兴业银锡：银锡资源禀赋优异，迈入发展新篇章

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company is rooted in Inner Mongolia and focuses on silver and tin resources, with a strong potential for converting resource advantages into production and profit advantages, aiding the restructuring process of its parent group [6][8] - The company has a diverse range of resources, with significant quantities of silver, tin, gold, and other metals, positioning it well in the market [6] - The main subsidiary, Yinman Mining, is expected to see substantial profit growth in 2024 due to successful technical upgrades and expansion projects [6][8] - The company is actively pursuing asset injections and external acquisitions to enhance its resource base and market presence [6][8] - Earnings forecasts indicate significant growth, with projected EPS of 1.02, 1.16, and 1.54 CNY per share for 2024-2026, benefiting from rising silver and tin prices [8][11] Summary by Sections Investment Rating - The company is rated "Outperform the Market" [2] Financial Performance - The company reported a revenue of 3,706 million CNY in 2023, with projections of 5,585 million CNY in 2024, reflecting a year-on-year growth of 50.7% [11] - Net profit is expected to rise from 969 million CNY in 2023 to 1,882 million CNY in 2025, indicating a net profit growth rate of 94.2% [11] - The gross margin is projected to improve from 52.9% in 2023 to 62.0% by 2026 [11] Resource and Production Capacity - The company has significant resources, including 9,679 tons of silver, 190,000 tons of tin, and 21 tons of gold as of the end of 2023 [6] - Yinman Mining, the primary subsidiary, achieved a net profit of 844 million CNY in 2023, accounting for 90% of the company's total net profit [6] Market Outlook - The company is expected to benefit from rising silver and tin prices, with projected prices of 7.5, 7.9, and 8.3 CNY per gram for silver and 24.5, 25.2, and 26.0 thousand CNY per ton for tin from 2024 to 2026 [8] - The company is actively expanding its production capacity, with ongoing projects expected to significantly increase output [6][8]