YTL(000960) 天风证券·2025-04-08 15:22Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5][17]. Core Insights - The company is expected to benefit from rising prices and increased production, with a projected net profit of 21.6 billion, 24 billion, and 25 billion for the years 2025 to 2027 respectively, corresponding to P/E ratios of 10.22, 9.21, and 8.77 [4][5]. - The company reported a strong growth in non-recurring net profit, which increased by 40.5% year-on-year [1]. - The report highlights a significant impact from impairment losses and mineral rights fee payments, particularly in Q4 2024, which affected the gross profit margin [2][3]. Financial Performance Summary - In 2024, the company achieved an operating revenue of 419.73 billion, a slight decrease of 0.9% year-on-year, while the net profit attributable to the parent company was 14.44 billion, up 2.55% year-on-year [1]. - The production figures for 2024 included 84,800 tons of tin (up 6.0% YoY), 130,300 tons of copper (up 0.8% YoY), and 144,000 tons of zinc (up 6.9% YoY) [3]. - The average tin price in 2024 was 248,000 yuan/ton, reflecting a year-on-year increase of 16.9% [3]. Supply and Market Outlook - The tin supply is expected to face disruptions in 2025 due to geopolitical tensions and operational delays in key mining regions, which may sustain high tin prices [4]. - The report anticipates that the company will benefit from these supply constraints, maintaining a strong market position [4].