Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant improvement in performance due to a year-on-year increase in tin prices, with a notable rise in net profit [4] - The company has exceeded production targets for the first three quarters of 2024 despite maintenance impacts [5] - The company's asset-liability structure continues to optimize, with a decrease in both short-term and long-term borrowings [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 29.213 billion yuan, a decrease of 13.2% year-on-year, primarily due to the deep processing segment being excluded from the report [4] - The net profit attributable to shareholders for the same period was 1.283 billion yuan, an increase of 17.2% year-on-year, driven by a 15.9% rise in tin prices [4] - In Q3 2024, the company reported operating revenue of 10.438 billion yuan, down 3.6% year-on-year but up 0.6% quarter-on-quarter, with a net profit of 484 million yuan, reflecting an 18.6% year-on-year increase [4] Production and Cost Management - The company produced 64,200 tons of tin in the first three quarters of 2024, an increase of 8.8% year-on-year, achieving 75.5% of its annual production target [5] - The production of copper and zinc also saw increases of 5.3% and 28.8% year-on-year, respectively, with the company meeting 80.8% and 80.9% of its production targets [5] - The company experienced a significant rise in operating costs and management expenses in Q3 2024, with operating costs up 2.3% and management expenses up 39.0% quarter-on-quarter [4][6] Financial Forecasts - The company’s net profit forecasts for 2024 to 2026 have been adjusted to 1.847 billion, 2.330 billion, and 2.541 billion yuan, reflecting year-on-year growth rates of 31.2%, 26.1%, and 9.1% respectively [4] - The expected earnings per share (EPS) for the same period are projected to be 1.12, 1.42, and 1.54 yuan, with corresponding price-to-earnings (P/E) ratios of 13.9, 11.0, and 10.1 times [4]

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [1] Core Views - The company's performance in Q3 showed a slight improvement, with total revenue of 10.438 billion yuan, a year-on-year decrease of 3.58% but a quarter-on-quarter increase of 0.60%. The net profit attributable to shareholders was 484 million yuan, reflecting a year-on-year increase of 18.56% and a quarter-on-quarter increase of 2.10% [4][5] - The overall production of non-ferrous metals in the first three quarters of 2024 reached 277,100 tons, with tin production at 64,200 tons, copper at 105,000 tons, and zinc at 106,400 tons. The production of indium ingots exceeded the annual target [5] - The supply-demand dynamics for tin are improving, with a significant decrease in tin ore imports from Myanmar, down 31% year-on-year from January to September 2024. This is expected to keep the supply of tin concentrate tight [5] - The company is expected to benefit from the rising tin prices due to the scarcity of resources and increasing demand from sectors like semiconductors and consumer electronics [6] Summary by Sections Financial Performance - In Q3 2024, the company achieved total revenue of 10.438 billion yuan, a year-on-year decrease of 3.58% and a quarter-on-quarter increase of 0.60%. The net profit attributable to shareholders was 484 million yuan, a year-on-year increase of 18.56% and a quarter-on-quarter increase of 2.10% [4] - For the first three quarters of 2024, total revenue reached 29.213 billion yuan, a year-on-year decrease of 13.21%, while the net profit attributable to shareholders was 1.283 billion yuan, a year-on-year increase of 17.18% [4] Production and Supply - The company produced 277,100 tons of non-ferrous metals in the first three quarters of 2024, with tin production at 64,200 tons, copper at 105,000 tons, and zinc at 106,400 tons. The production of indium ingots exceeded the annual target [5] - The supply of tin concentrate is expected to remain tight due to a significant decrease in imports from Myanmar, which is projected to impact future supply positively [5] Profitability and Valuation - The company's gross margin for Q1-Q3 was 11.63%, an increase of 3.36 