Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index [5][12]. Core Views - The company reported a revenue of 3.27 billion yuan for H1 2025, a year-on-year increase of 34.9%, but a significant decline in net profit attributable to shareholders, down 81.2% to 90 million yuan [1]. - The lithium business faced challenges due to falling prices, with a gross margin of 10.9% in H1 2025, a decrease of 24.7 percentage points year-on-year [1][2]. - The cesium and rubidium segment showed strong performance, with H1 2025 revenue of 710 million yuan, up 50.4% year-on-year, and a gross profit of 510 million yuan, also up 50.2% [2]. - The copper smelting operations negatively impacted overall performance, with a loss of approximately 200 million yuan in H1 2025, but the company plans to shut down these operations to reduce losses in the second half of the year [2][3]. - The company is progressing on its copper and gallium-indium projects, with plans to start contributing profits gradually from 2025 [3]. Summary by Sections Financial Performance - H1 2025 revenue reached 3.27 billion yuan, a 34.9% increase year-on-year, while net profit attributable to shareholders fell to 90 million yuan, down 81.2% [1]. - The lithium segment saw sales of 18,000 tons, a 6.4% increase year-on-year, but the average price of lithium carbonate dropped by 32% to 70,000 yuan per ton [1][2]. - The cesium and rubidium segment achieved revenue of 710 million yuan in H1 2025, a 50.4% increase, with significant growth in both product lines [2]. Project Development - The company is on track with its copper and gallium-indium projects, with the copper project expected to start production in 2026 and the gallium-indium project in 2025 [3]. - The company plans to close its copper smelting lines to mitigate losses, which are expected to decrease significantly in the second half of 2025 [2][3]. Profit Forecast - The company forecasts net profits of 520 million yuan for 2025, with a significant increase expected in subsequent years, reaching 3.01 billion yuan by 2027 [4]. - The projected PE ratios for 2025, 2026, and 2027 are 56, 19, and 10, respectively, indicating a potential for growth [4].

Core Viewpoint - The company reported mixed financial results for the first half of 2025, with significant revenue growth but a sharp decline in net profit, primarily due to falling lithium prices impacting its lithium battery raw materials business [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.267 billion yuan, a year-on-year increase of 34.89% [1] - The net profit attributable to shareholders was 89 million yuan, a year-on-year decrease of 81.16% [1] - The adjusted net profit after excluding non-recurring items was 8 million yuan, down 98.31% year-on-year [1] - For Q2 2025, the company reported operating revenue of 1.730 billion yuan, a year-on-year increase of 33.61% and a quarter-on-quarter increase of 12.62% [1] - The net profit attributable to shareholders for Q2 was a loss of 46 million yuan, with losses expanding by 121.05% year-on-year and 133.87% quarter-on-quarter [1] Lithium Business Performance - The company sold 17,869 tons of lithium salts in the first half of 2025, a year-on-year increase of approximately 6.37% [2] - The average price of lithium hydroxide in China fell by 26.98% year-on-year to 67,385.47 yuan/ton [2] - The average price of battery-grade lithium carbonate decreased by 32.15% year-on-year to 70,385.38 yuan/ton [2] - Revenue from the lithium battery raw materials segment declined by 17.84% to 1.307 billion yuan, with gross profit down 74.82% to 142 million yuan [2] - The company is investing in a technical upgrade of its lithium salt production line to enhance competitiveness and reduce production costs [2] Cesium and Rubidium Business Performance - The cesium and rubidium segment achieved operating revenue of 708 million yuan, a year-on-year increase of 50.43% [3] - Gross profit from this segment was 511 million yuan, also reflecting a year-on-year increase of 50.55% [3] - The fine chemical business for cesium and rubidium salts generated revenue of 407 million yuan, up 24.93% year-on-year [3] - The cesium formate rental business saw revenue growth of 107.63% to 301 million yuan [3] Mining and Resource Development - The company is leveraging its geological exploration advantages to enhance mining rights development, particularly in copper and multi-metal projects [4] - The Kitumba copper mine project has completed preliminary design work, with a planned capacity of 350 million tons/year for ore and 60,000 tons/year for cathode copper [4] - The Tsumeb project in Namibia is progressing with a design capacity for multiple metals, including germanium and gallium [4] Investment Outlook - The company maintains a strong global leadership position in the cesium and rubidium business, with stable revenue growth [5] - Future improvements in the lithium battery raw materials segment are anticipated as lithium prices recover [5] - The strategic acquisition of copper and multi-metal projects is expected to contribute significantly to future revenue growth [5] - Projected net profits for 2025-2027 are estimated at 567 million, 1.27 billion, and 2.47 billion yuan, respectively [5]

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]