证券研究报告 | 2025年12月18日 唯特偶（301319.SZ） 优于大市 深耕电子焊接材料，双平台战略打造新增长极 前三季度营收同比增长 24.00%，扣非归母净利润同比增长 3.51%。公司发前 三季度实现营收 10.60 亿元(YoY +24.00%)，实现归母净利润 0.70 亿元(YoY -4.84%)，扣非后归母净利润为 0.62 亿元（YoY +3.51%）。其中，公司单三 季度实现营收 3.96 亿元(YoY +19.67%)，实现归母净利润 0.27 亿元(YoY +15.98%)。前三季度公司确认的非经常性损益为 758.63 万元，主要为政府 补助及金融资产公允价值变动损益等。 综合盈利能力稳健，经营性现金流大幅改善。公司前三季度综合毛利率为 16.26%，归母净利率为 6.56%。归母净利润同比小幅下滑主要系去年同期非 经常性损益基数较高所致，而扣非归母净利润的稳健增长彰显了主营业务的 良好发展态势。公司经营质量显著提升，前三季度经营活动产生的现金流量 净额达 0.82 亿元，同比大幅增长 1578.59%，主要系收入增长的同时公司强 化回款管理所致。费用方面，公司持续加大研发投 ...

Core Viewpoint - Yunnan Tin Company (云锡) has evolved over 140 years to become a leading international player in the tin and indium industry, holding over 25% of the global market share, with a focus on green development, craftsmanship, and innovation [1] Group 1: Green Development - Yunnan Tin integrates resource security with green development, establishing tailings resource utilization bases and ensuring that annual resource reserves exceed consumption [2] - The company has increased the proportion of foreign raw materials from 7.23% in 2020 to 29.32% in 2024, promoting efficient resource circulation globally [2] - Yunnan Tin holds 10% of global tin reserves and 30% of global indium reserves, leading the world in these resources [2] Group 2: Craftsmanship and Product Excellence - Yunnan Tin is recognized for having the most complete tin industry chain and the largest production base globally, with a market share of 47.98% domestically and 25.03% globally [3] - The company plans to achieve a total output of 1.74 million tons of non-ferrous metals and 260,000 tons of deep-processed products during the 14th Five-Year Plan [3] - Yunnan Tin has expanded its product applications into high-end fields such as aerospace, 5G communications, and semiconductors [3] Group 3: Innovation and Technology - Yunnan Tin emphasizes technological innovation, with R&D investment reaching 960 million yuan in the first nine months of the year, an increase of 11.6% year-on-year [5] - The company has established 17 new national and provincial innovation platforms since 2021, enhancing its role as a leader in the industry [6] - Yunnan Tin aims to build an internationally influential research and technology standard system, focusing on high-value applications and advanced materials technology [6]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [5]. Core Insights - The company achieved a revenue of 945.09 million yuan in 2024, representing a year-on-year growth of 19.24%. The net profit attributable to the parent company was 212.20 million yuan, up 11.10% year-on-year [1][4]. - In Q4 2024, the company reported a revenue of 262 million yuan, a year-on-year increase of 31.47%, and a net profit of 49 million yuan, reflecting a year-on-year growth of 41.43% [1]. - The company is experiencing growth in its 3C equipment segment and has initiated a new growth curve in semiconductor equipment, particularly in the fields of precision welding and advanced packaging [1][4]. Financial Performance Summary - For 2024, the company reported a gross margin of 48.57%, a slight increase of 1.27 percentage points year-on-year. The net profit margin was 22.45%, down 1.65 percentage points year-on-year [1]. - The company’s revenue is projected to grow to 1,195.83 million yuan in 2025, with a growth rate of 26.53% [4][10]. - The earnings per share (EPS) for 2024 is estimated at 0.85 yuan, with a projected increase to 1.01 yuan in 2025 [10]. Business Segmentation - In 2024, the revenue from precision welding equipment reached 698.06 million yuan, a year-on-year increase of 32.25%. The machine vision process equipment generated 137.42 million yuan, up 37.00% year-on-year [2]. - The company has made significant inroads in the automotive electronics sector, particularly in the new energy vehicle market, with a notable increase in orders for core components [3]. - In the semiconductor field, the company has developed a series of silver sintering equipment and has established partnerships with major international and domestic players [4].