兴业银锡：拟收购宇邦矿业85%股权，跻身全球白银巨头

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [19][24]. Core Insights - The company plans to acquire 85% of Yubang Mining, positioning itself as a global leader in silver production. This acquisition involves a total investment of RMB 2.388 billion, with RMB 1.6 billion allocated for acquiring 65% of Yubang Mining from Guocheng Mining and RMB 788 million for 20% from individual shareholders [22]. - Yubang Mining is recognized as Asia's largest silver mine, with significant reserves contributing to 20.93% of China's total silver reserves and 2.70% of global reserves. The company aims to enhance its competitive edge and sustainable development capabilities through this acquisition [22][24]. - The projected revenue for the company is expected to grow significantly, with estimates of RMB 56.12 billion, RMB 70.92 billion, and RMB 79.84 billion for the years 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 51.43%, 26.38%, and 12.58% [24][25]. Financial Summary - The company reported a total revenue of RMB 3.706 billion for 2023, with projections of RMB 5.612 billion for 2024, indicating a growth rate of 51.43% [25]. - The net profit attributable to the parent company is expected to reach RMB 1.634 billion in 2024, representing a year-on-year increase of 68.66% [25]. - The company's earnings per share (EPS) are projected to be RMB 0.92, RMB 1.20, and RMB 1.50 for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 14.01, 10.72, and 8.58 [24][25].