NNCI(SH:600301) Ge Long Hui A P P·2025-09-01 09:37Core Insights - Huaxi Nonferrous achieved a net profit attributable to shareholders of 382 million yuan in the first half of the year, representing a year-on-year increase of 9.49% [1] - In the second quarter, the company reported a non-recurring net profit of 225 million yuan, with a quarter-on-quarter increase of 9.22% and a year-on-year increase of 51.01% [1] - The growth in performance is primarily attributed to the rising prices of tin and antimony, as well as ongoing efficiency improvements [1] Company Performance - Huaxi Mining, Gaofeng Mining, and Fozu Mining reported net profits of 597 million yuan, 641 million yuan, and 38 million yuan respectively, with year-on-year growth rates of 13.71%, 47.02%, and 123.53% [1] - The significant price difference for antimony between domestic and international markets suggests potential for domestic price increases [1] - Tin prices are expected to benefit from the current interest rate reduction cycle, indicating strong upward momentum [1] Valuation Metrics - Based on the closing price on August 29, 2025, the projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 24.32, 21.15, and 17.31 respectively [1] - The company maintains a "buy" rating [1]