrous metals in 2024, totaling 361,000 tons, with tin production at 84,800 tons, copper at 130,300 tons, and zinc at 144,000 tons. The self-sufficiency rates for tin, copper, and zinc were 30.21%, 15.91%, and 72.72%, respectively [2][18]. - As of December 31, 2024, the company held significant resource reserves, including 626,200 tons of tin metal and 1,149,900 tons of copper metal [2][43]. 4. Price Trends - In 2024, the average price of tin was approximately 248,300 yuan/ton, a year-on-year increase of 16.92%. The average prices for zinc and copper also saw increases of 8.60% and 10.31%, respectively [3][20]. - The company’s average tin ingot price in 2024 was 186,600 yuan/ton, reflecting an 11.38% year-on-year increase [20][19]. 5. Strategic Collaborations - The company signed strategic cooperation agreements with various partners, including PT Timah, to enhance its market position and secure raw material supplies [4][46]. 6. Profit Forecast and Investment Recommendations - The company is expected to benefit from ongoing supply-side disruptions and a recovering demand environment. Projected net profits for 2025, 2026, and 2027 are 2.371 billion yuan, 2.506 billion yuan, and 2.553 billion yuan, respectively [5][63].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3][12] Core Views - The company is expected to benefit from the upward trend in tin prices driven by the fragility of tin ore supply, with a projected increase in net profit for 2025-2027 [3][5] - The company achieved a revenue of 419.73 billion yuan in 2024, a slight decrease of 0.91% year-on-year, while net profit increased by 2.55% to 1.44 billion yuan [3][7] - The company plans to increase its tin product output to 90,000 tons in 2025, which is expected to enhance its market share amid tight global tin supply [4][5] Financial Summary - The company’s revenue and net profit projections for 2025-2027 are as follows: - 2025: Revenue of 43.56 billion yuan, net profit of 2.06 billion yuan (up 42.8% year-on-year) - 2026: Revenue of 45.38 billion yuan, net profit of 2.38 billion yuan (up 15.3% year-on-year) - 2027: Revenue of 47.15 billion yuan, net profit of 2.67 billion yuan (up 12.3% year-on-year) [3][7][9] - The company’s earnings per share (EPS) are projected to be 1.25 yuan, 1.44 yuan, and 1.62 yuan for 2025, 2026, and 2027 respectively [3][7] Market Position - The company produced 84,800 tons of tin in 2024, achieving a domestic market share of 47.98% and a global market share of 25.03%, both of which have increased compared to 2023 [4][5] - The company is positioned as a leader in the tin industry and is expected to further solidify its market position due to the anticipated increase in tin prices [3][4]

Investment Rating - The report maintains a "Recommended" rating for the company [7][63]. Core Views - The company is a global leader in the tin and indium industry, with excellent resource endowments. Supply-side disruptions are ongoing, and the demand side is recovering steadily, which is expected to drive tin prices upward. The company is likely to benefit significantly from the rising tin prices [5][63]. - The company achieved a revenue of 41.973 billion yuan in 2024, a slight decrease of 0.91% year-on-year, while the net profit attributable to shareholders increased by 2.55% to 1.444 billion yuan. The non-recurring net profit saw a substantial increase of 40.48% to 1.943 billion yuan [12][5]. Summary by Sections 1. Event: Company Releases 2024 Annual Report - In 2024, the company achieved a revenue of 41.973 billion yuan, a year-on-year decrease of 0.91%. The net profit attributable to shareholders was 1.444 billion yuan, up 2.55% year-on-year, while the non-recurring net profit was 1.943 billion yuan, up 40.48% year-on-year. The fourth quarter of 2024 saw a revenue of 12.760 billion yuan, a year-on-year increase of 46.64% [12][5]. 2. Commentary: Tin Supply Disruptions Drive Price Increases - The company’s revenue from tin ingots was 14.724 billion yuan, a year-on-year increase of 34.11%. The revenue from copper products was 8.586 billion yuan, up 9.45%, while zinc products generated 2.946 billion yuan, up 13.87% [16][5]. - The company’s total non-ferrous metal production reached a historical high of 361,000 tons in 2024, with tin production at 84,800 tons [2][18]. 3. Key Highlights: Global Leader in Tin and Indium Industry - The company holds a significant market share in the domestic and global tin markets, with a domestic market share of 47.98% and a global market share of 25.03% in 2023 [43][5]. - The company has signed strategic cooperation agreements with major players to enhance its resource integration capabilities and ensure stable raw material supply [46][5]. 4. Profit Forecast and Investment Recommendations - The company is expected to benefit from ongoing supply-side disruptions and a steady recovery in demand, with projected net profits of 2.371 billion yuan, 2.506 billion yuan, and 2.553 billion yuan for 2025, 2026, and 2027, respectively [63][5].

