锑行业系列报告之六：供给降需求增，锑价格有望高位再向上

Investment Rating - The report maintains a rating of "Overweight" for the industry, indicating a positive outlook for domestic antimony prices in the medium to long term [5]. Core Insights - Antimony prices are expected to rise due to a decrease in supply and an increase in demand, with domestic antimony prices reaching 173,000 CNY per ton as of March 13, 2025, reflecting a 19% increase from early February [1][2]. - The supply of antimony from the Polar Gold mine is projected to continue declining, with a significant drop in production expected in 2024 [3]. - Domestic demand for antimony is anticipated to remain high, driven by the brominated flame retardant sector and the recovery of photovoltaic glass production [4]. Summary by Sections Supply and Demand Dynamics - The antimony price center has shifted upward, with domestic prices rising from 84,000 CNY per ton at the beginning of 2024 to 160,000 CNY per ton by June 28, 2024 [2]. - The global antimony supply is expected to grow at a CAGR of 1.4% from 2024 to 2027, while demand is projected to grow at a CAGR of 2.4%, leading to a persistent supply-demand gap [4]. Key Companies and Financial Projections - The report highlights key companies such as Hunan Gold, Huaxi Nonferrous, and Huayu Mining, with specific earnings per share (EPS) forecasts and price-to-earnings (PE) ratios provided for 2023 to 2025 [6]. - Hunan Gold is projected to have an EPS of 1.06 CNY in 2025, with a PE ratio of 22.4 [6]. Market Trends and Future Outlook - The report notes that the demand for antimony in the brominated flame retardant sector is stable, with household appliances contributing significantly to this demand [4]. - The recovery of antimony exports and the anticipated increase in photovoltaic glass production are expected to support higher domestic antimony prices [5].