Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company reported a revenue of 29.21 billion yuan for Q3 2024, a year-on-year decrease of 13.2%, while the net profit attributable to shareholders was 1.28 billion yuan, an increase of 17.2% year-on-year [1]. - The increase in net profit is attributed to a significant reduction in non-operating expenses in Q3 2024 compared to Q2 2024, where non-operating expenses were reduced from 250 million yuan to 10 million yuan [2]. - The average prices for copper, tin, and zinc showed slight fluctuations, with copper down 5.7% and tin down 1.1% in Q3 2024 [2]. - Production volumes for tin, copper, and zinc were affected by maintenance shutdowns, with tin production down 17% in Q3 2024 [2]. - Management expenses increased due to routine maintenance of tin smelting equipment, with sales, management, R&D, and financial expenses rising by 50%, 39%, 18%, and 10% respectively [3]. - The tin price is expected to remain high due to supply constraints, particularly following the suspension of mining in Myanmar, which accounted for approximately 18% of global tin production [3]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 1.75 billion, 2.22 billion, and 2.42 billion yuan respectively, reflecting a year-on-year growth of 24%, 27%, and 9% [3]. Financial Summary - For 2024, the company expects revenues to be 39.066 billion yuan, with a projected net profit of 1.747 billion yuan, reflecting a 24.02% increase [5]. - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 15, 12, and 11 respectively, indicating a favorable valuation compared to historical performance [5]. - The report highlights that the company is a leader in the global tin industry, with potential for improved profitability as tin demand recovers [3].

| 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2024-048 | | --- | --- | --- | --- | | 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（以下简称"公司"）监事会于 2024 年 11 月 4 日 收到职工监事王金先生的书面辞呈。王金先生因工作岗位变动，申请辞去公司第 九届监事会职工监事职务，辞职后仍在公司任职。截至本公告日，王金先生未持 有公司股票。在任职期间，王金先生恪尽职守、勤勉尽责，公司及监事会对王金 先生为公司所做的贡献表示衷心感谢！ 根据《公司法》及《云南锡业股份有限公司章程》的有关规定，为保证公司 职工代表担任的监事不少于监事会人数的三分之一，经公司于 2024 年 11 月 4 日 召开的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 （个人简历附后）为公司第九届监事会职工监事，任期至第九届监事会届满为止 （2026 年 2 月 3 日）。 特此公告 云南锡业股份有限公司 云南锡业股份有限公司关于变更职 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [10]. Core Views - The report highlights that the company's performance is significantly supported by the rising price of tin, which is expected to continue benefiting from supply constraints and recovering demand in the semiconductor sector [1][2]. - The company reported a revenue of 29.213 billion yuan for the first three quarters of 2024, a decrease of 13.2% year-on-year, while the net profit attributable to shareholders increased by 17.2% to 1.283 billion yuan [1][2]. - The average tin price in the first three quarters of 2024 was 247,600 yuan per ton, reflecting a year-on-year increase of 15.93% [3]. Summary by Sections Financial Performance - The company achieved a revenue of 42.359 billion yuan in 2023, with a projected increase to 47.662 billion yuan in 2024, representing a year-on-year growth of 13% [1]. - The net profit attributable to shareholders is forecasted to rise from 1.408 billion yuan in 2023 to 1.959 billion yuan in 2024, marking a 39% increase [1]. - Earnings per share (EPS) are expected to grow from 0.86 yuan in 2023 to 1.19 yuan in 2024 [1]. Price Trends - The average SHFE tin price for Q3 2024 was reported at 25.92 million yuan per ton, a decrease of 1.61% from the previous quarter but an increase of 15.89% year-on-year [3]. - The LME tin price remained stable at 31,025 USD per ton in Q3 2024, reflecting a year-on-year increase of 17.82% [3]. Production and Sales - The company produced 6.42 million tons of tin in the first three quarters of 2024, an increase of 8.8% year-on-year [1]. - The gross profit margin improved from 8% to 12%, indicating a year-on-year increase of 3.4 percentage points [1]. Cash Flow and Investment - Operating cash flow is projected to increase significantly from 2.193 billion yuan in 2023 to 5.775 billion yuan in 2024 [7]. - The company is expected to maintain a strong cash position with cash and cash equivalents projected to reach 7.038 billion yuan by 2024 [8].

期间费用中财务费用管理费用和销售费用同比均大幅下降同时公司加强地质找矿和冶炼方面关键技术研究力度研发费用同比增长2024年末公司规模净资产208.48亿元同比增长17.19%资产负债率进一步下降至40.19%资本结构进一步优化 受益于公司经营业绩持续增长债务规模不断下降资产债务结构持续优化偿债能力进一步提升2024年公司经营活动产生的现金流量金额34.05亿元同比增长55.25%盈利质量和现金流持续向好 4月2日晚间 西叶股份发布了年度报告2024年公司主动把控经营节奏 抢抓市场机遇财旋也协同联动 不断增强发展动力经营滞效持续稳健向好 西冶股份在不断努力取得业绩增长及高质量可持续发展的同时高度重视对投资者持续稳定合理的投资回报以实际行动回馈广大股东2024年度利润分配预案为美石股派现金红利1.9元含税已派发现金股利3.13亿元 2024年 公司生产有色金属总量36.1万吨其中 新8.48万吨 同13.03万吨 新14.40万吨总产量及新 新产品均创历史新高公司新产品国内市场占有率47.98%较2023年上升0.06个百分点 全球市场占有率25.03%较2023年上升2.11个百分点实现营业收入419.73亿元 ...

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].