percentage points year-on-year. However, the gross margin for Q3 decreased to 11.09% due to a 1.55% decline in tin prices [5] - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 1.911 billion, 2.743 billion, and 2.896 billion yuan, respectively, with corresponding P/E ratios of 13.4, 9.3, and 8.8 [6][11]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][8] Core Views - The company reported a revenue of 29.213 billion yuan for the first three quarters, a year-on-year decrease of 13.21%, while the net profit attributable to shareholders was 1.283 billion yuan, an increase of 17.18% year-on-year [1][5] - The company is the world's largest refined tin producer, with a domestic market share of 47.92% and a global market share of 22.92% as of 2023 [1][7] - The company aims to focus on upstream resource expansion and is expected to benefit from the rising demand for tin in the semiconductor and new energy sectors, leading to a gradual increase in tin prices [1][8] Financial Performance - For Q3 2024, the company achieved a revenue of 10.438 billion yuan, with a quarter-on-quarter increase of 0.60%, and a net profit of 484 million yuan, with a quarter-on-quarter increase of 2.10% [1][5] - The company’s production of non-ferrous metals totaled 277,100 tons in the first three quarters, a year-on-year increase of 4.65%, including tin production of 64,200 tons, copper production of 105,000 tons, and zinc production of 106,400 tons [1][6][7] - The company’s net cash flow from operating activities reached 2.499 billion yuan, a year-on-year increase of 27.74% [5] Revenue and Profit Forecast - The forecasted revenue for 2024-2026 is 38.919 billion yuan, 40.941 billion yuan, and 41.317 billion yuan, with year-on-year growth rates of -8.1%, 5.2%, and 0.9% respectively [2][8] - The projected net profit attributable to shareholders for the same period is 1.873 billion yuan, 2.437 billion yuan, and 2.605 billion yuan, with year-on-year growth rates of 33.0%, 30.1%, and 6.9% respectively [2][8] - The diluted EPS is expected to be 1.14 yuan, 1.48 yuan, and 1.58 yuan for 2024, 2025, and 2026 respectively [2][8]

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][13]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with revenue impacted by a decline in sales but offset by an increase in net profit due to rising tin prices [2][3]. - The company has optimized its asset structure, with a significant reduction in the debt-to-asset ratio to 41.79%, down 8.69 percentage points year-on-year [2][3]. - Production of key metals has shown steady growth, with total output reaching 277,100 tons, including 64,200 tons of tin, 105,000 tons of copper, and 106,400 tons of zinc, reflecting year-on-year increases of 5%, 9%, and 5% respectively [2][3]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 29,213 million yuan, a year-on-year decrease of 13.21%, while net profit attributable to shareholders was 1,283 million yuan, an increase of 17.18% [1][2]. - The company expects net profits for 2024, 2025, and 2026 to be 2,006 million yuan, 2,512 million yuan, and 2,734 million yuan respectively, indicating year-on-year growth rates of 42.4%, 25.2%, and 8.8% [2][3]. - The projected earnings per share for 2024, 2025, and 2026 are 1.22 yuan, 1.53 yuan, and 1.66 yuan, with corresponding price-to-earnings ratios of 13, 10, and 9 [3][6].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3] Core Views - The company's net profit attributable to shareholders increased slightly quarter-on-quarter in Q3 2024, supported by strong tin prices and recovering demand from the consumer electronics sector, indicating a stable performance outlook [2][3] - The target price has been raised to 18.20 yuan from the previous 15.86 yuan, reflecting adjustments based on industry comparisons and the company's leading position in the tin market [3] Financial Summary - For 2024-2026, the expected earnings per share (EPS) are projected to be 1.08 yuan, 1.30 yuan, and 1.44 yuan respectively, with slight downward adjustments from previous estimates [3] - The company reported a net profit of 1.408 billion yuan for 2023, with a year-on-year