Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company has shown significant performance growth driven by the synergy of tin and antimony prices, with a notable increase in resource reserves potential [4][5]. - The company is positioned as a leader in the tin and antimony industry, with robust resource endowments and a strong market presence [45][46]. Summary by Sections Financial Performance - In H1 2025, the company achieved operating 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 [1][13]. - In Q2 2025, the company reported operating revenue of 1.543 billion yuan, a quarter-on-quarter increase of 23.95% and a year-on-year increase of 26.64% [1][13]. Production and Sales - The company’s tin concentrate production in H1 2025 was approximately 3,273.80 tons, a decrease of 6.18% year-on-year, while sales increased by 41.02% [2][22]. - The production of zinc ingots rose by 8.47% year-on-year, with sales also increasing by 8.06% [2][22]. Pricing and Margins - The average prices for the company's main products in H1 2025 were 262,100 yuan/ton for tin, 189,000 yuan/ton for antimony, and 23,100 yuan/ton for zinc, with significant year-on-year increases for antimony [3][26]. - The overall gross margin for H1 2025 was 36.36%, a decrease of 2.56 percentage points year-on-year [3][26]. Resource Development - The company has made progress in resource development, with significant increases in mineral reserves, particularly in the Fozichong lead-zinc mine, which saw a 93.59% increase in verified reserves [4][47]. - The company holds mining rights for three major mines, with a total resource amount of 89.591 million tons as of H1 2025 [4][47]. Future Outlook - The company is expected to achieve net profits of 984 million yuan, 1.139 billion yuan, and 1.323 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 17, 14, and 12 [6][5]. - The anticipated demand surge, coupled with relaxed export policies, is expected to create a favorable market environment for tin and antimony [49].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15] Core Views - The company is expected to benefit significantly from the rising prices of tin and antimony, with a projected increase in revenue and net profit for the coming years [5][6] - The company achieved a revenue of 2.787 billion yuan in H1 2025, representing a year-on-year increase of 23.66%, and a net profit of 382 million yuan, up 9.49% year-on-year [5][6] - The forecast for net profit from 2025 to 2027 has been adjusted upwards, with expected figures of 942 million yuan, 1.051 billion yuan, and 1.328 billion yuan respectively [5][6] Financial Performance Summary - In Q2 2025, the company reported a revenue of 1.543 billion yuan, a year-on-year increase of 19.55% and a quarter-on-quarter increase of 23.95% [5][6] - The net profit for Q2 2025 was 228 million yuan, showing a year-on-year increase of 2.22% and a quarter-on-quarter increase of 48.87% [5][6] - The company’s tin ingot production in Q2 2025 was 3,237.96 tons, a year-on-year increase of 90% and a quarter-on-quarter increase of 11% [6] Production and Pricing Insights - The average market price for tin ingots in Q2 2025 was approximately 264,000 yuan per ton, with a slight increase compared to the previous periods [6] - The company’s gross profit from the tin ingot segment in Q2 2025 was 186 million yuan, reflecting a quarter-on-quarter increase of 38% [6] - The antimony segment achieved a gross profit of 240 million yuan in Q2 2025, with a gross margin close to 90% [6] Strategic Initiatives - The company is actively promoting a "Three-Year Action Plan" aimed at enhancing production capacity, including a planned investment of 1.09 billion yuan for deep mining projects [7] - The company’s copper mine project has seen an increase in certified scale from 2.376 million tons per year to 3.5 million tons per year [7] Financial Projections - Revenue projections for 2025 to 2027 are 5.103 billion yuan, 5.435 billion yuan, and 6.506 billion yuan respectively, with corresponding net profit estimates of 942 million yuan, 1.051 billion yuan, and 1.328 billion yuan [9][12] - The expected EPS for 2025, 2026, and 2027 are 1.49 yuan, 1.66 yuan, and 2.10 yuan respectively, with P/E ratios of 17.8, 15.9, and 12.6 [9][12]

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].

