兴业银锡（000426）：银锡产量延续增长，资源优势进一步加强

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock performance relative to the benchmark index over the next six months [6][7]. Core Insights - The company reported a revenue of 4.27 billion yuan in 2024, marking a year-on-year increase of 15.23%. The net profit attributable to shareholders reached 1.53 billion yuan, reflecting a substantial growth of 57.82% [3][4]. - The increase in revenue and profit is primarily attributed to rising prices of silver and tin, alongside growth in production and efficiency [3][4]. - The company’s silver and tin production for 2024 was 229 tons and 8,901 tons respectively, both showing growth of approximately 14.68% and 14.58% year-on-year [4]. - The gross profit margin improved to 62.95%, up by 10.08 percentage points from the previous year, with silver and tin products contributing significantly to the overall profitability [4][5]. Financial Projections - Revenue projections for the next three years are 5.09 billion yuan in 2025, 6.18 billion yuan in 2026, and 7.14 billion yuan in 2027, with expected growth rates of 19.24%, 21.45%, and 15.46% respectively [7][9]. - The net profit attributable to shareholders is forecasted to be 1.95 billion yuan in 2025, 2.30 billion yuan in 2026, and 2.78 billion yuan in 2027, with growth rates of 27.44%, 18.12%, and 20.78% respectively [7][9]. - The earnings per share (EPS) are projected to increase to 1.10 yuan in 2025, 1.30 yuan in 2026, and 1.57 yuan in 2027 [7][9]. Company Overview - The company has strengthened its resource advantages through the acquisition of Yubang Mining, which holds significant silver reserves, enhancing its market position [5][6]. - Collaboration with Shandong Gold's subsidiary has resulted in a substantial portion of annual sales, indicating strong market relationships and potential for price leverage [5].