Group 1: Company Overview and Leadership Insights - The Chairman, Liu Lukai, emphasized the company's commitment to Xi Jinping's thought and the new development philosophy, aiming for excellence in performance despite complex economic conditions [1] - The company is focused on achieving its goals for the "14th Five-Year Plan" and is determined to become a world-class leading enterprise [2] Group 2: 2024 Production and Financial Analysis - The Secretary of the Board, Yang Jiawei, provided a comprehensive review of the company's 2024 operational performance, including production completion, operational efficiency, and financial results [2] - The company aims to enhance its operational goals for 2025, ensuring investors have a clear understanding of its performance and future objectives [2] Group 3: Market Analysis and Industry Insights - Vice President Chen Xiongjun discussed the tin and indium market dynamics, highlighting the increasing supply disruptions and the strategic importance of tin resources [3] - Tin is identified as an irreplaceable raw material in the renewable energy and electronic communication sectors, with sustained demand expected in the medium to long term [3] Group 4: Sustainable Development Initiatives - The company has released its first sustainability report, building on 16 years of social responsibility reporting, and has enhanced its analysis of "double materiality" issues [4] - The report focuses on governance, environmental sustainability, and social responsibility, showcasing the company's commitment to improving its sustainability management [4] Group 5: Investor Relations and Engagement - The company has strengthened its investor relations by establishing effective communication with institutional investors and industry analysts [5] - The "Chief Look at Tin" segment was upgraded, featuring insights from Chief Analyst Liu Mengluan on investment logic and the competitive landscape of the tin industry [5]

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company reported a significant increase in net profit attributable to the parent company, with a non-recurring net profit of 1.943 billion yuan, representing a year-on-year increase of 40.48% [5][8] - The rise in tin prices has positively impacted the company's tin ingot business, with production increasing by 19.42% and sales by 20.41% in 2024 [8] - The company has improved its global market share in refined tin, achieving a domestic market share of 47.98% and a global market share of 25.03% in 2024 [8] Financial Performance Summary - In 2024, the company achieved revenue of 41.973 billion yuan, a year-on-year decrease of 0.91%, and a net profit of 1.444 billion yuan, a year-on-year increase of 2.55% [5][7] - The average price of tin in 2024 was 248,300 yuan per ton, an increase of 16.9% year-on-year, contributing to a 34.11% increase in tin ingot revenue [8] - The company's projected net profits for 2025-2027 are 2.328 billion yuan, 2.589 billion yuan, and 2.796 billion yuan, respectively, with corresponding P/E ratios of 10.8, 9.8, and 9.0 [9][8]

Core Viewpoint - Under the backdrop of global geopolitical tensions, the leading company in the tin and indium sector, Xiyu Co., Ltd. (000960), continues to maintain a steady development trend in its main business [1] Financial Performance - In the fiscal year 2024, Xiyu Co., Ltd. achieved an operating revenue of 41.973 billion yuan, remaining flat year-on-year; the net profit attributable to shareholders reached 1.444 billion yuan, showing a steady increase; the net profit after deducting non-recurring items was 1.943 billion yuan, representing a significant growth of 40.5% year-on-year [1] - In Q4 2024, the company's revenue reached 12.760 billion yuan, marking a year-on-year increase of 46.64% and a quarter-on-quarter increase of 22.2%; the net cash flow from operating activities was 906 million yuan, indicating a sustained good level of cash collection [1] Market Position and Production - In 2024, Xiyu Co., Ltd. saw a continuous increase in tin and indium production, further enhancing its market share in tin metal, and maintaining its position as the global leader since 2005 [1] - The company is the only full industry chain player in the global tin industry, integrating exploration, mining, selection, smelting, deep processing, and supply chain management [1] Strategic Initiatives - The company is continuously optimizing its supply chain channels to ensure concentrated resource development and utilization, forming an organic synergy in the upstream and downstream industrial chain, effectively improving resource utilization efficiency and market response speed [1] - As of the end of 2024, the company has cumulatively provided asset impairment provisions of 260 million yuan and has scrapped assets totaling 270 million yuan, which, while impacting profits, is expected to support the company's operational development moving forward [1] Dividend Policy - The company plans to distribute a cash dividend of 1.9 yuan (including tax) for every 10 shares based on the 2024 operating results, totaling 313 million yuan (including tax); over the past three years, the cumulative cash dividends (including buybacks) exceeded 1.1 billion yuan, accounting for approximately 80% of the average annual profit during this period, reflecting the company's robust financial status and stable dividend policy [2] Investor Engagement - On April 7, 2024, Xiyu Co., Ltd. will hold a live-streamed performance briefing and investor communication session to address common investor concerns [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company has shown significant growth in tin and indium production, with a notable increase in non-recurring net profit [1][4] - The company achieved a revenue of 41.973 billion yuan in 2024, a slight decrease of 0.9% year-on-year, while the net profit attributable to shareholders increased by 2.5% to 1.444 billion yuan [3][4] - The company aims to produce 90,000 tons of tin in 2025, reflecting a strong production target [4] Financial Performance - In 2024, the company reported a non-recurring net profit of 1.94 billion yuan, a significant increase of 40.5% year-on-year [3][6] - The fourth quarter of 2024 saw a revenue of 12.76 billion yuan, a year-on-year increase of 46.6% [3] - The company’s gross margin and net margin for 2024 were 9.59% and 3.44%, respectively, showing slight improvements [5] Production and Market Position - The company maintained its position as the global leader in tin production, with a domestic market share of 47.98% and a global market share of 25.03% in 2024 [4] - Production volumes for 2024 included 78,000 tons of tin ingots, 130,000 tons of copper products, and 127 tons of indium ingots, with respective year-on-year increases of 19.4%, 0.8%, and 24.5% [4] Future Outlook - The company forecasts net profits of 2.22 billion yuan, 2.57 billion yuan, and 2.86 billion yuan for 2025, 2026, and 2027, respectively, indicating a positive growth trajectory [6][7] - The report anticipates a revenue growth rate of 10.8% in 2025, followed by 5.4% in 2026 and 3.81% in 2027 [7]

