公司报告 | 半年报点评 锡业股份（000960） 证券研究报告 锡锌铟产量超预期，卡房矿区加强开发，资源潜力可期 业绩：25H1 公司实现营收 210.9 亿元，同比+12.3%；归母净利润 10.6 亿元，同比 +32.8%；扣非归母净利润 13 亿元，同比+30.6%。其中 Q2 实现营收 113.6 亿元，同 比+9.5%，环比+16.8%；归母净利润 5.6 亿元，同比+18.8%，环比+12.6%；扣非归 母净利润 8.1 亿元，同比+16.6%，环比+64%。 H1 产量超计划达成，金属价格上涨同步带动利润率上行 锡、锌、铟产量超预期，2025H1 公司生产有色金属总量 18.13 万吨，其中：锡 4.81 万吨（年度计划完成率 53.4%）、铜 6.25 万吨（年度计划完成率 50%）、锌 6.98 万 吨（年度计划完成率 53%）、铟 71 吨（年度计划完成率 69.4%），同比增幅为 6.42%、 -11.10%、1.45%、9.23%。 锡价上行提振锡业务毛利率。25H1，受锡矿供应紧张驱动，锡期货价格偏强运行， 沪锡主力合约均价 26.55 万/吨，同比+5.7%，25 年 6 月末较 ...

Core Viewpoint - Yunnan Tin Company Limited reported a revenue of 21.093 billion yuan for the first half of 2025, representing a year-on-year growth of 12.35%, and a net profit attributable to shareholders of 1.062 billion yuan, up 32.76% year-on-year [1] Group 1: Financial Performance - The increase in performance is attributed to rising market prices for key products such as tin, copper, and zinc, alongside effective cost management strategies [1] - The company has seen a reduction in operating expenses compared to the previous year, contributing to the overall growth in operating performance [1] Group 2: Industry Position and Strategic Focus - Tin is recognized as a critical material in chip soldering and integrated circuit manufacturing, with its demand increasing due to the rapid development of AI technology [1] - Yunnan Tin Company, as a leading player in the tin industry, is committed to maintaining national strategic security and promoting sustainable industry development [1] Group 3: Resource Development and Digital Transformation - The company emphasizes resource expansion as a long-term development strategy, focusing on tin and other metal mineral resources, while acknowledging the challenges posed by the scarcity of tin resources [2] - Yunnan Tin Company plans to enhance resource exploration in the Karafang mining area and improve the utilization of tailings resources to bolster its resource security and sustainability [2] - The company is integrating digital technology into its smelting and production processes to drive operational efficiency and management effectiveness [2] Group 4: Shareholder Value Management - Yunnan Tin Company places a high priority on market value management, employing strategies such as share buybacks and increasing cash dividends to reward shareholders [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company achieved a net profit attributable to shareholders of 1.062 billion yuan in the first half of 2025, representing a year-on-year increase of 32.76% [1]. - The company is focused on enhancing the value of its existing mines, with plans to strengthen resource exploration in the Karafang mining area and improve the utilization of tailings resources [3]. - The average prices of tin, copper, and zinc increased year-on-year in the first half of 2025, contributing to the company's improved financial performance [2]. Financial Performance Summary - In Q2 2025, the company reported a net profit of 562 million yuan, up 18.76% year-on-year and 12.61% quarter-on-quarter [1]. - The gross margin for Q2 2025 was 13.06%, an increase of 1.56 percentage points from the previous quarter [2]. - The company produced a total of 181,300 tons of non-ferrous metals in the first half of 2025, exceeding production plans for tin, copper, and zinc [3]. Profit Forecast and Valuation - The profit forecast for 2025 has been adjusted downwards due to fixed asset disposals, while forecasts for 2026 and 2027 have been raised, with expected net profits of 2.36 billion yuan, 2.59 billion yuan, and 2.67 billion yuan for 2025, 2026, and 2027 respectively [4]. - The company's price-to-earnings (P/E) ratios are projected to be 14x, 13x, and 13x for 2025, 2026, and 2027 [4]. - The company is positioned as a leader in the global tin industry, with expectations for improved profitability as tin demand recovers [4].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company achieved a significant year-on-year increase in performance in the first half of 2025, with total revenue reaching 21.093 billion yuan, up 12.35% year-on-year, and net profit attributable to shareholders of 1.062 billion yuan, up 32.76% year-on-year [5] - The company aims to become a leading global supplier of tin and indium products, focusing on resource exploration and enhancing the value creation capabilities of existing mines [8] - The report forecasts continued growth in net profit for the company, estimating 2.33 billion yuan, 2.59 billion yuan, and 2.80 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14.0, 12.6, and 11.7 [8] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 11.365 billion yuan, a year-on-year increase of 9.53% and a quarter-on-quarter increase of 16.82% [5] - The company produced a total of 181,300 tons of non-ferrous metals in the first half of 2025, achieving over half of its annual production targets for tin, zinc, copper, and indium [8] Market Conditions - The prices of tin and indium have increased due to supply-side disruptions, with tin prices rising by 8.26% in the first half of 2025, averaging 265,517 yuan per ton, and indium prices increasing by 12% to an average of 2,615 yuan per kilogram [8] Future Outlook - The semiconductor industry's growth is expected to drive demand for refined tin, leading to a gradual increase in tin prices [8] - The company is projected to maintain a stable growth trajectory, with a focus on enhancing its competitive position in the tin and indium markets [8]

