兴业银锡：立足资源禀赋，全球化布局开展新篇章-20250517

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [4] Core Views - The company has a strong resource base and is expanding its global footprint, particularly in silver and tin mining. It has significantly increased its silver reserves by 181% due to the acquisition of Yubang Mining, making it a key player in the domestic market [5][49] - The company is undergoing a restructuring process, with the potential for the Budun Silver Mine to be injected into the listed company, which could enhance profitability [5] - Recent acquisitions, including Yubang Mining and Atlantic Tin Mining, have bolstered the company's resource portfolio and international presence, providing a solid foundation for future growth [5] Company Overview - The company primarily engages in the mining and selection of silver and tin, with a history of over 30 years in the industry. It has expanded its resource base through various acquisitions and is now a significant player in the non-ferrous metal sector in China [10][14] - As of the end of 2024, the company holds silver reserves of 27,200 tons and tin reserves of 185,700 tons, ranking first and second in China, respectively [51] Financial Analysis - The company achieved revenue of 4.27 billion yuan in 2024, a year-on-year increase of 15.23%, and a net profit of 1.53 billion yuan, up 57.82% year-on-year [26] - The company’s gross profit margin improved to 62.95% in 2024, reflecting enhanced operational efficiency [37] - The company has a declining debt-to-asset ratio, which stood at 34.39% at the end of 2024, down 6.19 percentage points from the previous year [41] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 5.40 billion, 6.24 billion, and 7.39 billion yuan, respectively, with year-on-year growth rates of 26.55%, 15.54%, and 18.34% [5] - The estimated earnings per share (EPS) for the same period are 1.15, 1.38, and 1.67 yuan, with corresponding price-to-earnings (PE) ratios of 11.6x, 9.8x, and 8.0x [5] - The company's reasonable valuation range is estimated to be between 16.16 and 18.47 yuan, indicating a premium of 20.42% to 37.62% compared to the current stock price [5]