NNCI(SH:600301) Ge Long Hui A P P·2025-08-18 07:28Core Viewpoint - Huaxi Nonferrous is positioned as a key nonferrous listed platform in Guangxi Province, expected to benefit significantly from the rising prices of tin and antimony, maintaining a "buy" rating [1] Group 1: Production and Financial Performance - In Q2 2025, the company's tin ingot production is projected to reach 3,237.96 tons, representing a year-on-year increase of 90% and a quarter-on-quarter increase of 11% [1] - The tin concentrate output is estimated at 1,650.28 tons, showing a year-on-year decrease of 7% but a quarter-on-quarter increase of 2% [1] - The estimated non-tax selling price of lead-antimony concentrate in Q2 2025 is approximately 84,700 yuan per ton, with the segment achieving a gross profit of 240 million yuan, a quarter-on-quarter increase of 53%, and a gross margin close to 90%, up by 9.36 percentage points [1] Group 2: Strategic Initiatives - The company has proposed a "Three-Year Action Plan," with plans for a 1.09 billion yuan investment in March 2025 to develop the deep mining project for ore bodies 100 and 105, increasing production capacity from 330,000 tons per year to 450,000 tons per year [1] - In April 2025, the deep zinc polymetallic mine at the copper pit in Nandan County, Guangxi, completed a transition from exploration to mining, with the reported scale of the Huaxi Mining copper pit increasing from 2.376 million tons per year to 3.5 million tons per year [1]