国金证券8月15日发布研报称，给予华锡有色（600301.SH，最新价：25.76元）买入评级。评级理由主 要包括：1）业绩基本符合预期；2）费用管控优秀，资本结构良好；3）地方国资有色核心上市平台， 增产上量积极推进；4）锑、锡涨价有望共振。风险提示：锡锑价格波动；项目进度不及预期；元素替 代风险。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company reported its 2025 H1 results, showing a revenue increase of 23.66% year-on-year and a net profit growth of 9.49% [1] Financial Performance - In 2Q25, the company achieved a revenue of 1.543 billion yuan, representing a quarter-on-quarter increase of 23.95% and a year-on-year increase of 19.55% [1] - The net profit for 2Q25 was 228 million yuan, with a quarter-on-quarter increase of 48.87% and a year-on-year increase of 2.22% [1] - The main products, antimony, tin, lead, and zinc, saw price changes of +42.98%, +3.75%, -1.36%, and -5.90% respectively on a quarter-on-quarter basis, and +86.08%, +1.58%, -5.89%, and -2.96% on a year-on-year basis [2] - The gross profit margin for 2Q25 increased by 32.57% quarter-on-quarter and 11.58% year-on-year, while the gross profit margin level decreased year-on-year due to a decline in sales of self-produced antimony and tin products [2][3] Cost Management and Capital Structure - The company maintained excellent cost control, with total expenses for 2Q25 at 102 million yuan, showing a quarter-on-quarter increase of 3.03% and year-on-year stability [2] - The expense ratio for 2Q25 was 6.61%, decreasing by 1.34 percentage points quarter-on-quarter and 1.30 percentage points year-on-year [3] - The company's asset-liability ratio was 35.84% at the end of 2Q25, reflecting a continuous optimization of the capital structure [3] Growth Initiatives - As a core listed platform under the Guangxi State-owned Assets Supervision and Administration Commission, the company is actively implementing a three-year action plan to increase production [3] - The company is advancing the development of mining resources in the Nandan County copper and tin-zinc mining area, with production capacity expected to expand to 3.5 million tons per year [3] Price Outlook - Antimony prices are expected to rebound due to a recovery in exports and increasing demand, while tin prices are also projected to rise due to limited production recovery in Wa State and strong inventory support [3] Earnings Forecast and Valuation - The company is projected to achieve revenues of 5.7 billion, 6.8 billion, and 7.5 billion yuan for 2025-2027, with net profits of 980 million, 1.58 billion, and 1.86 billion yuan respectively [4] - The expected earnings per share (EPS) for the same period are 1.54, 2.50, and 2.95 yuan, corresponding to price-to-earnings (PE) ratios of 17, 10, and 9 times [4]

Core Viewpoint - The performance of Huaxi Nonferrous (600301) meets expectations, with a focus on the resonance of antimony and tin prices, leading to a "Buy" rating from Guojin Securities analysts Wang Qinyang and Jin Yuntao [1] Financial Performance - For H1 2025, the company achieved a revenue of 2.787 billion yuan, a year-on-year increase of 23.66%, and a net profit attributable to shareholders of 382 million yuan, up 9.49% year-on-year [2] - In Q2 2025, revenue reached 1.543 billion yuan, a quarter-on-quarter increase of 23.95% and a year-on-year increase of 19.55%; net profit was 228 million yuan, up 48.87% quarter-on-quarter and 2.22% year-on-year [2] Price Trends and Sales - In Q2 2025, the prices of the company's main products (antimony, tin, lead, and zinc) changed as follows: antimony +42.98%, tin +3.75%, lead -1.36%, zinc -5.90% quarter-on-quarter; and antimony +86.08%, tin +1.58%, lead -5.89%, zinc -2.96% year-on-year [3] - Sales volumes for lead-antimony concentrate, tin ingots, and zinc ingots changed quarter-on-quarter by +3.98%, +13.01%, and -10.40% respectively [3] Profitability and Cost Management - The company's gross profit and gross margin in Q2 2025 increased by 32.57% and 6.97 percentage points quarter-on-quarter, and by 11.58% and decreased by 6.71 percentage points year-on-year, respectively [3] - The company maintained excellent cost control, with Q2 2025 period expenses at 102 million yuan, a quarter-on-quarter increase of 3.03% and flat year-on-year [4] - The asset-liability ratio at the end of Q2 2025 was 35.84%, showing a continuous optimization of the capital structure [4] Growth Initiatives - As a core listed platform under the Guangxi State-owned Assets Supervision and Administration Commission, the company is actively implementing a three-year action plan, including projects to increase mining capacity from 330,000 tons/year to 450,000 tons/year [4] - The company is also advancing the development of tin-zinc mineral resources in the Tongkuang mining area, with production capacity expanded to 3.5 million tons/year [4] Price Outlook - Antimony prices are expected to rise due to a recovery in exports and approaching demand inflection points, while tin prices are also anticipated to increase due to limited production recovery and strong inventory support [4] Earnings Forecast and Valuation - The company is projected to achieve revenues of 5.7 billion yuan, 6.8 billion yuan, and 7.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 980 million yuan, 1.58 billion yuan, and 1.86 billion yuan [5] - The estimated earnings per share (EPS) for the same years are 1.54 yuan, 2.50 yuan, and 2.95 yuan, corresponding to price-to-earnings (PE) ratios of 17, 10, and 9 times [5]