Zheng Quan Zhi Xing·2025-08-15 01:17Core Viewpoint - The performance of Huaxi Nonferrous (600301) meets expectations, with a focus on the resonance of antimony and tin prices, leading to a "Buy" rating from Guojin Securities analysts Wang Qinyang and Jin Yuntao [1] Financial Performance - For H1 2025, the company achieved a revenue of 2.787 billion yuan, a year-on-year increase of 23.66%, and a net profit attributable to shareholders of 382 million yuan, up 9.49% year-on-year [2] - In Q2 2025, revenue reached 1.543 billion yuan, a quarter-on-quarter increase of 23.95% and a year-on-year increase of 19.55%; net profit was 228 million yuan, up 48.87% quarter-on-quarter and 2.22% year-on-year [2] Price Trends and Sales - In Q2 2025, the prices of the company's main products (antimony, tin, lead, and zinc) changed as follows: antimony +42.98%, tin +3.75%, lead -1.36%, zinc -5.90% quarter-on-quarter; and antimony +86.08%, tin +1.58%, lead -5.89%, zinc -2.96% year-on-year [3] - Sales volumes for lead-antimony concentrate, tin ingots, and zinc ingots changed quarter-on-quarter by +3.98%, +13.01%, and -10.40% respectively [3] Profitability and Cost Management - The company's gross profit and gross margin in Q2 2025 increased by 32.57% and 6.97 percentage points quarter-on-quarter, and by 11.58% and decreased by 6.71 percentage points year-on-year, respectively [3] - The company maintained excellent cost control, with Q2 2025 period expenses at 102 million yuan, a quarter-on-quarter increase of 3.03% and flat year-on-year [4] - The asset-liability ratio at the end of Q2 2025 was 35.84%, showing a continuous optimization of the capital structure [4] Growth Initiatives - As a core listed platform under the Guangxi State-owned Assets Supervision and Administration Commission, the company is actively implementing a three-year action plan, including projects to increase mining capacity from 330,000 tons/year to 450,000 tons/year [4] - The company is also advancing the development of tin-zinc mineral resources in the Tongkuang mining area, with production capacity expanded to 3.5 million tons/year [4] Price Outlook - Antimony prices are expected to rise due to a recovery in exports and approaching demand inflection points, while tin prices are also anticipated to increase due to limited production recovery and strong inventory support [4] Earnings Forecast and Valuation - The company is projected to achieve revenues of 5.7 billion yuan, 6.8 billion yuan, and 7.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 980 million yuan, 1.58 billion yuan, and 1.86 billion yuan [5] - The estimated earnings per share (EPS) for the same years are 1.54 yuan, 2.50 yuan, and 2.95 yuan, corresponding to price-to-earnings (PE) ratios of 17, 10, and 9 times [5]