兴业银锡（000426）：锡产量受银漫停产影响较大，静待影响消退后盈利修复

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][32] Core Views - The company's net profit for the first half of 2025 was 800 million yuan, a year-on-year decrease of 9.9%. Revenue for the same period was 2.473 billion yuan, an increase of 12.5% year-on-year [1][9] - The decline in performance is attributed to the suspension of operations at the main subsidiary, Yinman Mining, from March 9 to April 16, 2025, and the low-grade ore processing at Yubang Mining [1][9] - The company expects revenue growth of 28.14%, 10.23%, and 18.30% for the years 2025, 2026, and 2027 respectively, with net profit growth of 37.21%, 14.74%, and 22.54% for the same years [4][30] Financial Performance Summary - In the first half of 2025, the company achieved a gross profit margin of 56.90%, down 7.73 percentage points year-on-year, and a net profit margin of 31.67%, down 7.90 percentage points year-on-year [2][10] - The company's silver production increased by 4.57% year-on-year, while tin production decreased by 20.64% due to the impact of the suspension at Yinman Mining [3][23] - The company's debt-to-asset ratio as of June 30, 2025, was 40.88%, an increase of 6.49 percentage points from the end of 2024 [2][10] Production and Profitability - The company’s main mining subsidiaries reported varying profitability, with Yinman Mining achieving a net profit of 671 million yuan, a decrease of 5.45% year-on-year, while Yubang Mining reported a loss of 12 million yuan [3][29] - The company maintains a strong position in the market, leveraging its resource-rich location in Inner Mongolia and actively pursuing mergers and acquisitions to secure quality mineral resources [4][30]