兴业银锡：公司深度报告：锡景气周期或开启，高增量银锡巨头浴火重生

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company, Xingye Yinxin, is positioned to benefit from a favorable silver and tin market cycle, with significant production increases expected in 2024 [2][4]. - The company has a strong resource base, with a total mineral reserve of 205.5 million tons, including 9,678.69 tons of silver and 19.10 thousand tons of tin [2][14]. - The global tin supply is projected to grow slowly, while demand from sectors such as semiconductors, photovoltaics, and electric vehicles is expected to drive high growth in tin consumption [3][4]. Summary by Sections Company Overview - Xingye Yinxin specializes in the mining and smelting of non-ferrous and precious metals, with over 30 years of industry experience and a comprehensive industrial chain [11]. - The company has undergone significant restructuring and expansion, focusing on enhancing its resource reserves and production capabilities [12][13]. Financial Performance - The company forecasts revenues of 54.14 billion, 62.34 billion, and 70.26 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 16.24 billion, 20.74 billion, and 25.93 billion yuan [4][6]. - The current price-to-earnings (PE) ratios are estimated at 11.8, 9.3, and 7.4 for the years 2024, 2025, and 2026 [4]. Market Dynamics - The report highlights a significant increase in tin and silver production for 2024, driven by successful technological upgrades and capacity expansions at the company's main mining operations [2][4]. - Global tin consumption is expected to reach 40.69, 41.29, and 42.08 million tons from 2024 to 2026, with a compound annual growth rate (CAGR) of 4.28% [3]. Resource and Production Capacity - The company has a diverse range of mineral resources, including substantial reserves of zinc, iron, copper, and other metals, positioning it as a leading player in the industry [14][15]. - In 2023, the company achieved a 110.74% increase in tin concentrate production and a 10.75% increase in copper-silver concentrate production [16].