Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the near term [6]. Core Views - The company has shown significant improvement in its profitability, with a notable increase in non-recurring net profit by 67.95% year-on-year [2][4]. - The overall demand for tin products is recovering, driven by the semiconductor industry's stabilization and inventory replenishment in certain regions [3][4]. - The company maintains a strong position in the global tin market, holding a 22.92% share, with expectations for continued demand growth [6]. Financial Performance - In the first half of 2024, the company achieved operating revenue of 187.75 billion yuan, a decrease of 17.77% year-on-year, while net profit attributable to shareholders increased by 16.35% to 8.00 billion yuan [2][4]. - The production of tin reached 45,200 tons, reflecting a year-on-year increase of 6.6%, contributing to a revenue of 74.95 billion yuan from tin ingots, which is a 51.63% increase [4][5]. - The gross margin for tin ingots improved to 12.79%, up by 5.11 percentage points year-on-year, indicating enhanced profitability [4][5]. Market Dynamics - The average price of tin in the first half of 2024 was 251,200 yuan per ton, an increase of 21.19% year-on-year, driven by positive macroeconomic sentiment and supply constraints [3]. - The global supply of tin ore has decreased significantly due to policy changes in Southeast Asian tin-producing countries, impacting overall availability [3][4]. Future Outlook - The company is expected to see net profits of 20.92 billion yuan, 27.79 billion yuan, and 30.26 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 10.98, 8.26, and 7.59 [6][11]. - The ongoing recovery in the semiconductor sector is anticipated to sustain demand for tin products, further supporting the company's growth trajectory [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a positive outlook on its future performance [3][5] Core Viewpoints - The company's performance in H1 2024 met expectations, with revenue of 18.78 billion yuan, a year-on-year decrease of 17.77%, but net profit attributable to shareholders increased by 16.35% to 800 million yuan [2] - The rise in tin prices significantly boosted the company's profits, with the average price of tin on the Shanghai market in H1 2024 reaching 251,000 yuan/ton, a year-on-year increase of 21.2% [3] - The company signed a strategic cooperation framework agreement with PT Timah, the fifth-largest tin producer globally, which is expected to enhance future business and technical collaborations [3] - The report is optimistic about the continued upward trend in tin prices, driven by tight supply and recovering demand, particularly in the semiconductor industry [3] Financial Performance - In H1 2024, the company produced a total of 185,200 tons of non-ferrous metals, including 45,200 tons of tin (up 6.6%), 70,300 tons of copper (up 7.99%), and 68,800 tons of zinc (up 4.56%) [3] - The company's gross profit from tin business in H1 2024 was 1.06 billion yuan, accounting for 47% of the total gross profit, with a year-on-year increase of 46% [3] - The company's net profit attributable to shareholders in H1 2024 was 800 million yuan, while the non-GAAP net profit was 1 billion yuan, with a significant difference due to the disposal of assets affecting the current period's profit and loss by -250 million yuan [3] Industry Outlook - The supply of tin is expected to remain tight in 2024, with Myanmar and Indonesia, which accounted for 18% of global tin production in 2023, facing production constraints [3] - The global semiconductor sales in H1 2024 increased by 17% year-on-year, indicating a recovery in demand for tin, which is widely used in the semiconductor industry [3] Valuation and Forecast - The report maintains the original profit forecast for 2024 and raises the performance expectations for 2025-2026, with projected net profits attributable to shareholders of 2.05 billion yuan, 2.52 billion yuan, and 2.74 billion yuan, respectively [3] - The company's PE ratios for 2024-2026 are estimated at 11x, 9x, and 8x, respectively, based on the current stock price [3]

