YTL(000960) 国信证券·2025-04-08 00:42Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][5][15] Core Insights - The company achieved a revenue of 41.973 billion yuan in 2024, a slight decrease of 0.91% year-on-year, while the net profit attributable to shareholders was 1.444 billion yuan, up 2.55% year-on-year. The non-recurring net profit saw a significant increase of 40.48% year-on-year, reaching 1.943 billion yuan, primarily due to rising tin prices [1][7][14] - The average tin price in 2024 was approximately 248,300 yuan per ton, reflecting a year-on-year increase of 16.92% [1][7] - The company is the largest refined tin producer globally, holding a domestic market share of 47.98% and a global market share of 25.03% in 2024 [2][14] Financial Performance - The company reported a significant increase in cash flow from operating activities, amounting to 3.405 billion yuan, which is a 55.25% increase year-on-year [7][13] - The company plans to distribute a cash dividend of 1.9 yuan per 10 shares, totaling approximately 313 million yuan, which represents 21.65% of the 2024 net profit [2][13] - The company’s total production of non-ferrous metals in 2024 was 361,000 tons, a 4% increase year-on-year, with specific increases in tin (6%), zinc (6.90%), and indium (24.51%) [1][9] Future Projections - Revenue projections for 2025-2027 are estimated at 42.577 billion yuan, 43.285 billion yuan, and 43.993 billion yuan, with year-on-year growth rates of 1.4%, 1.7%, and 1.6% respectively [3][15] - The net profit attributable to shareholders is projected to reach 2.392 billion yuan, 2.603 billion yuan, and 2.815 billion yuan for the years 2025-2027, with significant growth of 65.6% in 2025 [3][15] - The company aims to produce 90,000 tons of tin, 125,000 tons of copper, 131,600 tons of zinc, and 1,023 tons of indium in 2025 [1][9]