证券研究报告 锡业股份 (000960 CH) 锡价偏乐观，期盼公司 25 年业绩稳增 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 06 日│中国内地 | 基本金属及加工 | 锡业股份发布年报，2024 年实现营收 419.73 亿元（yoy-0.91%），归母净 利 14.44 亿元（yoy+2.55%），扣非净利 19.43 亿元（yoy+40.48%）。符合 公司此前发布的业绩预期 14.2-15.2 亿元。其中 Q4 实现营收 127.60 亿元 （yoy+46.64%，qoq+22.25%），归母净利 1.61 亿元（yoy-48.63%， qoq-66.74%）。基于锡未来供给增量有限，供需偏紧的判断，我们认为锡价 格中枢或在 25-27 年逐年上移，公司业绩或受益于价格上涨，维持增持评级。 Q4 锡价、加工费均下降对公司业绩造成一定拖累 公司 2024 年锡锭产销量分别为 7.85/7.89 万吨，同比+19.42%/+20.41%，其 中公司锡原矿产量 3.12 万吨，同比下滑 2.46%。盈利方面，公司 24 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][16]. Core Insights - The company reported a slight decline in total revenue of 0.91% year-on-year, amounting to 41.973 billion yuan, while the net profit attributable to shareholders increased by 2.55% to 1.444 billion yuan. The adjusted net profit, excluding non-recurring items, saw a significant increase of 40.48% to 1.943 billion yuan [1][3][8]. - The fourth quarter showed a strong performance with revenue of 12.76 billion yuan, a year-on-year increase of 46.64%, although net profit decreased by 48.63% year-on-year [1][3]. - The increase in net profit was primarily driven by rising tin prices, which saw an average price increase of 17% year-on-year, alongside a reduction in operating expenses [1][8]. Financial Summary - For 2024, the company achieved total revenue of 41.973 billion yuan, with a projected revenue growth of 7.1% for 2025, reaching approximately 44.965 billion yuan [3][9]. - The net profit attributable to shareholders is expected to grow significantly, with projections of 2.559 billion yuan in 2025, reflecting a year-on-year growth of 77.2% [3][9]. - The company’s earnings per share (EPS) is projected to increase from 0.88 yuan in 2024 to 1.55 yuan in 2025, indicating a positive growth trajectory [3][9]. Production and Market Performance - The company achieved a record production of 361,000 tons of non-ferrous metals in 2024, marking a 4% increase year-on-year, with tin production reaching 84,800 tons, a 6% increase [1][8]. - The report highlights a significant increase in production of precious metals, with indium production up by 25% and gold production up by 23% [1][8]. - The company plans to produce 90,000 tons of tin and 125,000 tons of copper in 2025, indicating a focus on expanding production capacity [1][8].

事件 盈利预测、估值与评级 公司是全球精炼锡生产龙头，有望充分受益于锡价上行所带来的业绩弹性。我们预计公司2025-2027 年 归母净利润分别为23.55/26.50/28.17 亿元，分别同比增长63.07%/12.53%/6.29%；EPS 分别为 1.43/1.61/1.71 元/股，当前股价对应P/E分别为10.7/9.5/9.0 倍，维持"买入"评级。 风险提示：宏观经济环境风险；金属价格大幅波动风险；产业政策变化风险；供应链风险。 2024 年，公司生产有色金属总量36.10 万吨，同比增加1.39 万吨；其中，锡8.48万吨，同比增加0.48 万 吨；铜13.03 万吨，同比增加0.10 万吨；锌14.40 万吨，同比增加0.93 万吨；铅1848 吨，同比减少1310 吨。2024 年，公司生产铟锭127吨，同比增加25 吨；金1229 千克，同比增加227 千克；银145 吨，同比 减少21吨。2024 年，公司锡全国/全球市占率分别为47.98%/25.03%，分别同比提高0.06/2.11pct。2025 年公司计划产锡/铜/锌分别为9/12.5/13.16 万吨，铟锭102.3 吨。 ...

Core Viewpoint - The company reported a net profit attributable to shareholders of 1.44 billion yuan in 2024, a year-on-year increase of 2.6%, while the net profit excluding non-recurring items reached 1.94 billion yuan, up 40.5% year-on-year [1] Financial Performance - In Q4 2024, the net profit attributable to shareholders was 161 million yuan, a decrease of 67% quarter-on-quarter and 49% year-on-year [1] - The decline in Q4 net profit was primarily due to the costs associated with mining rights transfer payments, totaling approximately 514 million yuan [2] - Average prices for metals in Q4 2024 included copper at 75,500 yuan/ton (up 0.5% quarter-on-quarter), tin at 251,000 yuan/ton (down 3.6%), and zinc at 25,500 yuan/ton (up 8.4%) [2] - Tin ingot production in 2024 increased by 19% year-on-year, with production figures for tin, copper, and zinc at 78,500 tons, 130,300 tons, and 145,600 tons respectively [2] Strategic Developments - The company signed a cooperation agreement with the government of Keshiketeng on December 23, 2024, to integrate tin resources in the region [3] - A strategic cooperation framework agreement was signed with Xingye Silver Tin on January 21, 2025, aimed at enhancing collaboration in resources, business, and technology [3] Market Outlook - Tin prices are expected to remain high due to supply constraints, with Alphamin Resources announcing a production halt and delays in the resumption of operations in Myanmar [3] - The company has revised its profit forecasts for 2025-2026, expecting net profits of 2.41 billion yuan and 2.50 billion yuan respectively, reflecting increases of 9% and 3% [4] - The projected net profits for 2025-2027 show a year-on-year growth of 66.5%, 4.1%, and 4.2% respectively, with corresponding price-to-earnings ratios of 11, 11, and 10 times [4]