证 2024 年 08 月 27 日 告 公 司 研 究 究 报 2024H1 公司量价齐升，带动利润增长 —锡业股份（000960.SZ）公司事件点评报告 买入(维持) 事件 分析师：傅鸿浩 S1050521120004 fuhh@cfsc.com.cn 分析师：杜飞 S1050523070001 dufei2@cfsc.com.cn | --- | --- | |----------------------|-------------| | 基本数据 | 2024-08-26 | | 当前股价（元） | 14.08 | | 总市值（亿元） | 232 | | 总股本（百万股） | 1646 | | 流通股本（百万股） | 1646 | | 52 周价格范围（元） | 11.02-18.32 | | 日均成交额（百万元） | 384.54 | 市场表现 -30 -20 -10 0 10 20 30 40 (%) 锡业股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《锡业股份（000960）：锡锭产 量稳中有升，公司有望受益锡价上 行》2024-04-20 2、《锡业股份（000960）：锡 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company is a global leader in the tin and indium industry, with excellent resource endowments and a competitive advantage across the entire industry chain from mining to deep processing [22]. - The company is expected to benefit from the steady recovery in electronic demand, driven by emerging sectors such as photovoltaics and new energy vehicles, alongside supply-side uncertainties due to resource depletion [22]. - The report forecasts the company's net profits for 2024-2026 to be 1.984 billion, 2.325 billion, and 2.424 billion yuan, respectively, with corresponding PE ratios of 12X, 10X, and 9X [5]. Financial Performance Summary - In H1 2024, the company achieved operating revenue of 18.775 billion yuan, a year-on-year decrease of 17.77%, while net profit attributable to the parent company was 800 million yuan, an increase of 16.35% [5][8]. - The company reported a significant increase in non-recurring net profit, which reached 998 million yuan, up 67.95% year-on-year [5]. - In Q2 2024, the company achieved operating revenue of 10.376 billion yuan, a quarter-on-quarter increase of 23.53% [5][10]. - The company's gross profit margin improved to 11.93% in H1 2024, up 4.35 percentage points year-on-year [10][18]. Production and Pricing Summary - The company produced a total of 185,200 tons of non-ferrous metals in H1 2024, a year-on-year increase of 5.65% [8][10]. - The average price of tin futures in Q2 2024 was 264,000 yuan per ton, an increase of 4,680 yuan per ton from the previous quarter [18]. - The company’s tin ingot revenue in H1 2024 was 7.495 billion yuan, a year-on-year increase of 51.63% [8]. Cost Management and Efficiency - The company's asset-liability ratio decreased from 48.08% in Q1 2024 to 45.10% in Q2 2024, indicating continuous improvement in asset structure [10][14]. - The company achieved a reduction in period expense ratio to 3.68% in Q2 2024, down 1.61% from the previous quarter [10][14]. Market Dynamics - The supply of tin from Myanmar and Indonesia has been disrupted, leading to a tight supply situation that is expected to persist [24]. - The global smartphone market has shown a continuous recovery, with shipments increasing by 12% year-on-year in Q2 2024, which is expected to drive demand for electronic products [26].

云南锡业股份有限公司 | 总计 | - | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 往来方 | | | 2024年上半年往 | 2024年上 | | | | 往来性质 ( 经营性往 | | 其他关联资 | 资金往来方名称 | 与上市 | 上市公司 | 2024年期初往来 | 来累计发生金额 | 半年往来 | 2024年上半年偿 | 2024年上半年期 | 往来形 | 来、非经营 | | 金往来 | | 公司的 | 核算的会 | 资金余额 | （不含利息） | 资金的利 | 还累计发生金额 | 末往来资金余额 | 成原因 | 性 | | | | 关联关 | 计科目 | | | 息（如有） | | | | 往来) | | | | 系 | | | | | | | | | | | 云南锡业集团广元 | 同一控 | 其他应收 | | | | | | 转供水 | | | | 实业有限公司 | 制人 | 款 | 14.17 | 10.24 | | 11.76 | 12.65 | 电 ...

| 证券代码：000960 | 证券简称：锡业股份 | 公告编号：2024-033 | | --- | --- | --- | | 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 第九届监事会第六次会议决议公告 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。 云南锡业股份有限公司（以下简称"锡业股份"或"公司"）第九届监事会 第六次会议于 2024 年 8 月 22 日在云南省昆明市官渡区民航路 471 号云锡办公楼 五楼会议室以现场记名投票表决方式召开，会议通知于 2024 年 8 月 9 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 人，实际参与表决监事 3 人，本次会议由监事会主席卢丽桃女士主持，公司 部分高级管理人员和其他相关人员列席了会议，会议召开符合《中华人民共和国 公司法》和《云南锡业股份有限公司章程》的规定。 一、经会议审议、通过以下议案： 1、《云南锡业股份有限公司关于拟续聘会计师事务 ...

