YTL(000960) 开源证券·2025-04-07 13:06Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3][12] Core Views - The company is expected to benefit from the upward trend in tin prices driven by the fragility of tin ore supply, with a projected increase in net profit for 2025-2027 [3][5] - The company achieved a revenue of 419.73 billion yuan in 2024, a slight decrease of 0.91% year-on-year, while net profit increased by 2.55% to 1.44 billion yuan [3][7] - The company plans to increase its tin product output to 90,000 tons in 2025, which is expected to enhance its market share amid tight global tin supply [4][5] Financial Summary - The company’s revenue and net profit projections for 2025-2027 are as follows: - 2025: Revenue of 43.56 billion yuan, net profit of 2.06 billion yuan (up 42.8% year-on-year) - 2026: Revenue of 45.38 billion yuan, net profit of 2.38 billion yuan (up 15.3% year-on-year) - 2027: Revenue of 47.15 billion yuan, net profit of 2.67 billion yuan (up 12.3% year-on-year) [3][7][9] - The company’s earnings per share (EPS) are projected to be 1.25 yuan, 1.44 yuan, and 1.62 yuan for 2025, 2026, and 2027 respectively [3][7] Market Position - The company produced 84,800 tons of tin in 2024, achieving a domestic market share of 47.98% and a global market share of 25.03%, both of which have increased compared to 2023 [4][5] - The company is positioned as a leader in the tin industry and is expected to further solidify its market position due to the anticipated increase in tin prices [3][4]