证券代码：600301 证券简称：华锡有色 编号：2025-049 | | | 主营业务分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2025 年 1-6 月 | 2025 年 1-6 月 毛利 | | 营业收入 | 营业成本 | 毛利率比上 | | 分行业 | | | | 比上年同 | 比上年同 | 年同期增减 | | | 营业收入 | 营业成本 | 率（%） | 期增减（%） | 期增减（%） | （%） | | 有色金属采 | 2,591,291,212.11 | 1,617,919,210.01 | 37.56 | 22.18 | 25.98 | 减少 1.89 个 | | 选业 | | | | | | 百分点 | | 有色金属深 | | | | | | 减少 16.97 | | 加工业 | 128,494,259.80 | 104,092,129.18 | 18.99 | 86.84 | 136.34 | 个百分点 | | 服务行业 | 67,598,955.18 | 51,830,801.58 | 23.33 | 5 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 4.631 billion yuan in 2024, representing a year-on-year increase of 58.40%, and a net profit attributable to shareholders of 658 million yuan, up 109.79% year-on-year [2] - The fourth quarter of 2024 saw a revenue of 1.215 billion yuan, a quarter-on-quarter increase of 4.65% and a year-on-year increase of 26.96%, with a net profit of 117 million yuan, down 38.76% quarter-on-quarter but up 43.34% year-on-year [2][3] - In the first quarter of 2025, revenue was 1.245 billion yuan, a quarter-on-quarter increase of 2.40% and a year-on-year increase of 29.17%, with a net profit of 153 million yuan, up 30.75% quarter-on-quarter and 22.46% year-on-year [2][4] Summary by Sections Financial Performance - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 4.631 billion yuan and net profit at 658 million yuan [2] - The revenue growth rate for 2024 was 58.40%, while the net profit growth rate was 109.79% [10] - The fourth quarter of 2024 experienced a decline in gross profit and gross margin due to price drops in main products [3] Product Pricing and Sales - In the fourth quarter of 2024, the prices of main products such as antimony, tin, lead, and zinc changed by -9.50%, -5.34%, -6.95%, and +8.36% respectively [3] - The first quarter of 2025 saw an increase in prices for antimony and tin, while lead and zinc prices decreased [4] Future Outlook - The company is expected to see revenue growth in the coming years, with projected revenues of 5.974 billion yuan, 6.772 billion yuan, and 7.320 billion yuan for 2025, 2026, and 2027 respectively [5] - The net profit forecast for 2025 is 1.225 billion yuan, with an EPS of 1.94 yuan, and the PE ratio is expected to be 10 times [5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 4.631 billion yuan in 2024, representing a year-on-year increase of 58.40%, and a net profit attributable to shareholders of 658 million yuan, up 109.79% year-on-year [2] - The fourth quarter of 2024 saw a revenue of 1.215 billion yuan, with a quarter-on-quarter increase of 4.65% and a year-on-year increase of 26.96% [2] - The first quarter of 2025 reported a revenue of 1.245 billion yuan, reflecting a quarter-on-quarter increase of 2.40% and a year-on-year increase of 29.17% [2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.631 billion yuan and a net profit of 658 million yuan, with significant growth rates of 58.40% and 109.79% respectively [10] - The fourth quarter of 2024 experienced a revenue of 1.215 billion yuan and a net profit of 117 million yuan, with a notable year-on-year profit increase of 43.34% despite a quarter-on-quarter decline of 38.76% [2][3] - The first quarter of 2025 showed a revenue of 1.245 billion yuan and a net profit of 153 million yuan, with a quarter-on-quarter increase of 30.75% and a year-on-year increase of 22.46% [2][4] Market Outlook - The report indicates a positive outlook for the prices of antimony and tin, with expectations of price increases due to various market factors [4] - The company anticipates revenue growth for 2025 to reach 5.974 billion yuan, with net profits projected at 1.225 billion yuan, reflecting continued strong performance [5][10] Cost and Margin Analysis - The fourth quarter of 2024 saw a decline in gross profit and gross margin due to price drops in key products, with gross profit margin decreasing by 7.46 percentage points [3] - The first quarter of 2025 indicated a decrease in gross profit and margin, attributed to lower sales volumes of self-produced tin and antimony [4]

证券代码：600301 证券简称：华锡有色 编号：2025-022 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所关于行业经营性信息披露的相关要求，广西华锡有色金 属股份有限公司（以下简称"公司"）现就 2024 年度主要经营数据披露如下： | | | 主营业务分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 分行业 | 2024 年 1-12 月 2024 年 营业收入（元） | 1-12 月 营业成本（元） | 毛利 率（%） | 营业收入 比上年同 | 营业成本 比上年同 | 毛利率比上 年同期增减 | | | | | | 期增减（%） | 期增减（%） | （%） | | 有色金属采 选业 | 4,374,892,456.20 | 2,573,397,748.68 | 41.18 | 46.60 | 41.46 | 增加 2.14 个 百分点 | | 有色金属深 加工业 | 114,191,782.74 | 80,422,68 ...

证券代码：600301 证券简称：华锡有色 公告编号：2025-027 | 锌精矿 | 81,344,453.31 | 41,376,003.26 | 49.13 | 25.62 | 5.83 | 增加 9.51 个 百分点 | | --- | --- | --- | --- | --- | --- | --- | | 其他矿产及 相关产品 | 113,253,122.66 | 72,938,555.63 | 35.60 | 22.67 | 14.62 | 增加 4.52 个 百分点 | | 有色金属深 加工产品 | 41,183,347.11 | 29,014,625.98 | 29.55 | 25.22 | 36.94 | 减少 6.03 个 百分点 | | 监理及相关 业务 | 24,635,795.43 | 19,606,971.77 | 20.41 | -31.27 | -16.55 | 减少 14.04 个百分点 | | | | 主营业务分地区情况 | | | | | | 分地区 | 2025 年 1-3 月 营业收入 | 2025 年 1-3 月 营业成本 | 毛利率 （%） | 营业收入 比上 ...