YTL(000960) 华创证券·2024-10-27 12:20Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][13]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with revenue impacted by a decline in sales but offset by an increase in net profit due to rising tin prices [2][3]. - The company has optimized its asset structure, with a significant reduction in the debt-to-asset ratio to 41.79%, down 8.69 percentage points year-on-year [2][3]. - Production of key metals has shown steady growth, with total output reaching 277,100 tons, including 64,200 tons of tin, 105,000 tons of copper, and 106,400 tons of zinc, reflecting year-on-year increases of 5%, 9%, and 5% respectively [2][3]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 29,213 million yuan, a year-on-year decrease of 13.21%, while net profit attributable to shareholders was 1,283 million yuan, an increase of 17.18% [1][2]. - The company expects net profits for 2024, 2025, and 2026 to be 2,006 million yuan, 2,512 million yuan, and 2,734 million yuan respectively, indicating year-on-year growth rates of 42.4%, 25.2%, and 8.8% [2][3]. - The projected earnings per share for 2024, 2025, and 2026 are 1.22 yuan, 1.53 yuan, and 1.66 yuan, with corresponding price-to-earnings ratios of 13, 10, and 9 [3][6].