XINGYE SILVER&TIN(SZ:000426) Minsheng Securities·2025-04-28 14:33Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 4.27 billion yuan in 2024, representing a year-on-year growth of 15.23%, and a net profit attributable to shareholders of 1.53 billion yuan, which is a 57.82% increase year-on-year [1] - The company’s silver reserves increased to 24,537 tons after acquiring Yubang Mining, ranking first in Asia and eighth globally in silver reserves [3] - The company’s overall gross margin improved to 62.95% in 2024, up by 10.13 percentage points year-on-year, benefiting from rising metal prices [2] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 974 million yuan, a decrease of 23.99% year-on-year, and a net profit of 230 million yuan, down 46.05% year-on-year [1] - For Q1 2025, the company achieved a revenue of 1.15 billion yuan, a year-on-year increase of 50.37%, and a net profit of 374 million yuan, up 63.22% year-on-year [1] Production and Pricing - The company’s tin production reached 8,902 tons in 2024, a growth of 14.58% year-on-year, while silver production was 229 tons, up 14.68% [2] - The average price of silver in 2024 was 28 USD/ounce, a 21.0% increase year-on-year, and the average price of tin was 248,000 yuan/ton, up 16.9% year-on-year [2] Future Projections - The company is projected to achieve net profits of 2.02 billion yuan in 2025, 2.33 billion yuan in 2026, and 2.97 billion yuan in 2027, with corresponding PE ratios of 11, 9, and 7 [4][3] - The company’s silver mining project is expected to enhance its processing capacity significantly, increasing from 1.65 million tons/year to 2.97 million tons/year by the second phase completion in 2026 [3]