Investment Rating - The report assigns a "Buy" rating for the company for the first time [1]. Core Views - The company has accelerated its overseas expansion and achieved steady growth in performance, with a 4.60% year-on-year increase in revenue for H1 2024, reaching 9.009 billion yuan, and a 22.08% increase in net profit attributable to shareholders, amounting to 0.803 billion yuan [1]. - The company is aligning with the trend of electrification, continuously optimizing its product structure, with electric products accounting for approximately 57% of total sales in 2023, an increase of 6.20 percentage points year-on-year [1]. - The company has made significant progress in internationalization, with overseas revenue reaching 3.486 billion yuan in H1 2024, a year-on-year increase of 20.52% [1][2]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 9.009 billion yuan, a 4.60% increase year-on-year, and a net profit of 0.803 billion yuan, reflecting a 22.08% growth [1]. - The gross profit margin improved to 21.58%, up by 1.96 percentage points year-on-year, indicating enhanced profitability [2]. Revenue Forecast - The company is expected to benefit from product structure optimization and overseas market expansion, with projected revenues of 19.378 billion yuan, 21.688 billion yuan, and 24.276 billion yuan for 2024, 2025, and 2026 respectively [3]. Key Financial Metrics - The report forecasts earnings per share (EPS) of 1.73 yuan for 2024, 2.04 yuan for 2025, and 2.35 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 10.6, 9.0, and 7.8 [3].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company, Xingye Yinxin, is positioned to benefit from a favorable silver and tin market cycle, with significant production increases expected in 2024 [2][4]. - The company has a strong resource base, with a total mineral reserve of 205.5 million tons, including 9,678.69 tons of silver and 19.10 thousand tons of tin [2][14]. - The global tin supply is projected to grow slowly, while demand from sectors such as semiconductors, photovoltaics, and electric vehicles is expected to drive high growth in tin consumption [3][4]. Summary by Sections Company Overview - Xingye Yinxin specializes in the mining and smelting of non-ferrous and precious metals, with over 30 years of industry experience and a comprehensive industrial chain [11]. - The company has undergone significant restructuring and expansion, focusing on enhancing its resource reserves and production capabilities [12][13]. Financial Performance - The company forecasts revenues of 54.14 billion, 62.34 billion, and 70.26 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 16.24 billion, 20.74 billion, and 25.93 billion yuan [4][6]. - The current price-to-earnings (PE) ratios are estimated at 11.8, 9.3, and 7.4 for the years 2024, 2025, and 2026 [4]. Market Dynamics - The report highlights a significant increase in tin and silver production for 2024, driven by successful technological upgrades and capacity expansions at the company's main mining operations [2][4]. - Global tin consumption is expected to reach 40.69, 41.29, and 42.08 million tons from 2024 to 2026, with a compound annual growth rate (CAGR) of 4.28% [3]. Resource and Production Capacity - The company has a diverse range of mineral resources, including substantial reserves of zinc, iron, copper, and other metals, positioning it as a leading player in the industry [14][15]. - In 2023, the company achieved a 110.74% increase in tin concentrate production and a 10.75% increase in copper-silver concentrate production [16].

Investment Rating - Buy (First Coverage) [1] Core Views - The company has achieved steady growth in profitability through deepening its overseas market expansion [1] - The acquisition of CMEC has strengthened the company's presence in the North American market, with the potential to capture more market share [3] - The company's gross margin improved to 35.3% in H1 2024, up by 0.9 percentage points year-on-year, driven by effective cost control and scale effects [4] - The company's revenue and net profit are expected to grow significantly from 2024 to 2026, with EPS projected to increase from 4.19 yuan to 5.93 yuan [5] Financial Performance - In H1 2024, the company reported revenue of 3.859 billion yuan, a year-on-year increase of 24.56%, while net profit attributable to shareholders was 824 million yuan, a slight decrease of 0.88% due to foreign exchange losses of 40 million yuan [1] - In Q2 2024, revenue reached 2.407 billion yuan, up 34.02% year-on-year, with net profit attributable to shareholders increasing by 1.75% to 522 million yuan [1] - The company's period expense ratio was 6.69% in H1 2024, up by 4.49 percentage points year-on-year, mainly due to increased financial expenses caused by exchange rate fluctuations [4] Strategic Expansion - The company has actively pursued a global strategy, including equity cooperation and establishing subsidiaries to expand overseas sales channels [3] - The acquisition of CMEC, completed in April 2024, has given the company a 99.497% stake in CMEC, which will help accelerate its market penetration in North America [3] Future Projections - Revenue is expected to grow from 7.549 billion yuan in 2024 to 10.535 billion yuan in 2026, with a CAGR of 16.1% [5] - Net profit attributable to shareholders is projected to increase from 2.123 billion yuan in 2024 to 3.002 billion yuan in 2026, with a CAGR of 17% [5] - The company's PE ratio is expected to decrease from 12.2x in 2024 to 8.6x in 2026, indicating potential undervaluation [5]

