机构：中金公司 研究员：王政/齐丁/陈彦 1H25 业绩符合市场预期 矿产金产量阶段性下降，成本短期上升。从量看，公司1H25 矿产金6.8吨，同比-10.56%；2Q25 矿产金 3.42 吨，同/环比-13.88%/+2.29%。从价看，1H25 年金价722 元/克，同比+38.64%，2Q25 均价770 元/ 克，同/环比+39.43%/+14.78%。从成本看，1H25 销售成本319 元/克，同比+11.78%；全维持成本355 元/ 克，同比+34.28%。公司产量下降和成本阶段性增加主要归因于矿山扩产前期矿石准备工作以及部分矿 山入选品位下降所致；同时由于金价上涨计税基础上升导致全维持成本中税金显著增加，公司预计下半 年成本将逐步回归到正常水平。 稀土板块开始首次销售，稀土业务成长性值得期待。公司依托子公司赤金厦钨进行老挝稀土的开发， 1H25 实现营业收入5968 万元，净利润-1540万元；生产稀土产品448 吨，销售298 吨。 发展趋势 1H25 营业收入52.72 亿元，同比+25.64%；归母净利润11.07 亿元，同比+55.79%；扣非净利润11.12 亿 元，同比+73.9 ...

Core Viewpoint - Jin Hui Co., Ltd. has demonstrated robust performance in the non-ferrous metal mining sector, with positive financial results and a commitment to shareholder returns through a cash dividend plan [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 792 million yuan, representing a year-on-year increase of 10.50% [1]. - The net profit attributable to shareholders was 253 million yuan, reflecting a year-on-year growth of 19.62% [1]. - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares (including tax), totaling 196 million yuan [1]. Resource Expansion Efforts - The resource expansion initiatives have shown significant progress, particularly in the Dongpo lead-zinc mine exploration project, which has completed approximately 26,000 meters of drilling with a discovery rate exceeding 80% [2]. - A substantial mineral layer has been identified below 600 meters, measuring approximately 1,500 meters in length and 500 meters in width, with an average grade of 6%-8% for lead and zinc [2]. - The company aims to complete the exploration and detailed survey work by 2026, laying a solid resource foundation for future production capacity enhancement [2]. Industry Outlook - The non-ferrous metal industry is showing signs of recovery, with expectations for continued upward trends in metal prices due to macroeconomic stabilization and increased demand in emerging sectors like electric vehicles and 5G communications [3]. - Jin Hui Co., Ltd. plans to focus on safety, efficiency, resource expansion, capacity enhancement, and meticulous management to strengthen its core competitiveness during the industry's recovery [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][22]. Core Views - The company achieved a significant increase in profits in Q2, primarily due to a notable rise in self-produced ore sales. The revenue for the first half of 2025 reached 2.787 billion yuan, a year-on-year increase of 23.66%, with a net profit of 382 million yuan, up 9.49% year-on-year [2][10]. - The company is focusing on resource expansion and production capacity enhancement, with several major projects underway, including the increase of ore reserves at the Fozi Mine and the acceleration of mining projects [4][19]. Financial Performance - In the first half of 2025, the company produced 3,273.80 tons of tin concentrate, a decrease of 6.18% year-on-year, while tin ingot production increased by 19.30% to 6,147.02 tons. Zinc concentrate production was 27,100 tons, down 1.17% year-on-year, and zinc ingot production was 16,500 tons, up 8.47% [2][14]. - The gross profit structure shows that tin ingot business contributed 321 million yuan, accounting for 31.68% of total gross profit, while antimony ingot and lead-antimony concentrate contributed 413 million yuan, accounting for 40.73% [3][14]. Future Outlook - The company has slightly adjusted its profit forecast, expecting revenues of 5.349 billion yuan in 2025, with a year-on-year growth rate of 15.5%. The net profit is projected to be 1.001 billion yuan, reflecting a growth rate of 52.2% [5][22]. - The company is one of the few in China focusing on tin and antimony as primary minerals, which positions it well to benefit from price increases in these metals [5][22].

