研报掘金丨民生证券：维持华锡有色“推荐”评级，未来增储潜力可期

Core Viewpoint - The report from Minsheng Securities highlights that the resonance of tin and antimony will drive performance growth, and Huaxi Nonferrous has promising potential for resource expansion in the future [1] Group 1: Company Overview - The company is a dual leader in tin and antimony, with rich mineral resource reserves [1] - It holds mining rights for two major mines: Tongkeng Mine and Gaofeng Mine [1] Group 2: Resource Reserves - Tongkeng Mine has reserves of 36,000 tons of tin and 530,000 tons of zinc, while Gaofeng Mine has reserves of 95,800 tons of tin, 100,500 tons of antimony, 107,000 tons of lead, and 335,400 tons of zinc [1] - Additionally, the company has reserves of 66,400 tons of zinc and 54,600 tons of lead at the Fozi Mine [1] Group 3: Exploration Rights and Future Potential - The company possesses exploration rights for five mining areas, including deep zinc polymetallic mines and other zinc-copper and lead-zinc mines [1] - There is an expectation for further resource expansion with the potential injection of the Wujiji Mine [1] Group 4: Financial Projections - The company is projected to achieve net profits attributable to shareholders of 984 million, 1.139 billion, and 1.323 billion yuan for the years 2025, 2026, and 2027, respectively [1] - Corresponding price-to-earnings ratios (PE) based on the closing price on August 18, 2025, are expected to be 17, 14, and 12 times [1] - The report maintains a "recommend" rating for the company [1]