兴业银锡（000426）：公司事件点评报告：短期事件影响业绩，银锡巨头后势可期

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has shown a revenue increase of 12.50% year-on-year in H1 2025, with total revenue reaching 2.473 billion yuan [3] - The net profit attributable to shareholders decreased by 9.93% year-on-year to 796 million yuan in H1 2025, primarily due to operational disruptions [3][8] - The company is expected to benefit from high silver and tin prices, along with two acquisitions that will support future capacity growth [12] Revenue and Profit Analysis - In H1 2025, the company produced 3,589.82 tons of tin, a decrease of 20.64% year-on-year, while silver production increased by 4.57% to 131.32 tons [4] - The main revenue segments for H1 2025 were tin (31.03%), silver (35.05%), and zinc (19.46%), with total main business revenue of 2.455 billion yuan, up 11.92% year-on-year [5] - The gross profit margin for tin was 68.39%, while silver's gross profit margin was 54.66%, both showing slight declines due to increased costs [7] Acquisition and Resource Expansion - The company successfully acquired 85% of Yubang Mining, which contributed to revenue growth and resource expansion [5] - In August 2025, the company acquired 96.04% of Atlantic Tin Industry, marking its first overseas acquisition and enhancing its international resource portfolio [10] Future Earnings Forecast - Projected revenues for 2025, 2026, and 2027 are 5.243 billion, 5.700 billion, and 5.700 billion yuan respectively, with net profits expected to be 2.113 billion, 2.413 billion, and 2.470 billion yuan [12][14]