Group 1: Company Overview and Leadership Insights - The Chairman, Liu Lukai, emphasized the company's commitment to Xi Jinping's thought and the new development philosophy, aiming for excellence in performance despite complex economic conditions [1] - The company is focused on achieving its goals for the "14th Five-Year Plan" and is determined to become a world-class leading enterprise [2] Group 2: 2024 Production and Financial Analysis - The Secretary of the Board, Yang Jiawei, provided a comprehensive review of the company's 2024 operational performance, including production completion, operational efficiency, and financial results [2] - The company aims to enhance its operational goals for 2025, ensuring investors have a clear understanding of its performance and future objectives [2] Group 3: Market Analysis and Industry Insights - Vice President Chen Xiongjun discussed the tin and indium market dynamics, highlighting the increasing supply disruptions and the strategic importance of tin resources [3] - Tin is identified as an irreplaceable raw material in the renewable energy and electronic communication sectors, with sustained demand expected in the medium to long term [3] Group 4: Sustainable Development Initiatives - The company has released its first sustainability report, building on 16 years of social responsibility reporting, and has enhanced its analysis of "double materiality" issues [4] - The report focuses on governance, environmental sustainability, and social responsibility, showcasing the company's commitment to improving its sustainability management [4] Group 5: Investor Relations and Engagement - The company has strengthened its investor relations by establishing effective communication with institutional investors and industry analysts [5] - The "Chief Look at Tin" segment was upgraded, featuring insights from Chief Analyst Liu Mengluan on investment logic and the competitive landscape of the tin industry [5]

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company reported a significant increase in net profit attributable to the parent company, with a non-recurring net profit of 1.943 billion yuan, representing a year-on-year increase of 40.48% [5][8] - The rise in tin prices has positively impacted the company's tin ingot business, with production increasing by 19.42% and sales by 20.41% in 2024 [8] - The company has improved its global market share in refined tin, achieving a domestic market share of 47.98% and a global market share of 25.03% in 2024 [8] Financial Performance Summary - In 2024, the company achieved revenue of 41.973 billion yuan, a year-on-year decrease of 0.91%, and a net profit of 1.444 billion yuan, a year-on-year increase of 2.55% [5][7] - The average price of tin in 2024 was 248,300 yuan per ton, an increase of 16.9% year-on-year, contributing to a 34.11% increase in tin ingot revenue [8] - The company's projected net profits for 2025-2027 are 2.328 billion yuan, 2.589 billion yuan, and 2.796 billion yuan, respectively, with corresponding P/E ratios of 10.8, 9.8, and 9.0 [9][8]

Core Viewpoint - Under the backdrop of global geopolitical tensions, the leading company in the tin and indium sector, Xiyu Co., Ltd. (000960), continues to maintain a steady development trend in its main business [1] Financial Performance - In the fiscal year 2024, Xiyu Co., Ltd. achieved an operating revenue of 41.973 billion yuan, remaining flat year-on-year; the net profit attributable to shareholders reached 1.444 billion yuan, showing a steady increase; the net profit after deducting non-recurring items was 1.943 billion yuan, representing a significant growth of 40.5% year-on-year [1] - In Q4 2024, the company's revenue reached 12.760 billion yuan, marking a year-on-year increase of 46.64% and a quarter-on-quarter increase of 22.2%; the net cash flow from operating activities was 906 million yuan, indicating a sustained good level of cash collection [1] Market Position and Production - In 2024, Xiyu Co., Ltd. saw a continuous increase in tin and indium production, further enhancing its market share in tin metal, and maintaining its position as the global leader since 2005 [1] - The company is the only full industry chain player in the global tin industry, integrating exploration, mining, selection, smelting, deep processing, and supply chain management [1] Strategic Initiatives - The company is continuously optimizing its supply chain channels to ensure concentrated resource development and utilization, forming an organic synergy in the upstream and downstream industrial chain, effectively improving resource utilization efficiency and market response speed [1] - As of the end of 2024, the company has cumulatively provided asset impairment provisions of 260 million yuan and has scrapped assets totaling 270 million yuan, which, while impacting profits, is expected to support the company's operational development moving forward [1] Dividend Policy - The company plans to distribute a cash dividend of 1.9 yuan (including tax) for every 10 shares based on the 2024 operating results, totaling 313 million yuan (including tax); over the past three years, the cumulative cash dividends (including buybacks) exceeded 1.1 billion yuan, accounting for approximately 80% of the average annual profit during this period, reflecting the company's robust financial status and stable dividend policy [2] Investor Engagement - On April 7, 2024, Xiyu Co., Ltd. will hold a live-streamed performance briefing and investor communication session to address common investor concerns [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company has shown significant growth in tin and indium production, with a notable increase in non-recurring net profit [1][4] - The company achieved a revenue of 41.973 billion yuan in 2024, a slight decrease of 0.9% year-on-year, while the net profit attributable to shareholders increased by 2.5% to 1.444 billion yuan [3][4] - The company aims to produce 90,000 tons of tin in 2025, reflecting a strong production target [4] Financial Performance - In 2024, the company reported a non-recurring net profit of 1.94 billion yuan, a significant increase of 40.5% year-on-year [3][6] - The fourth quarter of 2024 saw a revenue of 12.76 billion yuan, a year-on-year increase of 46.6% [3] - The company’s gross margin and net margin for 2024 were 9.59% and 3.44%, respectively, showing slight improvements [5] Production and Market Position - The company maintained its position as the global leader in tin production, with a domestic market share of 47.98% and a global market share of 25.03% in 2024 [4] - Production volumes for 2024 included 78,000 tons of tin ingots, 130,000 tons of copper products, and 127 tons of indium ingots, with respective year-on-year increases of 19.4%, 0.8%, and 24.5% [4] Future Outlook - The company forecasts net profits of 2.22 billion yuan, 2.57 billion yuan, and 2.86 billion yuan for 2025, 2026, and 2027, respectively, indicating a positive growth trajectory [6][7] - The report anticipates a revenue growth rate of 10.8% in 2025, followed by 5.4% in 2026 and 3.81% in 2027 [7]