YTL(SZ:000960) EBSCN·2025-08-28 09:22Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company achieved a net profit attributable to shareholders of 1.062 billion yuan in the first half of 2025, representing a year-on-year increase of 32.76% [1]. - The company is focused on enhancing the value of its existing mines, with plans to strengthen resource exploration in the Karafang mining area and improve the utilization of tailings resources [3]. - The average prices of tin, copper, and zinc increased year-on-year in the first half of 2025, contributing to the company's improved financial performance [2]. Financial Performance Summary - In Q2 2025, the company reported a net profit of 562 million yuan, up 18.76% year-on-year and 12.61% quarter-on-quarter [1]. - The gross margin for Q2 2025 was 13.06%, an increase of 1.56 percentage points from the previous quarter [2]. - The company produced a total of 181,300 tons of non-ferrous metals in the first half of 2025, exceeding production plans for tin, copper, and zinc [3]. Profit Forecast and Valuation - The profit forecast for 2025 has been adjusted downwards due to fixed asset disposals, while forecasts for 2026 and 2027 have been raised, with expected net profits of 2.36 billion yuan, 2.59 billion yuan, and 2.67 billion yuan for 2025, 2026, and 2027 respectively [4]. - The company's price-to-earnings (P/E) ratios are projected to be 14x, 13x, and 13x for 2025, 2026, and 2027 [4]. - The company is positioned as a leader in the global tin industry, with expectations for improved profitability as tin demand recovers [4].