Group 1: Financial Performance and Projections - The company reported a significant drop in profit in Q3 2024 compared to Q2 2024, primarily due to a decrease in ore processing volume and lower metal grades [22] - The company aims to achieve a silver and tin production increase after the completion of the second phase of the Silver Mine project, potentially doubling output [15] - In 2025, the company expects to produce approximately 4,000 to 4,500 tons of silver annually from the expanded capacity of the Yubang Mining project [15] Group 2: Exploration and Resource Development - The company has invested 56.54 million yuan in exploration activities in 2024, with significant drilling efforts totaling 19,462.3 meters on the surface and 16,208.29 meters underground [21] - The company is actively exploring the deep mineral resources of the Silver Mine, which shows promising geological conditions for forming porphyry-type deposits [12] - Yubang Mining has completed over 50,000 meters of drilling, yielding positive results, and the company plans to continue its exploration efforts [12] Group 3: Strategic Planning and Market Position - The company has established an international division to advance overseas business, focusing on silver and tin as key resource targets [20] - The company is committed to enhancing its market recognition and shareholder communication to improve its stock performance [4] - The company is exploring financing options, including issuing overseas bonds, to support its international expansion and optimize its capital structure [20] Group 4: Safety and Operational Challenges - The company is addressing safety management issues following recent accidents, emphasizing the need for improved training and risk management [16] - The company maintains a three-month stockpile of surface ore to ensure continuous processing during unexpected shutdowns [21] - The company is currently rectifying operational practices at the Bosheng Mining site following an incident that halted production [21] Group 5: Investor Relations and Communication - The company acknowledges the need for improved transparency and has committed to enhancing its information disclosure practices [18] - The management expresses confidence in transforming the company into a leading listed entity, focusing on shareholder value [15] - The company plans to provide regular updates on exploration results and operational performance to keep investors informed [12]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][5][12] Core Insights - The company achieved a revenue of 4.631 billion yuan in 2024, a year-on-year increase of 44.68%, and a net profit attributable to shareholders of 658 million yuan, up 87.72% year-on-year [6][8] - The production of core products is expected to continue increasing, benefiting from rising prices of tin and antimony [1][3] - The company is actively advancing major projects to enhance resource reserves and production capacity, with significant mineral resources identified [12][8] Financial Performance - In 2024, the company reported a gross profit of 738 million yuan from tin ingot business, accounting for 39.43% of total gross profit, while lead-antimony concentrate business contributed 551 million yuan, or 29.46% [2][8] - The company’s revenue projections for 2025-2027 are 5.469 billion, 5.975 billion, and 6.499 billion yuan, with year-on-year growth rates of 18.1%, 9.3%, and 8.8% respectively [3][4] - The net profit attributable to shareholders is projected to be 1.174 billion, 1.285 billion, and 1.400 billion yuan for the same period, with growth rates of 78.5%, 9.4%, and 8.9% respectively [3][4] Production and Sales Outlook - The company plans to produce a total of 85,200 tons of tin, zinc, and lead-antimony metals in 2025, along with 35,400 tons of processed tin and zinc products [1][8] - The production of tin concentrate is expected to reach 6,965 tons in 2024, a year-on-year increase of 7.15% [8][12] Resource Development - As of the end of 2024, the company has approximately 62.79 million tons of ore resources, with a total of 3.26 million tons of various metal resources including tin, antimony, indium, zinc, lead, silver, and copper [12][8] - The company is accelerating the development of key mining projects to enhance its competitive edge and asset scale [12][8]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][5][12] Core Insights - The company achieved a revenue of 4.631 billion yuan in 2024, a year-on-year increase of 44.68%, and a net profit attributable to shareholders of 658 million yuan, up 87.72% year-on-year [6][8] - The production of core products is expected to continue increasing, benefiting from rising prices of tin and antimony [1][3] - The company is actively advancing major projects to enhance resource reserves and production capacity, with significant mineral resources identified [12][8] Financial Performance - In 2024, the company reported a gross profit of 738 million yuan from tin ingot business, accounting for 39.43% of total gross profit, while lead-antimony concentrate business contributed 551 million yuan, or 29.46% [2][8] - The company’s revenue projections for 2025-2027 are 5.469 billion, 5.975 billion, and 6.499 billion yuan, with corresponding net profits of 1.174 billion, 1.285 billion, and 1.400 billion yuan [3][4][14] - The company’s cash flow from operating activities was 1.237 billion yuan in 2024, reflecting a year-on-year increase of 35.17% [6][9] Production and Sales Outlook - The company plans to produce a total of 85,200 tons of tin, zinc, and lead-antimony metals in 2025, along with 35,400 tons of processed tin and zinc products [1][8] - The production of tin concentrate in 2024 was 6,965 tons, a year-on-year increase of 7.15%, while zinc concentrate production reached 54,100 tons, up 17.87% [8][12] Resource Development - As of the end of 2024, the company has approximately 62.79 million tons of ore resources, with a total of 3.26 million tons of various metal resources including tin, antimony, indium, zinc, lead, silver, and copper [12][8] - The company is accelerating the development of key mining projects to enhance its competitive position [12][8]

Core Insights - The company reported a revenue of 65.56 billion yuan for 2024, a year-on-year increase of 7.01%, and a net profit attributable to shareholders of 3.386 billion yuan, up 13.71% year-on-year [1] - In Q1 2025, the company achieved a revenue of 14.859 billion yuan, a year-on-year increase of 12.88%, but a quarter-on-quarter decrease of 23.84% [1] - The net profit attributable to shareholders for Q1 2025 was 1.038 billion yuan, reflecting a year-on-year increase of 32.65% and a quarter-on-quarter increase of 39.79% [1] Financial Performance - The average prices of gold and copper in the domestic market increased by 23.8% and 10% respectively in 2024, contributing to the company's performance [2] - The company’s total operating expenses for 2024 were 3.17 billion yuan, a year-on-year increase of 10.4%, with a slight increase in the expense ratio [3] - The company experienced a decrease in gold production by 0.54 tons to 18.35 tons in 2024, while copper production increased by 2,077.28 tons to 82,000 tons [4] Resource Management and Projects - The company enhanced resource security, increasing gold reserves by 30.3 tons and copper reserves by 114,800 tons in 2024 [5] - Key projects are progressing well, with total investment in ongoing projects reaching 1.024 billion yuan [5] - In Q1 2025, the company produced 4.5 tons of gold, a year-on-year increase of 1.09%, benefiting from rising gold and copper prices [6] Future Outlook - The company expects net profits of 4.83 billion yuan, 5.39 billion yuan, and 5.65 billion yuan for 2025-2027, representing year-on-year growth rates of 42.7%, 11.6%, and 4.8% respectively [6] - A target price of 17.9 yuan is set based on an 18x PE ratio for 2025, maintaining a strong buy rating [6]