Huaan Securities·2026-01-12 12:21Investment Rating - The report indicates a positive outlook for the tin industry, driven by strong demand and limited supply, suggesting a favorable investment environment [2][3]. Core Insights - The global tin market is experiencing structural tightness, with supply heavily reliant on a few resource-rich countries. In 2024, global tin production is projected to be 300,000 tons, a decrease of 1.63% year-on-year, while demand is expected to reach 385,200 tons, an increase of 3.33% year-on-year [5][15]. - Tin prices are expected to rise due to weak supply and strong demand. The prolonged suspension of mining operations in Myanmar and conflicts affecting supply from the Democratic Republic of Congo have exacerbated material shortages, driving prices upward [5][22]. - Key companies in the tin sector include: - Yunnan Tin Company: Leading in tin production and sales globally, with a comprehensive integrated supply chain [33]. - Xingye Silver Tin: Notable for its silver and tin production, with ongoing acquisitions of overseas tin resources [36]. - Hua Tin Nonferrous Metals: A state-owned platform benefiting from regional resource consolidation and industrial clustering [39]. Summary by Sections 1. Tin Industry Overview - Tin is a crucial metal in electronic soldering, characterized by its stability and resistance to oxidation, making it suitable for various applications [8]. - The global tin supply is concentrated, with the top four countries (Indonesia, China, Myanmar, and Australia) accounting for over 60% of reserves [14]. 2. Tin Price Trends - Tin prices are influenced by supply constraints and high demand, particularly from the electronics and renewable energy sectors. The report anticipates that if new production capacity remains limited, tin prices will likely stay elevated [22][24]. 3. Related Companies - Yunnan Tin Company: Achieved a market share of 25.03% globally in 2024, focusing on high-value products and sustainable practices [33]. - Xingye Silver Tin: Reported significant revenue growth, with a strong focus on resource acquisition and production expansion [36]. - Hua Tin Nonferrous Metals: Leveraging its integrated operations to enhance resource recovery and sustainability [39].