云南锡业股份有限公司 2024 年面向专业投资者公开发行 科技创新可续期公司债券（第一期） 信用评级报告 编号：CCXI-20233544D-02 云南锡业股份有限公司 2024 年面向专业投资者公开发行科技创新可续期 公司债券（第一期）信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2024 年 4 月 15 日 2 本次评级为发行人委托评级。除因本次评级事项使中诚信国际与发行人构成委托关系外，中诚信国际及其评估人员 与发行人不存在任何其他影响本次评级行为独立、客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受发行人和 其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参 ...

证 券 2024 年 04 月 19 日 研 究 锡锭产量稳中有升，公司有望受益锡价上行 报 告 —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 锡业股份发布 2023 年年度报告：2023 年公司营业收入为 fuhh@cfsc.com.cn 423.59 亿元，同比-18.54%；归母净利润为 14.08 亿元，同 分析师：杜飞 S1050523070001 比+4.61%；扣除非经常性损益后的归母净利润为 13.83 亿 dufei2@cfsc.com.cn 元，同比+11.18%。 基本数据 2024-04-19 投资要点 当前股价（元） 18.32 总市值（亿元） 302 ▌ 锡锭产量稳步提升，锡金属市占率持续提升 总股本（百万股） 1646 全球锡业龙头影响力持续扩大。公司 2023 年锡金属国内市占 流通股本（百万股） 1646 率 47.92%，同比+0.14pct，全球市占率 22.92%，同比 52周价格范围（元） 11.02-18.32 +0.38pct。 日均成交额（百万元） 324.96 量：公司锡锭产量大幅增长。公司 ...

有色矿业持续活跃，锡业股份、兴业银锡、紫金矿业、西部黄金、赤峰黄金等多股上涨，有色60ETF （159881）涨2.2%、矿业ETF（561330）涨1.9%。 机构表示，展望2024年，上游资源品景气度有望上行。有色细分领域里，可重点关注铜及黄金板块的投 资价值。铜及黄金的金融属性较强，因此直接受益于美联储年内降息预期。 需求角度，铜的新能源需求增量仍然强劲，国内随着宏观政策逆周期和跨周期调节的进行，以及积极的 财政政策和稳健的货币政策相配合，中国经济有望进一步复苏，对铜板块也构成一定支撑。 黄金方面，短期的快速冲高可能会有获利了结带来的回调风险，随着市场对于联储降息的预期降温，国 际金价止住了冲高的态势，高位震荡，短期可能需警惕风险。但后市来看，当前市场回归宏观基本面主 导逻辑，中期看，美联储有望年内开启降息，"通胀回落+经济滚动式交替下行+避险情绪支撑"对金价 构成一定利好。 近年资本开支不足导致供给受限是支撑上游资源品的核心逻辑。经调整后，有色板块估值相对不高，可 以关注相关机会。 注：市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及个股仅供参考，不构成股 票推荐，也不构成对基金业绩的 ...

证券代码：000960 证券简称：锡业股份 公告编号：2024-020 云南锡业股份有限公司 二〇二四年四月十八日 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"公司"）于 2024 年 4 月 12 日披露《2023 年年度报告》及《2023 年年度报告摘要》，为便于广大投资者进一步了解公司 2023 年度报告及经营情况，公司将于 2024 年 4 月 22 日（星期一）15:00-16:30 在全景网举办 2023 年度业绩说明会，本次年度业绩说明会将通过网络远程直播 的方式举行，投资者可登陆全景网"投资者关系互动平台"（http://ir.p5w.net） 参与本次年度业绩说明会。 出席本次年度业绩说明会的人员有：董事长（总经理）刘路坷先生、独立董 事王道斌先生、副总经理王建伟先生、副总经理陈雄军先生、财务总监岳敏女士、 副总经理黄适先生、董事会秘书杨佳炜先生（如存在特殊情况，公司将根据实际 情况调整出席人员）。 为充分尊重投资者，提升业绩说明会交流效果，现就公司 2023 年度业绩说 明会提前向投资者公开征集问题，广 ...

2024年4月16日 公司研究 业绩基本符合预期，供给约束、半导体复苏驱动锡价上行 ——锡业股份（000960.SZ）2023 年年报点评 要点 增持（维持） 当 前价：17.05元 事件:公司于4月12日发布2023年年报，实现营收424亿元，同比-19%；归 母净利润14亿元，同比+5%；归母扣非净利润14亿元，同比+11%。2023年 按当前股价对应股息率为1.5%，分红比例为30.4%。 作者 分析师：王招华 点评： 执业证书编号：S0930515050001 021-52523811 受锡、锌价格下跌影响，公司毛利同比减少。2023年总毛利减少11亿，其中 wangzhh@ebscn.com 锡业务（锡锭、锡化工、锡材）毛利为16亿元，同比-9亿元，毛利下降主要受 分析师：方驭涛 锡价下跌影响，2023年锡均价为21.2万元/吨，同比-15%。2023年锌产品毛 执业证书编号：S0930521070003 利为9亿元，同比-5亿元，毛利减少主要受锌价下跌影响，2023年锌价为2.16 021-52523823 fangyutao@ebscn.com 万元/吨，同比-14%。 联系人：王秋琪 资产减值 ...

