锡业股份2024年扣非净利同比增长40.48% “小金属”有望撬动大行情

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]