YTL(000960) 国泰君安·2024-09-05 02:38Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - In Q2 2024, the company's net profit attributable to shareholders increased by 12.71% year-on-year to 4.74 billion yuan, with a significant rise in non-recurring net profit by 106.83% to 6.94 billion yuan, indicating strong performance [3][23]. - The company benefits from rising prices of its main products, which has led to improved profitability and a significant increase in gross profit [4][19]. - The company has adjusted its earnings forecast for 2024-2026, expecting EPS of 1.22, 1.56, and 1.66 yuan respectively, and has set a target price of 15.86 yuan [4][11]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 18.775 billion yuan, a decrease of 17.77% year-on-year, while net profit attributable to shareholders was 800 million yuan, an increase of 16.35% [16]. - The company produced a total of 185,200 tons of non-ferrous metals in H1 2024, with tin production at 45,200 tons, copper at 70,300 tons, and zinc at 68,800 tons, all showing year-on-year growth [30]. Product Pricing and Market Conditions - The average prices for tin, copper, and zinc in H1 2024 were 24,030, 7,500, and 2,200 yuan per ton, respectively, reflecting increases of 15.5%, 9.97%, and 0.99% year-on-year [4][17]. - The supply of tin remains tight, with demand recovering alongside the semiconductor cycle, providing strong support for tin prices [4][28]. Strategic Partnerships and Industry Position - The company has established strategic partnerships, including a collaboration with Xiamen Tungsten Co., focusing on resource development and technological cooperation [28][30]. - The company holds a leading position in the tin industry, with the largest production base and market share globally, benefiting from unique policy advantages in raw material procurement [28][30].