证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 02 年 月 日 兴业银锡（000426.SZ） 手握多座世界级矿山，银锡龙头未来可期 立足银、锡、锌，公司资源版图由内蒙走向全球。公司上市以来经历了 2011、2014-2016、2023-至今三轮矿山资源扩充。立足银、锌、锡资源压 舱石，目前旗下银漫、乾金达、融冠已具备三座亿级利润的大型矿山，成 为支撑公司高成长的现金奶牛。2023 年起，公司陆续完成了博盛矿业（黄 金）、宇邦矿业（（银锌锌）收购，托管大股东旗下布敦银根矿业（银锌锌）， 拟要约收购大西洋锡业（锡），完成新一轮资源版图扩充。 手握三座世界级银矿，扬帆起航正当时。目前子公司银漫矿业拥有白银资 源量 8058 吨，平均品位 185g/吨；宇邦矿业保有白银资源量 1.79 万吨， 平均品位 125g/吨，单体银矿储量排名位列亚洲第一，全球第五；托管大 股东的布敦银根矿业拥有白银资源量 1.1 万吨，平均品位 158g/吨。根据 世界白银协会披露的全球前十大在产矿山，剔除第一大 KGHM 后（资源量 8.3 万吨，平均品位 58.3g/吨）平均资源量 7100 吨，平均品位 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company's revenue for 2024 was 5.36 billion, a year-on-year decrease of 10.8%, with a net profit attributable to shareholders of 760 million, down 65.7% year-on-year [1] - The company is accelerating the development of its copper and gallium-indium projects, which are expected to contribute to profits starting in 2025 [4] - The lithium salt production and sales have significantly increased, with a production of 43,700 tons in 2024, up 137.8% year-on-year, and sales of 42,600 tons, up 145.0% year-on-year [2] - The cesium and rubidium business shows strong growth, with revenue of 1.4 billion in 2024, up 24.2% year-on-year, and a gross profit margin of 78.3%, up 13.9 percentage points year-on-year [3] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.54 billion, a year-on-year increase of 36.4%, but a net profit of 130 million, down 47.4% year-on-year [1] - The company plans to distribute a cash dividend of 5.0 yuan per 10 shares for 2024, totaling 360 million, with a cash dividend rate of 47.7% [1] Lithium Business - The average price of domestic lithium carbonate in 2024 was 90,000 yuan, down 64.8% year-on-year, with a Q1 2025 average price of 75,000 yuan [2] - The company is optimizing lithium salt costs through adjustments in raw material structure and energy cost reductions, with plans to complete 30,000 tons of lithium sulfate capacity in Africa by 2026 [2] Cesium and Rubidium Business - The cesium and rubidium fine chemical production in 2024 was 960 tons, a slight decrease of 0.2% year-on-year, while sales were 844 tons, down 15.5% year-on-year [3] - The gross profit for the cesium and rubidium business in Q1 2025 was 230 million, reflecting a year-on-year increase of 92% [3] Copper and Gallium-Indium Projects - The company completed the acquisition of a 65% stake in the Kitumba copper mine in Zambia in July 2024, with plans for 60,000 tons of copper capacity [4] - The company also acquired a 98% stake in the Tsume project in Namibia, with plans for significant gallium and indium production [4] Profit Forecast - The company forecasts net profits of 800 million, 1.79 billion, and 2.99 billion for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 26, 12, and 7 [5]