受益锡供给趋紧 年报显示，供给端，锡作为稀有金属，地壳含量较低，可用资源有限，资源稀缺性及战略性日益凸显。 2024年东南亚传统锡矿主产国开始持续收紧关于锡资源开采的政策，直接导致全球锡矿供应收紧。 2025年，锡供给偏紧趋势持续。上海钢联稀贵金属资讯部锡分析师郭砺成对《证券日报》记者表 示："刚果民主共和国Bisie锡矿暂停运营影响全球锡供应，印尼3月份起上调锡矿开采税导致当地生产成 本上升，叠加缅甸复产延迟，全球锡金属供给短缺预期强化。中长期来看，若完全符合预期，随着后续 缅甸矿山复产，非洲地缘冲突逐步好转，锡矿供应或于今年第三季度逐步恢复。" 在此背景下，锡价维持高位。浙商期货研报显示，截至3月28日，沪锡主连收盘价格为28.23万元/吨， 季度涨幅15.3%；伦锡收盘价格为35255美元/吨，季度涨幅21.8%。 本报记者李如是 4月3日，云南锡业股份有限公司（以下简称"锡业股份"）发布2024年年度报告。2024年，公司实现营收 419.73亿元；归属于上市公司股东的净利润为14.44亿元，同比增长2.55%；扣非净利润19.43亿元，同比 增长40.48%。同时，公司拟向全体股东每10股派发现金红 ...

证券研究报告 锡业股份 (000960 CH) 锡价偏乐观，期盼公司 25 年业绩稳增 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 06 日│中国内地 | 基本金属及加工 | 锡业股份发布年报，2024 年实现营收 419.73 亿元（yoy-0.91%），归母净 利 14.44 亿元（yoy+2.55%），扣非净利 19.43 亿元（yoy+40.48%）。符合 公司此前发布的业绩预期 14.2-15.2 亿元。其中 Q4 实现营收 127.60 亿元 （yoy+46.64%，qoq+22.25%），归母净利 1.61 亿元（yoy-48.63%， qoq-66.74%）。基于锡未来供给增量有限，供需偏紧的判断，我们认为锡价 格中枢或在 25-27 年逐年上移，公司业绩或受益于价格上涨，维持增持评级。 Q4 锡价、加工费均下降对公司业绩造成一定拖累 公司 2024 年锡锭产销量分别为 7.85/7.89 万吨，同比+19.42%/+20.41%，其 中公司锡原矿产量 3.12 万吨，同比下滑 2.46%。盈利方面，公司 24 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][16]. Core Insights - The company reported a slight decline in total revenue of 0.91% year-on-year, amounting to 41.973 billion yuan, while the net profit attributable to shareholders increased by 2.55% to 1.444 billion yuan. The adjusted net profit, excluding non-recurring items, saw a significant increase of 40.48% to 1.943 billion yuan [1][3][8]. - The fourth quarter showed a strong performance with revenue of 12.76 billion yuan, a year-on-year increase of 46.64%, although net profit decreased by 48.63% year-on-year [1][3]. - The increase in net profit was primarily driven by rising tin prices, which saw an average price increase of 17% year-on-year, alongside a reduction in operating expenses [1][8]. Financial Summary - For 2024, the company achieved total revenue of 41.973 billion yuan, with a projected revenue growth of 7.1% for 2025, reaching approximately 44.965 billion yuan [3][9]. - The net profit attributable to shareholders is expected to grow significantly, with projections of 2.559 billion yuan in 2025, reflecting a year-on-year growth of 77.2% [3][9]. - The company’s earnings per share (EPS) is projected to increase from 0.88 yuan in 2024 to 1.55 yuan in 2025, indicating a positive growth trajectory [3][9]. Production and Market Performance - The company achieved a record production of 361,000 tons of non-ferrous metals in 2024, marking a 4% increase year-on-year, with tin production reaching 84,800 tons, a 6% increase [1][8]. - The report highlights a significant increase in production of precious metals, with indium production up by 25% and gold production up by 23% [1][8]. - The company plans to produce 90,000 tons of tin and 125,000 tons of copper in 2025, indicating a focus on expanding production capacity [1][8].

