YTL(000960) 太平洋·2025-04-06 10:20Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company has shown significant growth in tin and indium production, with a notable increase in non-recurring net profit [1][4] - The company achieved a revenue of 41.973 billion yuan in 2024, a slight decrease of 0.9% year-on-year, while the net profit attributable to shareholders increased by 2.5% to 1.444 billion yuan [3][4] - The company aims to produce 90,000 tons of tin in 2025, reflecting a strong production target [4] Financial Performance - In 2024, the company reported a non-recurring net profit of 1.94 billion yuan, a significant increase of 40.5% year-on-year [3][6] - The fourth quarter of 2024 saw a revenue of 12.76 billion yuan, a year-on-year increase of 46.6% [3] - The company’s gross margin and net margin for 2024 were 9.59% and 3.44%, respectively, showing slight improvements [5] Production and Market Position - The company maintained its position as the global leader in tin production, with a domestic market share of 47.98% and a global market share of 25.03% in 2024 [4] - Production volumes for 2024 included 78,000 tons of tin ingots, 130,000 tons of copper products, and 127 tons of indium ingots, with respective year-on-year increases of 19.4%, 0.8%, and 24.5% [4] Future Outlook - The company forecasts net profits of 2.22 billion yuan, 2.57 billion yuan, and 2.86 billion yuan for 2025, 2026, and 2027, respectively, indicating a positive growth trajectory [6][7] - The report anticipates a revenue growth rate of 10.8% in 2025, followed by 5.4% in 2026 and 3.81% in 2027 [7]