NNCI(SH:600301) KAIYUAN SECURITIES·2025-08-17 13:37Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15] Core Views - The company is expected to benefit significantly from the rising prices of tin and antimony, with a projected increase in revenue and net profit for the coming years [5][6] - The company achieved a revenue of 2.787 billion yuan in H1 2025, representing a year-on-year increase of 23.66%, and a net profit of 382 million yuan, up 9.49% year-on-year [5][6] - The forecast for net profit from 2025 to 2027 has been adjusted upwards, with expected figures of 942 million yuan, 1.051 billion yuan, and 1.328 billion yuan respectively [5][6] Financial Performance Summary - In Q2 2025, the company reported a revenue of 1.543 billion yuan, a year-on-year increase of 19.55% and a quarter-on-quarter increase of 23.95% [5][6] - The net profit for Q2 2025 was 228 million yuan, showing a year-on-year increase of 2.22% and a quarter-on-quarter increase of 48.87% [5][6] - The company’s tin ingot production in Q2 2025 was 3,237.96 tons, a year-on-year increase of 90% and a quarter-on-quarter increase of 11% [6] Production and Pricing Insights - The average market price for tin ingots in Q2 2025 was approximately 264,000 yuan per ton, with a slight increase compared to the previous periods [6] - The company’s gross profit from the tin ingot segment in Q2 2025 was 186 million yuan, reflecting a quarter-on-quarter increase of 38% [6] - The antimony segment achieved a gross profit of 240 million yuan in Q2 2025, with a gross margin close to 90% [6] Strategic Initiatives - The company is actively promoting a "Three-Year Action Plan" aimed at enhancing production capacity, including a planned investment of 1.09 billion yuan for deep mining projects [7] - The company’s copper mine project has seen an increase in certified scale from 2.376 million tons per year to 3.5 million tons per year [7] Financial Projections - Revenue projections for 2025 to 2027 are 5.103 billion yuan, 5.435 billion yuan, and 6.506 billion yuan respectively, with corresponding net profit estimates of 942 million yuan, 1.051 billion yuan, and 1.328 billion yuan [9][12] - The expected EPS for 2025, 2026, and 2027 are 1.49 yuan, 1.66 yuan, and 2.10 yuan respectively, with P/E ratios of 17.8, 15.9, and 12.6 [9][12]