Group 1: 华盛锂电 - Company plans to invest in a project to produce 60,000 tons of vinyl carbonate annually, with the first phase targeting 30,000 tons [1] - Total investment for the project is approximately 950 million yuan, funded by the company's own or raised funds [1][2] Group 2: 万里扬 - Shareholder plans to reduce holdings by up to 1.5% of the company's total shares, equating to a maximum of 19.69 million shares [3] - The reduction is due to the shareholder's own funding needs [3][4] Group 3: 云南旅游 - Company intends to raise no more than 191 million yuan through a private placement of up to 304 million shares [5] - Funds will be used for the construction of a cultural tourism equipment industrial park and to repay debts [5][6] Group 4: 冠农股份 - Company reported a 71.58% decline in net profit for 2024, amounting to 205 million yuan [9] - Revenue decreased by 11.15% to 3.863 billion yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [9][10] Group 5: 华光新材 - Company achieved a 93.78% increase in net profit for 2024, totaling 80.6174 million yuan [11] - Revenue grew by 35.52% to 1.918 billion yuan, with a proposed cash dividend of 2.77 yuan per 10 shares [11][12] Group 6: 南大光电 - Company reported a 28.15% increase in net profit for 2024, reaching 271 million yuan [13] - Revenue increased by 38.08% to 2.352 billion yuan, with a proposed cash dividend of 1 yuan per 10 shares and a stock bonus of 2 shares for every 10 shares held [13][14] Group 7: 博瑞医药 - Company experienced a 6.57% decrease in net profit for 2024, amounting to 189 million yuan [15] - Revenue increased by 8.74% to 1.283 billion yuan, with a proposed cash dividend of 0.96 yuan per 10 shares [15][16] Group 8: 贵州茅台 - Company reported a 15.38% increase in net profit for 2024, totaling 862 million yuan [17] - Revenue grew by 15.71% to 170.9 billion yuan, with a proposed cash dividend of 276.24 yuan per 10 shares [17][18] Group 9: 西部建设 - Company reported a net loss of 263 million yuan for 2024, compared to a profit of 645 million yuan in 2023 [19] - Revenue decreased by 11.01% to 20.347 billion yuan, with a proposed cash dividend of 1.25 yuan per 10 shares [19][20] Group 10: 锡业股份 - Company achieved a 2.55% increase in net profit for 2024, totaling 1.444 billion yuan [21] - Revenue slightly decreased by 0.91% to 41.973 billion yuan, with a proposed cash dividend of 1.9 yuan per 10 shares [21][22] Group 11: 海天味业 - Company reported a 12.75% increase in net profit for 2024, amounting to 6.344 billion yuan [23] - Revenue increased by 9.53% to 26.901 billion yuan, with a proposed cash dividend of 8.6 yuan per 10 shares [23][24] Group 12: 台基股份 - Company experienced an 18.77% decrease in net profit for 2024, totaling 25.2935 million yuan [25] - Revenue increased by 10.76% to 354 million yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [25][26] Group 13: 金盘科技 - Company reported a 13.82% increase in net profit for 2024, amounting to 574 million yuan [27] - Revenue grew by 3.5% to 6.901 billion yuan, with a proposed cash dividend of 5.06 yuan per 10 shares [27][28] Group 14: 中油资本 - Company reported an 8.14% decrease in net profit for 2024, totaling 4.652 billion yuan [29] - Revenue slightly increased by 0.08% to 39.024 billion yuan, with a proposed cash dividend of 0.57 yuan per 10 shares [29][30] Group 15: 锐捷网络 - Company achieved a 43.09% increase in net profit for 2024, amounting to 574 million yuan [31] - Revenue increased by 1.36% to 11.699 billion yuan, with a proposed cash dividend of 6.06 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [31][32] Group 16: 华瓷股份 - Company reported a 14.21% increase in net profit for 2024, totaling 205 million yuan [33] - Revenue grew by 8.79% to 1.34 billion yuan, with a proposed cash dividend of 4 yuan per 10 shares [33][34] Group 17: 金龙羽 - Company experienced a 14.14% decrease in net profit for 2024, amounting to 14 million yuan [35] - Revenue decreased by 6.53% to 3.675 billion yuan, with a proposed cash dividend of 3 yuan per 10 shares [35][36] Group 18: 恒帅股份 - Company reported a 5.75% increase in net profit for 2024, totaling 214 million yuan [37] - Revenue increased by 4.21% to 962 million yuan, with a proposed cash dividend of 4 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [37][38] Group 19: 爱玛科技 - Company expects a 25.12% increase in net profit for the first quarter of 2025, amounting to 605 million yuan [39] - Main business includes the development, production, and sales of electric bicycles and motorcycles [39][40] Group 20: 西王食品 - Company reported a net loss of 444 million yuan for 2024, compared to a loss of 16.8658 million yuan in 2023 [41] - Revenue decreased by 9.43% to 4.972 billion yuan [41][42]

