兴业银锡：Q3盈利环比下滑，增量项目顺利推进

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 3.296 billion yuan for Q3 2024, a year-on-year increase of 35.95%, and a net profit attributable to shareholders of 1.300 billion yuan, up 139.40% year-on-year [2] - The Q3 revenue was 1.098 billion yuan, showing a decline of 6.87% year-on-year and a 23.43% decrease quarter-on-quarter [2] - The company’s gross margin and net margin for Q3 were 63.66% and 37.36%, respectively, reflecting a decrease from the previous quarter [2] - The company is progressing with its silver mining project, with expectations to complete approvals and start land acquisition within the year [2] Financial Performance Summary - For the first three quarters, the company’s production and sales volume increased year-on-year, with a decrease in the proportion of operating expenses [3] - The projected revenues for 2024, 2025, and 2026 are 5.612 billion, 7.092 billion, and 7.984 billion yuan, respectively, with corresponding net profits of 1.635 billion, 2.137 billion, and 2.669 billion yuan [3][5] - The earnings per share (EPS) are expected to be 0.89, 1.16, and 1.45 yuan for 2024, 2025, and 2026, respectively [3][5] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 15.24, 11.66, and 9.34 times, respectively [3][5]