证 券 研 究 报 告 行业 深度报告 Robotaxi的商业模式前景展望 ---智能驾驶系列研究（二） 推荐 维持 投资评级： （ ） 2024年09月19日 报告日期： | --- | --- | --- | --- | |-------------------------------|-------|-------|-------| | | | | | | n 分析师：林子健 | | | | | n SAC 编号： S1050523090001 | | | | | n 联系人：谢孟津 | | | | | n SAC编号：S1050123110012 | | | | 海内外Robotaxi发展现状和未来趋势 p 核心结论： Robotaxi从0-1的 商业化进程梳理 海外玩家 p 第一章：总体而言，Robotaxi包含"技术研发+测试阶段+商业运营"三个流程，涵盖 "运营+技术+政策"三个维度，主要为"自运营+金三角"两个部署模式。海内外以金 概述 三角部署方法为主，以技术起步，不断扩张实现各城市的商业化部署，并且测试阶段和 商业运营中涉及到相关法规政策在城市之间存在显著差异。 p 第二章：运营维度，国内 ...

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Investment Rating - The report maintains a "Buy" investment rating for the company [2][4]. Core Views - The company's share buyback plan, amounting to 900 million to 1.8 billion yuan, reflects confidence in its long-term development and aims to motivate employees through equity incentives [2][3]. - The company reported a significant increase in revenue and net profit for H1 2024, with revenue reaching 467.58 billion yuan, a year-on-year growth of 13.49% [2][3]. - The overall cost of pig and chicken farming has been decreasing, which is expected to further enhance profitability [3][4]. Summary by Sections Buyback Plan - The company plans to repurchase shares at a maximum price of 27.01 yuan per share, using its own funds [2]. - The expected number of shares to be repurchased is between 33.32 million and 66.64 million, accounting for 0.50%-1.00% of the total shares as of June 30, 2024 [2]. Financial Performance - For H1 2024, the company achieved a net profit of 1.327 billion yuan, marking a turnaround from losses in the previous year [3]. - The revenue from pig farming reached 281.57 billion yuan, with a year-on-year increase of 28.69%, while chicken farming revenue was 166.76 billion yuan, slightly down by 0.93% [3]. Cost Trends - The comprehensive cost of pig farming decreased from 7.8-7.9 yuan per jin in January 2024 to approximately 7.4 yuan per jin in H1 2024, with further reductions expected [3]. - The cost of chicken farming also saw a decline, with the total cost per jin dropping to around 6.2 yuan [3]. Financial Health - The company's operating cash flow for H1 2024 was 58.09 billion yuan, a year-on-year increase of 107.38%, contributing to a decrease in the debt-to-asset ratio, which is expected to fall below 55% by the end of 2024 [3][4]. - The forecasted revenues for 2024, 2025, and 2026 are 1090.78 billion, 1241.02 billion, and 1318.33 billion yuan, respectively, with corresponding EPS of 1.42, 1.87, and 1.72 yuan [4].

证券研究报告 究 报 告 策 略 研 究 证 券 研 2024 年 09 月 19 日 9 月 FOMC：50BP 鸽派降息+鹰派发言 —策略点评报告 事件 分析师：杨芹芹 S1050523040001 yangqq@cfsc.com.cn 最近一年大盘表现 -20 -15 -10 -5 0 5 (%) 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《2024 年两会政策信号与行情指 引》2024-03-05 2、《五箭齐发，超跌反弹一触即 发》2023-08-28 3、《北上资金流出暂缓，需要什么 条件？》2023-08-23 北京时间 9 月 19 日凌晨，美联储召开 9 月议息会议并宣布降 息 50BP，同时发布对于后续经济展望，同步下修了经济和通 胀预期 投资要点 1， 鸽派降息配合鹰派发言 虽然有 50BP 降息的落地，但鲍威尔整体发言偏鹰派，强调一 会一议的同时表示若经济保持稳健且通胀保持顽固可能会更 缓慢地调整政策，降息可快可慢甚至暂停，警告市场不要将 降息 50BP 视为常态。 劳动市场的走弱推动了 50BP 的落地，鲍威尔强调在 7 月议息 会议时若是联储能先看到非农数据的话， ...

证 2024 年 09 月 18 日 告 行 研 究 究 报 8 月全国乘用车市场整体维稳，马斯克给予人形 机器人量产新指引 —汽车行业周报 推荐(维持) 投资要点 | --- | --- | --- | --- | --- | --- | --- | |-------|-------------------|-------|-------|-------|----------------|-------| | | | | | | | | | | | | | | | | | | 分析师：林子健 | | | | S1050523090001 | | | | linzj@cfsc.com.cn | | | | | | | | 行业相对表现 | | | | | | | | 表现 | | | 1M | 3M | 12M | | | 汽车(申万 | | ) | -0.5 | -10.4 | -11.8 | | | 沪深 300 | | | -5.6 | -10.9 | -15.2 | 市场表现 -15 -10 -5 0 5 10 (%) 汽车 沪深300 -25 -20 资料来源：Wind，华鑫证券研究 相关研究 1、 ...

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