兴业银锡：收购澳洲上市公司FEG股权，执行“走出去”战略

Investment Rating - The investment rating for the company is "Outperform the Market" [3][4][16] Core Views - The company has achieved a revenue growth of 35.96% year-on-year for the first three quarters of 2024, with a net profit growth of 139.40% [1][4] - The significant profit increase is attributed to the successful results of the technical transformation of the Yinman project, which began to show effects from the third quarter of 2023, along with rising prices for core products such as tin concentrate and silver concentrate [1][4] - The company has successfully obtained mining rights for the Budun Silver Mine, which is expected to be integrated into the listed company [1][12] - The acquisition of a 20% stake in the Australian listed company FEG is a strategic move to expand globally and enhance resource reserves [1][13] Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 3.296 billion yuan and a net profit of 1.300 billion yuan [1][4] - The revenue for Q3 2024 was 1.098 billion yuan, showing a decrease of 6.83% year-on-year and a decrease of 23.42% quarter-on-quarter [1][4] - The net profit for Q3 2024 was 416 million yuan, reflecting a year-on-year increase of 1.47% but a quarter-on-quarter decrease of 36.33% [1][4] - The company expects revenues of 5.207 billion yuan, 6.103 billion yuan, and 6.390 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 40.50%, 17.21%, and 4.70% [2][4][14] Key Financial Metrics - The company’s gross margin for the first three quarters of 2024 was 64.32%, an increase of 15.86 percentage points year-on-year [7] - The net profit margin for the same period was 38.83%, up by 16.76 percentage points year-on-year [7] - The company’s asset-liability ratio decreased to 31.88% by the end of Q3 2024, down by 8.70 percentage points from the end of 2023 [7][14]