YTL(000960) 国泰君安·2024-10-27 08:23Investment Rating - The report maintains an "Accumulate" rating for the company [2][3] Core Views - The company's net profit attributable to shareholders increased slightly quarter-on-quarter in Q3 2024, supported by strong tin prices and recovering demand from the consumer electronics sector, indicating a stable performance outlook [2][3] - The target price has been raised to 18.20 yuan from the previous 15.86 yuan, reflecting adjustments based on industry comparisons and the company's leading position in the tin market [3] Financial Summary - For 2024-2026, the expected earnings per share (EPS) are projected to be 1.08 yuan, 1.30 yuan, and 1.44 yuan respectively, with slight downward adjustments from previous estimates [3] - The company reported a net profit of 1.408 billion yuan for 2023, with a year-on-year increase of 4.6% [3] - The company’s revenue for 2023 is expected to be 42.359 billion yuan, a decrease of 18.5% compared to 2022 [3] Market Position - The company holds a 47.92% market share in the domestic tin market and a 22.92% share globally, ranking as the largest refined tin producer in the world [3] - The company has signed strategic cooperation agreements to expand its resource base and enhance its integrated advantages in the industry [3]