Group 1 - The core viewpoint of the news is that Yunnan Tin Company has shown significant stock performance, with a year-to-date increase of 47.09% and a market capitalization of 33.26 billion yuan [1] - As of August 20, 2025, Yunnan Tin Company reported a revenue of 21.09 billion yuan for the first half of the year, representing a year-on-year growth of 12.35%, and a net profit attributable to shareholders of 1.06 billion yuan, up 32.76% year-on-year [2] - The company has a diverse revenue structure, with tin ingots accounting for 43.61% of total revenue, followed by supply chain business at 20.31% and copper products at 18.04% [1] Group 2 - The company has a total of 78,300 shareholders as of August 20, 2025, which is an increase of 4.40% from the previous period [2] - Yunnan Tin Company has distributed a total of 2.15 billion yuan in dividends since its A-share listing, with 1.10 billion yuan distributed in the last three years [3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 27.85 million shares, an increase of 4.77 million shares from the previous period [3]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, exceeding expectations with significant year-on-year growth in revenue and net profit [1][3]. Financial Performance - In H1 2025, the company achieved revenue of 21.09 billion yuan, a year-on-year increase of 12.35%, and a net profit attributable to shareholders of 1.06 billion yuan, up 32.76% year-on-year [1]. - For Q2 2025, the company reported revenue of 11.37 billion yuan, a year-on-year increase of 9.53% and a quarter-on-quarter increase of 16.82%. The net profit attributable to shareholders was 562 million yuan, reflecting an 18.76% year-on-year increase and a 12.61% quarter-on-quarter increase [1]. Production Volume - In H1 2025, the company maintained stable production levels, producing a total of 181,300 tons of non-ferrous metals, including 48,100 tons of tin, 69,800 tons of zinc, 62,500 tons of copper, and 937 tons of lead [1][2]. Resource Development - The company has received a quota of 688 tons for tungsten mining in 2025 and plans to enhance resource exploration and utilization, particularly in the Karafang mining area [2][3]. Price Trends - In Q2 2025, tin prices remained stable, while zinc and copper processing fees decreased. The average closing price for tin futures was 263,300 yuan per ton, a slight increase of 250 yuan per ton [2]. - The average processing fee for tin concentrate was 12,237 yuan per ton, down 947 yuan per ton, while the average processing fee for domestic zinc concentrate increased by 801 yuan per ton to 3,535 yuan per ton [2]. Market Outlook - The slow recovery of production in Myanmar is exacerbating the tight supply situation for tin, while the demand for consumer electronics is expected to increase, potentially leading to a rise in tin prices [3]. - The company is positioned to benefit from the anticipated increase in tin prices due to supply-demand imbalances [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6]. Core Views - The company has significantly exceeded expectations in its non-recurring performance, with a net profit of approximately 1.062 billion yuan for the first half of 2025, representing a year-on-year growth of 32.76% [1]. - The company is a global leader in the tin and indium industries, benefiting from favorable resource endowments and expected increases in tin prices due to supply-demand imbalances [4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 21.093 billion yuan, a year-on-year increase of 12.35%, and a net profit attributable to shareholders of 1.062 billion yuan, up 32.76% year-on-year [1]. - For Q2 2025, the company reported a revenue of 11.365 billion yuan, a year-on-year increase of 9.53% and a quarter-on-quarter increase of 16.82% [1]. Production and Resource Management - The company maintained stable production levels, with a total output of non-ferrous metals reaching 181,300 tons in the first half of 2025, including 48,100 tons of tin and 69,800 tons of zinc [2]. - The company plans to enhance resource exploration and utilization, particularly in the Kafang mining area, to improve its resource security and sustainable development [2]. Market Conditions - Tin prices remained stable in Q2 2025, with the average closing price for tin futures at 263,300 yuan per ton, reflecting a slight increase [3]. - The report highlights a potential strengthening of tin prices due to slow recovery in Myanmar's production and increasing demand from the consumer electronics sector [4]. Profit Forecast - The company is projected to achieve net profits of 2.317 billion yuan, 2.645 billion yuan, and 2.754 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 14X, 12X, and 12X [5].

