YTL(000960) 民生证券·2025-04-07 14:23Investment Rating - The report maintains a "Recommended" rating for the company [7][63]. Core Views - The company is a global leader in the tin and indium industry, with excellent resource endowments. Supply-side disruptions are ongoing, and the demand side is recovering steadily, which is expected to drive tin prices upward. The company is likely to benefit significantly from this price increase [5][63]. Summary by Sections 1. Event: Company Releases 2024 Annual Report - In 2024, the company achieved revenue of 41.973 billion yuan, a year-on-year decrease of 0.91%. The net profit attributable to shareholders was 1.444 billion yuan, an increase of 2.55% year-on-year, while the net profit excluding non-recurring items was 1.943 billion yuan, a significant increase of 40.48% year-on-year [12][5]. 2. Performance Analysis - The company's non-recurring net profit saw significant growth due to the increase in tin and zinc prices. However, the overall net profit growth was limited due to the payment of mining rights transfer income and impairment provisions [12][16]. - In Q4 2024, the company reported revenue of 12.760 billion yuan, a year-on-year increase of 46.64% and a quarter-on-quarter increase of 22.25%. The net profit attributable to shareholders was 161 million yuan, a year-on-year decrease of 48.63% and a quarter-on-quarter decrease of 66.74% [12][5]. 3. Production and Resource Overview - The company achieved a record high production of non-ferrous metals in 2024, totaling 361,000 tons, with tin production at 84,800 tons, copper at 130,300 tons, and zinc at 144,000 tons. The self-sufficiency rates for tin, copper, and zinc were 30.21%, 15.91%, and 72.72%, respectively [2][18]. - As of December 31, 2024, the company held significant resource reserves, including 626,200 tons of tin metal and 1,149,900 tons of copper metal [2][43]. 4. Price Trends - In 2024, the average price of tin was approximately 248,300 yuan/ton, a year-on-year increase of 16.92%. The average prices for zinc and copper also saw increases of 8.60% and 10.31%, respectively [3][20]. - The company’s average tin ingot price in 2024 was 186,600 yuan/ton, reflecting an 11.38% year-on-year increase [20][19]. 5. Strategic Collaborations - The company signed strategic cooperation agreements with various partners, including PT Timah, to enhance its market position and secure raw material supplies [4][46]. 6. Profit Forecast and Investment Recommendations - The company is expected to benefit from ongoing supply-side disruptions and a recovering demand environment. Projected net profits for 2025, 2026, and 2027 are 2.371 billion yuan, 2.506 billion yuan, and 2.553 billion yuan, respectively [5][63].