YTL(000960) 光大证券·2025-01-23 04:45Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company expects a net profit attributable to shareholders of 1.42-1.52 billion yuan for 2024, representing a year-on-year increase of 0.8%-7.9%. The non-recurring net profit is projected to be 1.92-2.02 billion yuan, reflecting a year-on-year growth of 38.8%-46.1% [1][4] - The decline in net profit for Q4 2024 is primarily due to the impact of mining rights transfer income, with an estimated net profit of 190 million yuan, down 61% quarter-on-quarter. However, the non-recurring net profit is expected to increase by 15% quarter-on-quarter [2] - The company has signed multiple strategic cooperation agreements, which are expected to enhance future growth prospects. The agreements include partnerships with local governments and companies in Indonesia, focusing on resource integration and collaboration [3] Summary by Sections Financial Performance - The company forecasts a net profit of 1.48 billion yuan for 2024, with a 5% increase in 2025 and a 10% increase in 2026. The corresponding P/E ratios are projected to be 16, 11, and 10 times for 2024, 2025, and 2026 respectively [4][5] - The average price of tin is expected to remain high due to supply constraints, particularly following the suspension of mining in Myanmar, which accounted for approximately 18% of global tin production [3] Strategic Developments - The company has entered into a cooperation agreement with the local government to consolidate tin resources, positioning itself as a key player in the region [3] - The strategic partnerships with Indonesian companies are anticipated to facilitate resource and technology sharing, enhancing operational capabilities [3] Market Outlook - The report indicates that tin prices are likely to remain elevated due to ongoing supply tightness, with expectations for continued high prices into 2025 [3]