YTL(000960) 华泰证券·2025-04-28 07:11Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's Q1 2025 revenue reached 9.729 billion RMB, representing a year-over-year increase of 15.82% and a quarter-over-quarter decrease of 23.76%. The net profit attributable to the parent company was 499 million RMB, up 53.08% year-over-year and up 210.55% quarter-over-quarter, driven by rising tin prices [1][2] - The report anticipates that the tight supply of tin mines will likely lead to an upward trend in tin prices from 2025 to 2027, which is expected to support the company's future performance [1][3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a comprehensive gross margin of 11.50%, an increase of 6.57 percentage points quarter-over-quarter and 0.30 percentage points year-over-year. The average price of tin ingots in Q1 2025 was 260,700 RMB per ton, up 3.9% quarter-over-quarter, significantly contributing to the company's profitability [2] - The company produced 24,200 tons of tin, 24,400 tons of copper, and 33,300 tons of zinc in Q1 2025, maintaining stable production levels [2] Profit Forecast and Valuation - The report maintains the company's EPS forecasts for 2025, 2026, and 2027 at 1.37 RMB, 1.57 RMB, and 1.71 RMB, respectively. The target price is set at 17.43 RMB, corresponding to a PE ratio of 12.72 times for 2025 [4][7]