兴业银锡：上半年归母净利润同增566%，银漫矿业量价齐升

Investment Rating - The investment rating for the company is "Outperform the Market" [4][10][11] Core Views - The company achieved a revenue of 2.198 billion yuan in the first half of 2024, representing a year-on-year growth of 76.42%, and a net profit attributable to shareholders of 883 million yuan, reflecting a significant increase of 566.43% [1][6][10] - The company benefits from the completion of technical upgrades, with its subsidiary, Yinman Mining, reporting a net profit increase of 411% year-on-year in the first half of 2024 [10][11] - The report anticipates continued revenue growth for the company, projecting revenues of 5.796 billion yuan, 6.061 billion yuan, and 6.347 billion yuan for 2024, 2025, and 2026, respectively [11][12] Financial Performance Summary - In the first half of 2024, the company reported a gross profit margin of 64.63%, an increase of 24.39 percentage points year-on-year, and a net profit margin of 39.57%, up by 10.55 percentage points year-on-year [1][10] - The company's asset-liability ratio decreased to 35.21% by the end of the second quarter of 2024, down by 5.37 percentage points from the end of 2023 [1][10] - The company’s earnings per share (EPS) are projected to be 1.03 yuan, 1.09 yuan, and 1.17 yuan for 2024, 2025, and 2026, respectively [11][12]