兴业银锡：布敦银根采矿权获批，公司经营质量有望持续优化

Investment Rating - The report maintains a "Buy" rating for Xingye Yinshi (000426) [2][4] Core Views - The company is expected to see incremental growth in mining production and is classified as a cyclical growth stock [2] - The report is optimistic about the price trends of tin and silver, which are expected to drive strong earnings growth for the company [2] - The company's operating quality is expected to improve continuously following the approval of the Budun Yingen mining rights [4] Financial Projections - Revenue for 2024-2026 is projected to be 5.212 billion, 5.665 billion, and 5.777 billion yuan, with year-on-year growth rates of 40.62%, 8.70%, and 1.98% respectively [2] - Net profit attributable to shareholders for 2024-2026 is forecasted to be 1.755 billion, 1.985 billion, and 2.081 billion yuan, with year-on-year growth rates of 81.01%, 13.14%, and 4.83% respectively [2] - EPS for 2024-2026 is estimated to be 0.96, 1.08, and 1.13 yuan, with corresponding P/E ratios of 13.0x, 11.5x, and 10.9x [2] Key Events - The Budun Yingen mining rights were approved, with a designed production capacity of 675,000 tons/year for silver ore [6] - The company invested in an Indonesian copper-gold mine project, acquiring a 19.99% stake in FEG for approximately 14.25 million AUD, enhancing its global gold asset portfolio [6] - The company's H1 2024 net profit surged by 566.43% year-on-year to 883 million yuan, driven by rising silver and tin prices [6] Financial Performance - In H1 2024, the average prices of silver and tin on the Shanghai Futures Exchange increased by 27.8% and 15.7% year-on-year, respectively [6] - Gross margins for zinc concentrate, lead concentrate, copper-silver concentrate, and tin concentrate businesses in H1 2024 were 53.33%, 56.69%, 74.42%, and 73.06%, respectively, showing significant year-on-year improvements [6] Industry and Market Data - The company operates in the non-ferrous metals/industrial metals sector [4] - The current stock price is 12.38 yuan, with a total market capitalization of 20.73 billion yuan and a P/B ratio of 3.93 [4]