证券研究报告 | 2024年04月14日 锡业股份（000960.SZ） ——年报点评 买入 利润稳步提升，有望享受锡价上涨带来的业绩弹性 核心观点 公司研究·财报点评 公司发布年报：实现营收423.59亿元，同比-18.54%；实现归母净利润14.08 有色金属·小金属 亿元，同比+4.61%。2023Q4实现营收87.01亿元，同比-11.49%，环比-19.63%； 证券分析师：刘孟峦 证券分析师：杨耀洪 实现归母净利润3.13亿元，同比增加约329倍，环比-23.28%。 010-88005312 021-60933161 liumengluan@guosen.com.cn yangyaohong@guosen.com.cn 核心产品产销量数据：2023年公司全年生产有色金属总量34.71万吨，其中 S0980520040001 S0980520040005 锡8万吨、铜12.93万吨、锌13.47万吨、铟锭102吨、铅3158吨、金1002 基础数据 千克、银166吨。2023年公司实现锡、铜选矿回收率提升，锡精矿、铜精矿、 投资评级 买入(维持) 合理估值 锌精矿自给率分别为30.94%、18.3 ...

公司研 究 证 券研究 报 告 镍钴锡锑 2024年04月13日 锡 业股份（000960）2023年报点评 强 推 （上调） 目标价：21.53元 锡铟龙头优势明显，业绩有望受益锡价增长 当前价：17.05元 事项： 华创证券研究所  公司发布2023年报，公司全年实现营业收入423.59亿元，同比下降18.54%； 证券分析师：马金龙 归母净利润14.08亿元，同比增长4.6%；扣非归母净利润13.83亿元，同比增 长11.18%；经营活动现金流净额21.93亿元。 邮箱：majinlong@hcyjs.com 评论 执业编号：S0360522120003 证券分析师：刘岗  资产减值减少及期间费用的下降抵消了锡价下滑的不利影响，公司归母净利 润小幅增长。2023年，国内锡锭均价21万元，同比下滑15%，带动公司锡锭 邮箱：liugang@hcyjs.com 吨毛利同比下滑28%（1.96万元/吨）。同时受贸易业务下滑25%、原子公司锡 执业编 号：S0360522120002 业锡材（更名新材料公司）和锡化工公司不纳入合并范围导致锡材和锡化工收 入减少 65%，公司总营业收入同比减少18.5%，总毛 ...

有色金属/小金属 公 司 研 锡业股份（000960.SZ） 锡价易涨难跌，锡业龙头乘风起 究 2024年04月13日 ——公司信息更新报告 投资评级：买入（维持） 李怡然（分析师） 温佳贝（联系人） liyiran@kysec.cn wenjiabei@kysec.cn 证 书编号：S0790523050002 证书编号：S0790123100047 日期 2024/4/12 当前股价(元) 17.05  锡价易涨难跌，锡业龙头乘风起 公 2023年，公司实现营业收入423.59亿元，同比减少18.54%，主要系云南锡业新 一年最高最低(元) 17.96/10.73 司 材料及云南锡业锡化工自2023年5月起不再纳入锡业股份合并范围所致，实现 信 总市值(亿元) 280.61 息 流通市值(亿元) 280.61 归母净利润 14.08 亿元，同比增长 4.61%。公司销售/管理/研发/财务费用营业收 更 总股本(亿股) 16.46 入占比分别为0.19%、2.45%、0.58%、1.03%，分别同比变动+0.01pct、+0.24pct、 新 报 流通股本(亿股) 16.46 +0.16pct、-0.02 ...