事件 盈利预测、估值与评级 公司是全球精炼锡生产龙头，有望充分受益于锡价上行所带来的业绩弹性。我们预计公司2025-2027 年 归母净利润分别为23.55/26.50/28.17 亿元，分别同比增长63.07%/12.53%/6.29%；EPS 分别为 1.43/1.61/1.71 元/股，当前股价对应P/E分别为10.7/9.5/9.0 倍，维持"买入"评级。 风险提示：宏观经济环境风险；金属价格大幅波动风险；产业政策变化风险；供应链风险。 2024 年，公司生产有色金属总量36.10 万吨，同比增加1.39 万吨；其中，锡8.48万吨，同比增加0.48 万 吨；铜13.03 万吨，同比增加0.10 万吨；锌14.40 万吨，同比增加0.93 万吨；铅1848 吨，同比减少1310 吨。2024 年，公司生产铟锭127吨，同比增加25 吨；金1229 千克，同比增加227 千克；银145 吨，同比 减少21吨。2024 年，公司锡全国/全球市占率分别为47.98%/25.03%，分别同比提高0.06/2.11pct。2025 年公司计划产锡/铜/锌分别为9/12.5/13.16 万吨，铟锭102.3 吨。 ...

事件:2024 年公司实现归母净利润14.4 亿元，同比+2.6%，实现扣非归母净利润19.4 亿元，同比 +40.5%。24Q4 实现归母净利润1.61 亿元，环比-67%，同比-49%。 2024 年公司锡锭产量同比+19%。2024 年公司锡锭、铜产品、锌产品产量分别为7.85、13.03、14.56 万 吨，同比+19.4%、0.8%、7.2%。 签署多项战略合作协议，公司未来成长可期。2024 年12 月23 日公司与克什克腾旗人民政府签署《锡产 业合作协议》，克什克腾旗地处大兴安岭成矿带，克旗人民政府将锡业股份确定为全旗锡资源整合的主 体，对现有探矿权、采矿权进行整合。此外，公司与兴业银锡于2025 年1 月21 日签署了《战略合作框 架协议》，有助于公司与合作方在未来发展过程中实现资源、业务、技术等多方面的合作。 预计25 年锡价将维持高位。Alphamin Resources 于3 月13 日宣布停产，2024年Alphamin Resources 的 Bisie 锡矿产量为17324 吨，占全球锡矿产量的比例为6%。2023 年，缅甸佤邦锡矿产量占全球锡矿产量 的比例约为18%。受缅甸地震影 ...

云南锡业股份有限公司 2024 年度董事会工作报告 2024 年，云南锡业股份有限公司（以下简称"锡业股份"或"公司"）董事会严 格按照《公司法》《证券法》《深圳证券交易所股票上市规则》（以下简称"《股 票上市规则》"）《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》（以下简称"《规范运作》"）等法律法规、规范性文件及《云南 锡业股份有限公司章程》（以下简称"《公司章程》"）等管理制度的规定，本着 对公司和全体股东负责的态度，恪尽职守、诚实守信、勤勉尽责地履行义务及谨 慎科学决策，认真贯彻落实股东大会的各项决议，积极有效地开展董事会各项工 作，持续完善公司治理水平和规范运作，为保障公司高效运行和可持续发展发挥 了应有的作用。现将董事会 2024 年度主要工作报告如下： 一、2024 年公司生产经营情况 2024 年，锡业股份坚持以习近平新时代中国特色社会主义思想为指导，积 极克服经营环境复杂多变、有色金属价格剧烈震荡、原料供应紧张、加工费持续 走低等诸多挑战，通过全司广大干部职工齐心协力，锐意进取，公司 2024 年生 产有色金属总量 36.10 万吨，其中：锡 8.48 万吨、铜 ...