YTL(000960) 华创证券·2024-04-26 03:32Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 20.27 yuan [1]. Core Views - The company's performance in Q1 2024 met expectations, with revenue of 8.399 billion yuan, a year-on-year decrease of 24.47%, while net profit attributable to shareholders increased by 22.09% to 326 million yuan [1]. - The rise in tin and copper prices has positively impacted the company's performance, offsetting the decline in zinc prices, leading to a gross margin increase of 3.54 percentage points year-on-year to 11.2% [1]. - The company has seen a steady increase in the production of its main products, with total non-ferrous metal production rising by 13% year-on-year to 90,700 tons in Q1 2024 [1]. - The company is focusing on innovation to enhance the quality and efficiency of its industrial chain, with R&D expenses increasing by 151.71% year-on-year [1]. Financial Summary - For Q1 2024, the company reported operating income of 8.399 billion yuan, a decrease of 24.47% year-on-year, and a net profit of 326 million yuan, an increase of 22.09% [1]. - The average prices for tin, copper, and zinc in Q1 2024 were 216,700 yuan/ton, 69,000 yuan/ton, and 21,000 yuan/ton, respectively, with tin and copper prices increasing by 4% and 1% year-on-year [1]. - The company expects net profits for 2024, 2025, and 2026 to be 2.085 billion yuan, 2.441 billion yuan, and 2.701 billion yuan, representing year-on-year growth rates of 48.0%, 17.1%, and 10.7% respectively [2].