有色金属/小金属 锡业股份（000960.SZ） 锡业龙头，不断提升资源综合价值 2025 年 08 月 26 日 投资评级：买入（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 20.41 | | 一年最高最低(元) | 20.87/12.60 | | 总市值(亿元) | 335.91 | | 流通市值(亿元) | 335.91 | | 总股本(亿股) | 16.46 | | 流通股本(亿股) | 16.46 | | 近 3 个月换手率(%) | 116.18 | 股价走势图 -16% 0% 16% 32% 48% 64% 2024-08 2024-12 2025-04 2025-08 锡业股份 沪深300 数据来源：聚源 相关研究报告 《锡矿供应脆弱性驱动锡价上行，公 司业绩有望受益—公司信息更新报 告》-2025.4.7 《2024Q3 期间费用率上升，资产结构 持 续 优 化 — 公 司 信 息 更 新 报 告 》 -2024.10.28 《经营性利润充分释放，固定资产报 废影响非经—公司信息更新报告》 -2024.8.26 孙二春（分析师） 温佳贝（ ...

Group 1: Production and Financial Performance - In the first half of 2025, the company achieved a net profit attributable to shareholders of 10.2 billion to 11.2 billion CNY, representing a year-on-year increase of 27.52% to 40.03% [2] - The non-recurring net profit attributable to shareholders was 12.6 billion to 13.6 billion CNY, with a year-on-year growth of 26.20% to 36.22% [2] - The company is the only full-industry chain listed company in the tin industry in China, integrating exploration, mining, selection, smelting, deep processing, and supply chain [2] Group 2: Strategic Focus and Future Plans - The company aims to strengthen its position as a "value creation center" in the non-ferrous metal raw materials sector, focusing on resource expansion, modern mining, and raw material manufacturing [3] - Future plans include enhancing production capacity and cost control, geological exploration, and resource upgrading in existing mining areas [3] - The company will leverage the "Belt and Road" initiative to accelerate resource expansion efforts [3] Group 3: Resource Self-Sufficiency and Supply Chain Management - In 2024, the self-sufficiency rates for tin concentrate, copper concentrate, and zinc concentrate were 30.21%, 15.91%, and 72.72%, respectively [4] - The company plans to increase resource self-sufficiency through geological research and exploration activities [4] - The company will utilize various channels for tin smelting raw materials, including self-mining, domestic procurement, and processing exports [5] Group 4: Market Outlook and Pricing Strategy - The supply of tin raw materials remains tight, impacting smelting profits, with limited new supply expected in the Chinese market [5] - Demand for tin solder in traditional sectors is expected to maintain positive growth, supported by the automotive industry's increasing tin usage [5] - The company anticipates that tin prices will be influenced by cost structures and demand fluctuations [5] Group 5: Operational Efficiency and Cost Management - The company has implemented a "three-year action plan for cost reduction and efficiency enhancement" to ensure stable and optimal smelting operations [6] - Efforts are being made to improve the recovery of valuable metals from tailings, enhancing overall recovery efficiency [6] - The company is conducting technical research on tailings resource utilization, aiming to establish three tailings resource utilization bases [6] Group 6: Dividend Policy and Shareholder Engagement - The company plans to enhance shareholder returns by increasing cash dividend frequency and exploring share buybacks [6] - Future dividend policies will consider operational performance and long-term development while addressing reasonable shareholder demands [6]