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]

Core Viewpoint - Yunnan Tin Company Limited reported a revenue of 41.973 billion yuan and a net profit of 1.444 billion yuan for 2024, indicating a year-on-year growth of 2.55% in net profit and 40.48% in net profit excluding non-recurring items, alongside a proposed cash dividend of 1.9 yuan per 10 shares [2] Group 1: Financial Performance - The company achieved a revenue of 41.973 billion yuan in 2024 [2] - The net profit attributable to shareholders was 1.444 billion yuan, reflecting a 2.55% increase year-on-year [2] - The net profit excluding non-recurring items was 1.943 billion yuan, showing a significant growth of 40.48% compared to the previous year [2] - The company plans to distribute a cash dividend of 1.9 yuan per 10 shares (including tax) [2] Group 2: Market Position and Supply Dynamics - Yunnan Tin has maintained its position as the world's largest tin producer since 2005, with a global market share of 25.03% in 2024, an increase of 2.11 percentage points from 2023 [2] - The tightening of tin supply is attributed to policy changes in Southeast Asian tin-producing countries, leading to a global supply shortage [3] - The price of tin remains high, with the Shanghai Futures Exchange tin price at 282,300 yuan per ton and London tin price at $35,255 per ton, reflecting quarterly increases of 15.3% and 21.8% respectively [3] Group 3: Demand and Industry Trends - The demand for tin is expected to grow due to the recovery in the semiconductor sector and the increasing need for computational resources driven by AI technologies [4] - Tin is recognized as a critical material in various advanced applications, including electronics, photovoltaic cells, electric vehicles, and AI chips, with expanding application fields anticipated [4] Group 4: Strategic Collaborations and Resource Integration - The company is enhancing resource integration and industry chain collaboration, having signed a cooperation agreement with the government of Keshiketeng Banner for tin resource integration [4] - Strategic cooperation agreements were also established with PT Timah in Indonesia and Inner Mongolia Xingye Silver Tin Mining Co., Ltd., aimed at fostering collaboration in resources, business, and technology [4] Group 5: Technological Advancements - The company is advancing its digital transformation through the application of industrial internet, big data, and artificial intelligence in smart mining and smart factories [5] - Significant improvements in operational efficiency have been achieved, with a nearly 20% increase in operational management efficiency and a 40% reduction in labor input through digital management [5]

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]