YTL(000960) 华创证券·2025-04-05 13:20Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][16]. Core Insights - The company reported a slight decline in total revenue of 0.91% year-on-year, amounting to 41.973 billion yuan, while the net profit attributable to shareholders increased by 2.55% to 1.444 billion yuan. The adjusted net profit, excluding non-recurring items, saw a significant increase of 40.48% to 1.943 billion yuan [1][3][8]. - The fourth quarter showed a strong performance with revenue of 12.76 billion yuan, a year-on-year increase of 46.64%, although net profit decreased by 48.63% year-on-year [1][3]. - The increase in net profit was primarily driven by rising tin prices, which saw an average price increase of 17% year-on-year, alongside a reduction in operating expenses [1][8]. Financial Summary - For 2024, the company achieved total revenue of 41.973 billion yuan, with a projected revenue growth of 7.1% for 2025, reaching approximately 44.965 billion yuan [3][9]. - The net profit attributable to shareholders is expected to grow significantly, with projections of 2.559 billion yuan in 2025, reflecting a year-on-year growth of 77.2% [3][9]. - The company’s earnings per share (EPS) is projected to increase from 0.88 yuan in 2024 to 1.55 yuan in 2025, indicating a positive growth trajectory [3][9]. Production and Market Performance - The company achieved a record production of 361,000 tons of non-ferrous metals in 2024, marking a 4% increase year-on-year, with tin production reaching 84,800 tons, a 6% increase [1][8]. - The report highlights a significant increase in production of precious metals, with indium production up by 25% and gold production up by 23% [1][8]. - The company plans to produce 90,000 tons of tin and 125,000 tons of copper in 2025, indicating a focus on expanding production capacity [1][8].