近年来，锡业股份大力推进"双渠道"原料采购战略，在稳定传统精矿采购渠道的基础上，积极拓展二次 物料资源，增强供应链韧性。同时，公司持续优化矿山采选流程，加强采场布局管理，完善选厂抛废工 艺，努力克服出矿量及出矿品位的挑战，进一步夯实资源开发基础。（杜芸芸） 编辑：穆皓 转自：新华财经 云南锡业股份有限公司日前披露2025年半年度报告显示，公司上半年实现营业收入210.93亿元，同比增 长12.35%；实现归属于上市公司股东净利润10.62亿元，同比增长32.76%；归属于上市公司股东的扣非 净利润13.03亿元，同比增长30.55%。 上半年，锡业股份紧抓市场机遇，持续拓展原料供应渠道，保障生产连续稳定，充分发挥矿山与冶炼产 业链协同优势，强化全流程精细化管控，全面提升有价金属回收效率，推动冶炼综合效益显著增强，最 终圆满完成既定生产经营目标，保持了稳中向好的发展态势。 ...

Group 1 - The core viewpoint of the report is that Goer Group plans to acquire Shanghai Aolai through its subsidiary Goer Optics, which will enhance its optical waveguide capacity and technical strength, accelerating the integration of optical products into global leading XR clients [1][2] - The report maintains a "Buy" rating for Goer Group, raising the target price to 43.05 yuan, considering the impact of product life cycles and client new product release schedules, while also increasing R&D investment [1][2] - The expected EPS for Goer Group is adjusted to 0.96/1.23 yuan for 2025-2026, with a forecast of 1.50 yuan for 2027, reflecting the company's high growth rate and leading position in AI glasses and AR products [1][2] Group 2 - Goer Group has established a vertical integration layout in the XR field, benefiting from future industry demand surges, and has close cooperation with global leading XR clients [3] - The company has made strategic investments and acquisitions to strengthen its customer resources and technical capabilities, including acquiring a stake in Silan Microelectronics and investing in Plessey to enhance its AR display capabilities [3] - The merger with Shanghai Aolai is expected to accelerate the expansion of mature optical waveguide production capacity and consolidate Goer Group's competitive advantage in wafer-level micro-nano optical devices [2][3]

Market Performance - Global markets continued to rise last week, with MSCI Global up by 1.5%, MSCI Developed up by 1.5%, and MSCI Emerging up by 1.3%[3] - The US stock market's earnings expectations for 2025 were revised upward, with the S&P 500 EPS forecast increased from 268 to 269[4] Economic Expectations - Global economic expectations were adjusted upward, with the Citigroup Economic Surprise Index for the US rising due to dovish signals from the Fed[4] - The issuance of new special bonds by local governments reached 2392.7 billion CNY, a year-on-year increase of 76.7%[19] Industry Insights - In the home appliance sector, TCL Electronics reported a total revenue of 54.777 billion HKD for H1 2025, a year-on-year increase of 20.4%[15] - The gaming industry saw a record high of 166 domestic game approvals in August, with a total of 1050 approvals in the first eight months of 2025, significantly higher than the previous year's 850[31] Investment Recommendations - In the home appliance sector, recommended stocks include Stone Technology and Ecovacs for their strong performance and growth potential[14] - For the construction industry, low valuation high-dividend companies such as China State Construction and China Railway Construction are recommended due to their expected benefits from PPP policy catalysts[39]