Core Viewpoint - The company is expanding its resource portfolio globally, focusing on silver, tin, and zinc, with significant acquisitions and operational growth expected in the coming years [1][2]. Group 1: Resource Expansion - The company has undergone three rounds of resource expansion since its listing, with major acquisitions including Bosheng Mining (gold) and Yubang Mining (silver and zinc) in 2023 [1]. - The company currently operates three major mines that are expected to generate substantial profits, positioning it as a high-growth cash cow [1]. - The company holds three world-class silver mines, with significant silver resources: Yinan Mining (8,058 tons), Yubang Mining (17,900 tons), and Budun Yingen Mining (11,000 tons) [1]. Group 2: Future Production Capacity - The company’s silver production capacity is projected to increase by 2.7 times, reaching 1,494 million tons per year after full production of its mines [2]. - In 2024, the combined silver production from the company's three mines is expected to be 229 tons, which is below the average production of over 350 tons per year from the top ten silver mines globally [2]. Group 3: Market Conditions - Current silver and tin prices are considered undervalued, with potential for recovery as industrial metal prices may realign with gold prices due to manufacturing PMI trends [3]. - The silver market is facing a persistent supply-demand gap, exacerbated by low inventory levels and increasing demand from the photovoltaic sector [3]. - Tin supply issues are expected to persist due to geopolitical factors and resource depletion, while demand is anticipated to rise due to AI-driven growth in the semiconductor market [3]. Group 4: Financial Projections - The company’s projected revenues for 2025, 2026, and 2027 are estimated at 5.86 billion, 6.68 billion, and 8.32 billion respectively, with net profits of 2.06 billion, 2.41 billion, and 3.13 billion [4]. - The company is expected to benefit from high growth potential in the silver and tin multi-metal mining sector, with a favorable price-to-earnings ratio forecasted [4].

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 ...