CONTENTS | About This Report | 01 | | --- | --- | | Message from the Chairman | 03 | | About Us | 04 | | Company Profile | 04 | | Corporate Development and ESG Milestones | 05 | | Performance in 2024 | 07 | | Honorary Performance | 09 | | ESG Management | 12 | | Indexes | 138 | | --- | --- | | Independent Assurance Statement | 143 | | Reader Feedback Form | 145 | Advancing Steady Progress Grounded on Strong Governance 01 | Corporate Governance | 19 | | --- | --- | | Compliance Risk Control | 22 | | Investor ...

云南锡业股份有限公司 2024 年度监事会工作报告 2024 年，公司监事会在董事会和经营管理层的积极支持和配合下，严格按 照《公司法》《证券法》等法律法规和《公司章程》《监事会议事规则》赋予的 职权，本着恪尽职守、勤勉尽责的工作态度，从切实维护公司和广大股东利益出 发，通过召开监事会会议、监督董事会和经营管理层的履职情况，对公司依法运 作、合规经营情况、财务状况、内部控制体系的建设和制度执行情况，信息披露、 内幕信息管理及重大事项决策情况等方面进行了独立、有效的监督，维护公司和 广大股东的合法权益，保障和促进公司规范稳健运营和高质量发展。现将 2024 年公司监事会工作及 2025 年工作计划报告如下： 一、完成第九届监事会相关职工监事的变更选举 2024 年 11 月 4 日，公司职工监事王金先生因工作原因辞去职工监事职务， 公司召开第三届职工代表大会第一次职工代表团（组）长联席会，选举刘秋麟女 士为公司第九届监事会职工监事，任期自会议选举之日起至第九届监事会届满为 止。新任职工监事具备管理经验，能切实履行监督职能，有利于监事会持续发挥 监督管理作用。 二、报告期内监事会工作情况 （一）监事会会议召开情况 ...

云南锡业股份有限公司 关于2024年度内部控制自我评价报告 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内部控制规范体系"），结合云南锡业股份有限公司（以下 简称"公司"）内部控制制度和评价办法，在内部控制日常监督和专项监督的基 础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效 性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。管理层负责组织领导企业内部控制的日常运行。公 司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假 记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担连 带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实、准确、完整，提高经营效率和效果，促进实现发展战略。由于内 部控制存在的固有局限性，故仅能为实现上述目标提供合理保证。此外，由于情 况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的 ...

云南锡业股份有限公司 2024 年度董事会工作报告 2024 年，云南锡业股份有限公司（以下简称"锡业股份"或"公司"）董事会严 格按照《公司法》《证券法》《深圳证券交易所股票上市规则》（以下简称"《股 票上市规则》"）《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》（以下简称"《规范运作》"）等法律法规、规范性文件及《云南 锡业股份有限公司章程》（以下简称"《公司章程》"）等管理制度的规定，本着 对公司和全体股东负责的态度，恪尽职守、诚实守信、勤勉尽责地履行义务及谨 慎科学决策，认真贯彻落实股东大会的各项决议，积极有效地开展董事会各项工 作，持续完善公司治理水平和规范运作，为保障公司高效运行和可持续发展发挥 了应有的作用。现将董事会 2024 年度主要工作报告如下： 一、2024 年公司生产经营情况 2024 年，锡业股份坚持以习近平新时代中国特色社会主义思想为指导，积 极克服经营环境复杂多变、有色金属价格剧烈震荡、原料供应紧张、加工费持续 走低等诸多挑战，通过全司广大干部职工齐心协力，锐意进取，公司 2024 年生 产有色金属总量 36.10 万吨，其中：锡 8.48 万吨、铜 ...

| 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2025-015 | | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 锡 | KY01 | | | 债券代码：148747 | 债券简称：24 锡 KY02 | | | 云南锡业股份有限公司 关于"质量回报双提升"行动方案的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 2024 年，公司持续聚焦主责主业，以创建世界一流专业领军示范企业为契 机，立足打造世界一流有色金属关键原材料提供商的定位，在公司党委、董事会 的坚强领导下，紧紧围绕"强攻关、深改革、拓市场、稳经营"总任务，积极克 服有色金属价格波动加剧、原料供应紧张、加工费持续走低等复杂多变的经营环 境挑战，主动把控经营节奏、抢抓市场机遇，实现经营质效稳健向好。 公司 2024 年生产有色金属总量 36.10 万吨，其中：锡 8.48 万吨、铜 13.03 万吨、锌 14.40 万吨、铅 1,848 吨；生产稀贵金属：铟锭 127 吨、金 1,229 千克、 银 145 吨。 ...