| 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2024-032 | | --- | --- | --- | --- | --- | | 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 第九届董事会第六次会议决议公告 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。 云南锡业股份有限公司（以下简称"锡业股份"或"公司"）第九届董事会第 六次会议于 2024 年 8 月 22 日在云南省昆明市官渡区民航路 471 号云锡办公楼五 楼会议室以现场和线上会议相结合方式召开。本次会议通知于 2024 年 8 月 9 日 以当面送达、电子邮件及传真的方式通知了公司 8 名董事。应参与此次会议表决 董事 8 人，实际参与表决董事 8 人，其中独立董事袁蓉丽女士、王道斌先生和于 定明先生通过线上会议参会。本次会议由公司董事长刘路坷先生主持，公司全体 监事、部分高级管理人员及其他相关人员列席会议。会议召开符合《中华人民共 和国 ...

云南锡业股份有限公司 ESG 管理制度 第一章 总则 第一条 为进一步加强云南锡业股份有限公司（以下简称"锡业股份"或"公 司"）社 会 责 任 管 理 ， 推 动 经 济 社 会 和 环 境 的 可 持 续 发 展 ， 提 升 公 司 环 境 （Environmental）、社会（Social）和公司治理（Governance） 水平，根据《中华人民共和国公司法》、中国证监会《上市公司治理准则》、深圳 证券交易所《股票上市规则》《上市公司自律监管指引第 1 号——主板上市公司规 范运作》《上市公司自律监管指引第 17 号——可持续发展报告（试行）》、中国 有色金属工业协会《有色金属企业环境、社会及治理（ESG）信息披露指南》等有 关法律法规、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》） 的相关规定，结合公司实际情况，制定本制度。 第二条 本制度所称的可持续发展职责，是指公司在经营发展过程中应当履行 的环境（Environmental）、社会（Social）和公司治理（Governance）方面的责任 和义务，主要包括对自然环境和资源的保护、社会责任的承担以及公司治理的健全 和透明。 第三 ...

| 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2024-038 | | --- | --- | --- | --- | | 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 关于召开 2024 年第二次临时股东大会的通知 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。 一、召开会议基本情况 1、股东大会届次：2024 年第二次临时股东大会。 公司股东只能选择现场投票、深圳证券交易所交易系统投票和互联网系统投 票中的一种表决方式，同一表决权出现重复表决的以第一次有效表决结果为准。 6、本次股东大会的股权登记日：2024 年 9 月 2 日（星期一） 2、会议召集人：云南锡业股份有限公司（以下简称"公司"）董事会。经 2024 年 8 月 22 日召开的第九届董事会第六次会议审议通过，同意召开公司 2024 年第 二次临时股东大会（详见公司 2024 年 8 月 24 日披露的公司董事会决议公告）。 3、会议召开的合法、合规 ...

证券代码：000960 证券简称：锡业股份 公告编号：2024-036 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 放弃参股公司增资优先认缴出资权暨关联交易的公告 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。 一、关联交易概述 （一）关联交易基本情况 云南锡业股份有限公司（以下简称"锡业股份"或"公司"）参股公司云南 锡业新材料有限公司（以下简称"新材料公司"）因自身战略发展需要，拟通过 原有部分股东非公开协议方式增资、产权交易机构公开挂牌交易引入战略投资者 增资并同步实施员工股权激励，增加新材料公司的资本金。根据《公司法》相关 规定，锡业股份作为新材料公司原有股东之一，享有优先认缴出资权。锡业股份 基于自身战略发展暨进一步聚焦主业和产业上游发展的考虑，从打造有色金属原 材料供应商的战略定位出发，决定放弃本次新材料公司增资扩股的优先认缴出资 权。新材料公司现有另一股东云南锡业集团（控股）有限责任公司（以下简称"云 锡控股公司"）拟以现金不超过人民币 17,000 万元 ...