JINHUIINC.(SH:603132) China Post Securities·2026-03-30 11:00Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a revenue of 1.724 billion yuan for 2025, representing a year-on-year growth of 12.00%. The net profit attributable to shareholders was 542 million yuan, up 13.69% year-on-year [4] - In Q4 2025, the company achieved a revenue of 544 million yuan, with a year-on-year increase of 24.49% and a quarter-on-quarter increase of 40.21%. The net profit attributable to shareholders for Q4 was 196 million yuan, reflecting a year-on-year growth of 54.33% and a quarter-on-quarter growth of 110.75% [4] - Zinc and lead concentrate production for 2025 was 71,800 tons and 22,500 tons, respectively, marking increases of 16.61% and 8.90% year-on-year [4] Financial Performance - The company expects to achieve revenues of 2.034 billion yuan, 2.462 billion yuan, and 2.766 billion yuan for 2026, 2027, and 2028, respectively, with year-on-year growth rates of 18.00%, 21.03%, and 12.34% [6] - The net profit attributable to shareholders is projected to be 689 million yuan, 834 million yuan, and 1 billion yuan for the same years, with growth rates of 27.12%, 20.97%, and 19.91% [6] - The company’s earnings per share (EPS) are expected to be 0.70 yuan, 0.85 yuan, and 1.02 yuan for 2026, 2027, and 2028, respectively [6] Production and Expansion - The company is actively promoting resource expansion and production increase, with the new 1.5 million tons/year flotation plant at Xiejiaogou having completed trial operations [6] - The acquisition of the remaining 51% stake in Gansu Haosen Mining Co., Ltd. has been completed, and the integration of the Jianglu mining area is fully accomplished [6] - High-grade ore bodies have been discovered in the Dongpo lead-zinc mine, with lead grades ranging from 0.80% to 38.86% and silver grades from 2 g/t to 309 g/t [6]