increase of 4.6% [3] - The company’s revenue for 2023 is expected to be 42.359 billion yuan, a decrease of 18.5% compared to 2022 [3] Market Position - The company holds a 47.92% market share in the domestic tin market and a 22.92% share globally, ranking as the largest refined tin producer in the world [3] - The company has signed strategic cooperation agreements to expand its resource base and enhance its integrated advantages in the industry [3]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the expected upward trend in tin prices due to supply constraints [1][3]. Core Views - The company reported a revenue of 29.213 billion yuan for the first three quarters of 2024, a decrease of 13.21% year-on-year, while the net profit attributable to shareholders was 1.283 billion yuan, an increase of 17.18% year-on-year [1]. - The supply of tin from Myanmar and Indonesia is expected to remain tight, impacting production and prices positively, especially with the growing demand from sectors like new energy vehicles and electronics [1][2]. - The company is projected to achieve net profits of 1.921 billion yuan, 2.273 billion yuan, and 2.371 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 13, 11, and 11 times [2][4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 10.438 billion yuan, a slight increase of 0.60% quarter-on-quarter but a decrease of 3.58% year-on-year. The net profit for the same period was 484 million yuan, up 2.10% quarter-on-quarter and up 18.56% year-on-year [1]. - The gross profit margin for the first three quarters of 2024 was 11.63%, an increase of 3.36 percentage points year-on-year, while Q3 2024 saw a gross profit margin of 11.09%, a decrease of 1.43 percentage points quarter-on-quarter but an increase of 1.36 percentage points year-on-year [1]. Production and Supply - The company produced approximately 19,000 tons of tin metal in Q3 2024, a decrease of 16.67% quarter-on-quarter due to maintenance activities. Copper and zinc production were 34,700 tons and 37,600 tons respectively, with zinc production increasing by 5.32% quarter-on-quarter [1]. - Tin ore supply from Myanmar and Indonesia has decreased significantly, with Myanmar's imports down 52% and Indonesia's refined tin exports down 40% year-on-year [1]. Market Outlook - The report highlights that the demand for tin is expected to grow rapidly in the new energy vehicle and photovoltaic sectors, alongside a recovery in the electronics industry driven by AI trends [1]. - The anticipated supply-demand dynamics are expected to push tin prices higher, benefiting the company as a leading player in the tin industry [1].

经云南锡业股份有限公司（以下简称"公司"）监事会主席卢丽桃女士、监 事张宏旭先生、王金先生联名提议，公司第九届监事会 2024 年第三次临时会议 于 2024 年 10 月 24 日以通讯表决方式召开。会议通知于 2024 年 10 月 18 日以当 面送达、电子邮件及传真的方式通知了公司的 3 名监事。应参与此次会议表决的 监事 3 名，实际参与表决监事 3 名。本次临时监事会的召开符合《公司法》和《云 南锡业股份有限公司章程》的规定。 | 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2024-046 | | --- | --- | --- | --- | | 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 第九届监事会 2024 年第三次临时会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 1 / 2 二、备查文件 1、经与会监事签字并加盖监事会印章的《云南锡业股份有限公司第九届监事 会 2024 年第三 ...

| 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2024-045 | | --- | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 | 锡 | KY01 | | | 债券代码：148747 | 锡 债券简称：24 | | KY02 | | 第九届董事会 2024 年第三次临时会议决议公告 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。 经云南锡业股份有限公司（以下简称"公司"）董事长刘路坷先生、董事张 扬先生、吴红星先生、陈雄军先生和李德宁先生联名提议，公司第九届董事会 2024 年第三次临时会议于 2024 年 10 月 24 日以通讯表决方式召开，根据《云南 锡业股份有限公司章程》第一百三十九条之规定，本次会议通知于 2024 年 10 月 18 日以当面送达、电子邮件及传真的方式通知了公司 9 名董事。应参与此次 会议表决董事 9 名，实际参与表决董事 9 名。本次临时董事会的召开符合《公司 法》和《云南锡业股份有限公司章程》的规定。 