全球精锡龙头，有望受益于锡价上涨

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is a global leader in refined tin, benefiting from the rising tin prices due to its comprehensive industry chain from exploration to deep processing and a stable supply chain [2][4] - In the first three quarters of 2023, the company experienced a slight increase in production but faced a decline in revenue and profit due to weaker tin prices [3] - The average tin price in 2023 was 212,400 CNY/ton, down 13.18% year-on-year, but there is an expectation for a price increase in 2024 driven by demand from sectors like semiconductors and new energy vehicles [4][5] Summary by Sections Company Overview - The company has a complete industrial layout in the tin sector, with capacities including 80,000 tons/year for tin smelting and 41,000 tons/year for tin materials as of June 30, 2023 [2] Production and Financial Performance - In the first three quarters of 2023, the company produced 264,800 tons of non-ferrous metals, with tin and copper production at 59,000 tons and 99,700 tons respectively [3] - The company reported a revenue of 33.658 billion CNY, a decrease of 20.18% year-on-year, and a net profit of 1.095 billion CNY, down 18.59% year-on-year [3] Profit Forecast and Investment Recommendations - The company is expected to benefit from the recovery in the tin industry, with projected net profits of 1.678 billion CNY, 1.940 billion CNY, and 2.326 billion CNY for 2023, 2024, and 2025 respectively [5] - The target price is set at 17.68 CNY, based on a 15x PE ratio for 2024, indicating a potential upside from the current price of 13.57 CNY [5][6]