Financial Performance - The company's operating revenue for 2023 was ¥42,359,256,548.28, a decrease of 18.54% compared to ¥51,997,844,059.06 in 2022[37]. - The net profit attributable to shareholders for 2023 was ¥1,408,362,320.49, representing an increase of 4.61% from ¥1,346,255,971.62 in 2022[37]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,382,908,069.12, an increase of 11.18% from ¥1,243,817,815.68 in 2022[37]. - The net cash flow from operating activities decreased by 56.55% to ¥2,193,053,783.87 in 2023 from ¥5,047,786,501.69 in 2022[37]. - Basic earnings per share for 2023 were ¥0.8557, up 4.61% from ¥0.8180 in 2022[39]. - The total assets at the end of 2023 were ¥37,060,492,851.29, an increase of 1.06% from ¥36,670,217,895.16 at the end of 2022[39]. - The net assets attributable to shareholders increased by 8.55% to ¥17,790,292,055.99 at the end of 2023 from ¥16,389,601,238.68 at the end of 2022[39]. - The company reported a quarterly revenue of ¥11,120,939,959.77 in Q1 2023, with a decline in revenue to ¥8,701,292,263.49 in Q4 2023[43]. - The net profit attributable to shareholders in Q4 2023 was ¥313,083,356.15, showing a decrease from earlier quarters[43]. - The company achieved a year-on-year revenue growth of 4.61% in 2023, driven by enhanced synergy in mining, selection, and smelting operations[95]. - The company achieved an operating revenue of 42.359 billion yuan, a decrease of 18.54% compared to the previous year, while the net profit attributable to shareholders increased by 4.61% to 1.408 billion yuan[102]. Market Position and Share - In 2023, the company's tin metal domestic market share was 47.92%, an increase of 0.14 percentage points from 2022, while the global market share was 22.92%, up by 0.38 percentage points[80]. - The company is the largest producer of tin globally since 2005, with a comprehensive industry chain in tin exploration, mining, smelting, and deep processing[80]. - The company’s steel production base in the Dolong mining area has the largest steel resource reserves globally, with a domestic market share of 6.92% and a global market share of 4.38% in 2023[75]. - The company ranks first among the top ten refined tin producers in 2023 according to the International Tin Association[80]. - The company holds a 47.92% market share in the domestic tin market and a 22.92% share in the global market for 2023[99]. Production and Operations - The company produced a total of 347,100 tons of non-ferrous metals in 2023, including 80,000 tons of tin, 129,300 tons of copper, and 134,700 tons of zinc[102]. - Total production of non-ferrous metals reached a historical high of 347,100 tons in 2023[94]. - The production volume of zinc ore increased by 16.57% to 122,631 tons, while the production of tin and copper ore decreased by 7.05% and 3.20%, respectively[123]. - The company has a tin smelting capacity of 80,000 tons/year, cathode copper capacity of 125,000 tons/year, and zinc smelting capacity of 100,000 tons/year[94]. - The company is focusing on resource expansion, modern mining, and intelligent smelting to improve operational management levels[76]. Research and Development - The company has a total of 353 valid patents, including 99 invention patents, as of the end of 2023[98]. - R&D investment increased by 12.03% to ¥245,476,771.50 in 2023, compared to ¥219,124,456.27 in 2022, representing 0.58% of operating revenue[134]. - The number of R&D personnel decreased by 49.61% to 846 in 2023 from 1,679 in 2022, with a significant drop in the number of personnel holding master's degrees by 90.43%[134]. - The company is focusing on new technology development, including a new low-carbon zinc resource processing technology to enhance comprehensive utilization levels[134]. - The company has completed a comprehensive study on the grinding system of the Daitun tin mine, aiming to improve grinding efficiency and reduce energy consumption by over 40%[134]. Environmental and Social Responsibility - The company emphasizes environmental responsibility through green mining practices and social responsibility activities[7]. - The company is committed to sustainable development through a circular economy model encompassing exploration, mining, smelting, and recycling[94]. - The company has been recognized as an "Excellent Practice Case for Rural Revitalization" in 2023[15]. - The company has a strong commitment to community support, including educational assistance programs[12]. - The company is actively involved in safety production initiatives, including emergency drills and greening of tailings ponds[9]. Strategic Initiatives and Future Outlook - The company has outlined potential risks and countermeasures in its future development outlook[18]. - The company plans to closely monitor demand changes in key sectors to seize market development opportunities[56]. - The company aims to enhance resource supply security and promote green mining development, aligning with provincial strategic development goals[78]. - The company plans to enhance its core competitiveness in the tin deep processing sector through a joint venture with Yunxi Holdings, focusing on resource allocation and technological advantages[110]. - The company recognizes the uncertainties in the macroeconomic environment and plans to adjust its operational strategies accordingly to enhance competitiveness[173]. Financial Management and Investments - The company reported a government subsidy of ¥69.30 million, which is expected to have a continuous impact on the company's profits[48]. - The company has established a comprehensive compliance management system to strengthen risk control and ensure sustainable supply chain practices[112]. - The company’s asset-liability ratio has continuously decreased, indicating an improvement in capital structure and financial health[109]. - The company has engaged in hedging activities to mitigate the impact of price volatility in metal products, enhancing procurement and sales effectiveness[176]. - The company has established a hedging committee to enhance the management of hedging operations and improve the operational processes for domestic and foreign futures hedging[157]. Governance and Shareholder Engagement - The governance structure includes a "Four Meetings and One Layer" decision-making system, ensuring compliance and effective management oversight[186]. - The company has held multiple board meetings and shareholder meetings in 2023, with no rejected proposals, indicating a stable governance process[187]. - The company is committed to enhancing shareholder returns through cash dividends and has engaged in discussions regarding its dividend policy[196]. - The company has initiated a regular performance briefing format, including live streaming of earnings presentations to improve investor engagement[196]. - The company is focused on improving its capital market image through multi-channel investor communication and interaction[200].

2023 Environmental, Social, and Governance (ESG) Report CONTENTS Steady Operation and Laying a Solid Foundation for Development Guarding the Earth and Drawing a Picture of Green Prosperity Leading with Environmental Responsibility and Green Mission 55 Environmental Management Lean Management - Empowering Diverse Values Caring for Employees and Fulfilling Mission Responsibilities 93 79 Industrial Chain Management Benefits Talent Acquisition and Development Employee Compensation and Employee Health and Safety ...