云南锡业股份有限公司 一、经会议审议、通过 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥10,437,836,883.43, a decrease of 3.58% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥483,557,120.34, an increase of 18.56% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥451,589,478.70, up 14.12% from the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.2841, reflecting a growth of 14.65% compared to the same period last year[2]. - The operating revenue for the first three quarters of 2024 was 12.83 billion yuan, an increase from 10.95 billion yuan in the same period of 2023, representing a growth of approximately 17.1%[13]. - The net profit attributable to shareholders for the first three quarters of 2024 was 764.7 million yuan, up from 665.5 million yuan in the same period of 2023, reflecting a growth of about 14.9%[13]. - The earnings per share for the first three quarters of 2024 was 0.7647 yuan, compared to 0.6655 yuan in the same period of 2023, indicating an increase of approximately 14.8%[13]. - The company reported a comprehensive income total of CNY 1,354,938,850.63, slightly down from CNY 1,369,995,873.48 in the previous period[20]. Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥37,207,765,003.21, representing a 0.40% increase from the end of the previous year[2]. - The company's equity attributable to shareholders increased by 16.10% year-on-year, reaching ¥20,653,665,144.72[2]. - Total liabilities decreased to CNY 15,548,683,129.51 from CNY 18,250,417,926.44, reflecting a reduction of 14.8%[19]. - Total equity attributable to shareholders of the parent company increased to CNY 20,653,665,144.72 from CNY 17,790,292,055.99, representing an increase of 16.5%[19]. - The company's long-term borrowings decreased to CNY 7,111,520,883.03 from CNY 8,752,162,311.51, a decline of 18.7%[19]. Cash Flow - The cash flow from operating activities for the year-to-date period was ¥2,498,832,532.34, an increase of 27.74% compared to the same period last year[2]. - Net cash flow from operating activities increased by 115.94% to ¥514,173,788.71, reflecting improved operational performance[8]. - The net cash flow from operating activities for the first three quarters of 2024 was 2.499 billion yuan, compared to 1.956 billion yuan in the same period of 2023, showing an increase of about 27.8%[14]. - The net cash flow from operating activities for the current period is ¥2,498,832,532.34, an increase of approximately 27.7% compared to ¥1,956,179,998.53 in the previous period[21]. - Cash inflow from operating activities totaled ¥33,111,962,713.63, down 10.3% from ¥37,036,111,549.51 in the previous period[21]. - Cash outflow from operating activities decreased to ¥30,613,130,181.29, compared to ¥35,079,931,550.98 in the previous period, reflecting a reduction of about 12.7%[21]. - The net cash flow from investing activities was -¥272,421,382.79, an improvement from -¥399,654,583.66 in the previous period[22]. - The net cash flow from financing activities decreased to -¥1,715,049,279.52, compared to -¥1,321,682,755.55 in the previous period[22]. Expenses - Sales expenses decreased by 30.71% to ¥50,271,839.58 due to changes in the consolidation scope affecting the deep processing segment[7]. - R&D expenses increased by 79.65% to ¥273,948,872.89 as the company intensified research efforts in geological exploration and smelting technologies[7]. - The company reported a significant increase in operating expenses, with non-operating expenses rising by 5,464.76% to ¥259,680,194.49 due to asset write-offs[7]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 80,918[9]. - Yunnan Tin Group Co., Ltd. holds 32.97% of the shares, making it the largest shareholder[9]. Future Outlook - The company plans to continue expanding its R&D efforts and market presence in the coming quarters[10]. - The company was ranked 365th in the 2024 Fortune China 500 list, highlighting its market position and growth potential[14]. - The company’s subsidiary achieved recognition for its innovative digital transformation in July 2024, indicating a focus on technology and modernization[14].

公 司 首 次 覆 盖 报 告 证 券 研 究 报 告 公 司 报 告 锡业股份（000960.SZ） 打造全球精锡龙头 -40% -20% 0% 20% 40% 2023/082023/112024/022024/052024/08 锡业股份 沪深300 推荐（首次） 09 月 23 日：13.31 元 | --- | --- | |----------------------------|---------------------------------------| | | | | 行业 | 有色金属 | | 公司网址 | www.ytl.com.cn | | 大股东 / 持股 | 云南锡业集团有限责任公司 / | | | 32.97% | | 实际控制人 | 云南省人民政府国有资产监督 管理委员会 | | 总股本 ( 百万股 ) | 1646 | | 流通 A 股 ( 百万股 ) | 1646 | | 流通 B/H 股 ( 百万股 ) | | | 总市值（亿元） | 219 | | 流通 A 股市值 ( 亿元 ) | 219 | | 每股净资产 ( 元 ) | 11.04 | | 资产负债率 (%) ...