Investment Rating - The report suggests a cautious subscription for the company [1] Core Insights - The company focuses on zinc, lead, and copper mining in Tibet, China, ranking fifth in zinc, fourth in lead, and fifth in copper production in 2024 [2] - Domestic demand for zinc, lead, and copper is expected to maintain growth, with zinc demand projected to increase at a compound annual growth rate (CAGR) of 2.2% from 2025 to 2028, and copper demand expected to grow at a CAGR of approximately 2.8% during the same period [3] - The company's total revenue for the years ending December 31 for 2022, 2023, and 2024 was approximately RMB 482.4 million, RMB 546.1 million, and RMB 301.4 million, respectively, with net profits showing fluctuations [5] - The company is expected to benefit from the overall upcycle in the non-ferrous metals industry, with projected earnings per share (EPS) of HKD 0.20 for 2025 based on annualized calculations [6] Summary by Sections Company Overview - The company specializes in the exploration, mining, and production of zinc, lead, and copper in Tibet, with significant mineral reserves [2] Market Demand - Zinc demand in China is driven by infrastructure and galvanizing industries, while lead demand is expected to recover due to the instability of recycled lead supply [3] Financial Performance - The company's gross profit margins have varied, with gross profit for 2022, 2023, and 2024 being approximately RMB 174.6 million, RMB 217.7 million, and RMB 104.5 million, respectively [5] Growth Potential - The company is positioned to see rapid revenue growth due to increasing demand from downstream industries, with a projected PE ratio of approximately 20.47X based on the lower end of the IPO price range [6]
智汇矿业（02546）：IPO申购指南