HY(SH:601020) Shenwan Hongyuan Securities·2025-12-22 06:07Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Insights - The company is positioned as a high-elasticity player in the antimony market, with expectations for rapid growth as several incremental mining projects begin to yield production [4][6]. - The company focuses on mineral resource development, with both domestic and international projects planned. It currently operates three production mines in China and one in Ethiopia, with further projects expected to drive growth [4][6]. - The global supply-demand dynamics for antimony remain tight, with prices expected to stay strong due to reduced domestic production in China and supply issues in Russia [6]. - The company is also benefiting from rising gold prices, with significant growth potential from its gold mining projects, particularly the Mudao gold mine [6]. Financial Data and Profit Forecast - Projected total revenue for 2025 is estimated at 1,951 million yuan, reflecting a year-on-year growth rate of 20.9% [5]. - The forecasted net profit attributable to shareholders for 2025 is 988 million yuan, with a substantial year-on-year increase of 290.1% [5]. - Earnings per share (EPS) for 2025 is projected to be 1.21 yuan, with a gross profit margin of 56.8% [5]. - Return on equity (ROE) is expected to reach 23.1% in 2025, indicating strong profitability [5].