The 2024 annual report released by Yunnan Tin Co., Ltd. shows that in 2024, under the strong leadership of the company's Party Committee and Board of Directors, Yunnan Tin Co., Ltd. actively overcame the challenges of a complex and volatile operating environment, including intensified fluctuations in non-ferrous metal prices, tight raw material supply, and continuously declining processing fees. The company focused on the overall task of "strengthening research, deepening reforms, expanding markets, and stabilizing operations," proactively controlled the operating pace, seized market opportunities, and achieved steady improvement in operational quality and efficiency. In 2024, the company produced a total of 361,000 mt of non-ferrous metals, including 84,800 mt of tin, 130,300 mt of copper, 144,000 mt of zinc, and 1,848 mt of lead. The company also produced rare and precious metals, including 127 mt of indium ingots, 1,229 kg of gold, and 145 mt of silver. During the reporting period, the company achieved operating revenue of 41.973 billion yuan, a YoY decrease of 0.91%. Net profit attributable to shareholders of the listed company was 1.444 billion yuan, a YoY increase of 2.55%. Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 1.943 billion yuan, a YoY increase of 40.48%. At the end of the reporting period, the company's total assets were 36.643 billion yuan, a decrease of 1.13% compared to the beginning of the year. Net assets attributable to shareholders of the listed company were 20.848 billion yuan, an increase of 17.19% compared to the beginning of the year.
The 2024 annual report of Yunnan Tin Co., Ltd. shows that the company's main business is the exploration, mining, beneficiation, and smelting of metal ores such as tin, zinc, copper, and indium.
Regarding the company's mineral resource reserves at the end of the reporting period, Yunnan Tin Co., Ltd. introduced: As of December 31, 2024, the company's retained resource reserves were: 258 million mt of ore, 626,200 mt of tin metal content, 1.1499 million mt of copper metal content, 3.661 million mt of zinc metal content, 4,821 mt of indium, 77,800 mt of tungsten trioxide, 96,300 mt of lead metal content, and 2,460 mt of silver.
In addition, Yunnan Tin Co., Ltd. also introduced: During the reporting period, the company carried out mineral resource exploration activities: In 2024, the company's subordinate mining units invested a total of 101 million yuan in exploration. Throughout the year, the company added 52,400 mt of non-ferrous metal resources (confirmed by a third-party expert team), including 17,600 mt of tin and 34,800 mt of copper. The specific details are as follows:
In its 2024 annual report, Yunnan Tin Co., Ltd. discussed its main work goals for 2025: The company's comprehensive budget for operating revenue in 2025 is 46.5 billion yuan. The production targets are 90,000 mt of tin, 125,000 mt of copper, 131,600 mt of zinc, and 102.3 mt of indium ingots. (This plan is a guiding indicator, and the final results are subject to uncertainty due to various internal and external environmental factors and operational management. Therefore, it does not constitute a substantive commitment to operating revenue and product output. Investors are advised to pay attention to the risks.)
On April 7, Ping An Securities released a research report, giving Yunnan Tin Co., Ltd. a "recommended" rating. The reasons for the rating mainly include: 1) A significant YoY increase in net profit after deducting non-recurring gains and losses, with mining rights transfer income affecting net profit; 2) Focus on refined tin, with rising tin prices driving growth in the tin ingot business; 3) The company's global market share of refined tin has increased, and multiple cooperation agreements are expected to enhance the company's resource potential; 4) The central price of tin is expected to further rise. Risk warnings: 1) Project progress may fall short of expectations, and the company's profit growth may not meet expectations. If the progress of current projects under construction is significantly slower than expected, it may affect the company's future performance growth. 2) Downstream demand may fall short of expectations. If end-use demand contracts significantly, the company's product sales may be affected to some extent. 3) Industry competition may intensify. A significant increase in industry competition may lead to lower-than-expected product sales.
On April 6, Pacific Securities commented on Yunnan Tin Co., Ltd.'s research report, showing that tin and indium production increased YoY, and the market share of tin metal increased, maintaining the company's global leadership. In 2024, the company's production of tin ingots/copper products/zinc products/indium ingots was 78,000 mt/130,000 mt/146,000 mt/127 mt, with YoY increases of +19.4%/+0.8%/+7.2%/+24.5%, respectively. The production of tin ingots and indium ingots increased significantly YoY. The company's production targets for 2025 are 90,000 mt of tin, 125,000 mt of copper, 132,000 mt of zinc, and 102.3 mt of indium ingots. In 2024, the company invested 101 million yuan in exploration, adding 52,400 mt of non-ferrous metal resources, including 17,600 mt of tin and 34,800 mt of copper. In 2024, the company's domestic/global market share of tin metal was 47.98%/25.03%, with YoY increases of +0.06/+2.11 pct, respectively. Since 2005, the company has maintained its global leadership in tin production and sales. The expense ratio decreased, and the price of refined indium rose significantly throughout the year. The asset-liability ratio decreased significantly, and the dividend payout ratio increased slightly. Pacific Securities is optimistic about the company's long-term development trend and maintains a "buy" rating. Risk warnings: Risks of significant price fluctuations, unexpected supply-side releases, and demand falling short of expectations.
Yunnan Tin Co., Ltd. introduced: In 2024, tin metal prices maintained a considerably fluctuating trend. In H1, tin prices were mainly affected by tight supply, with the first phase seeing tin prices rise from 230,000 yuan/mt to around 280,000 yuan/mt. Due to delays in export approval processes in major tin ingot-producing countries in Southeast Asia, tin ingot supply in H1 hit a new low in recent years. At the same time, LME tin inventory continued to decline, approaching historical lows, raising concerns about the stability of global tin ingot supply. In the second phase, the continued tight supply from major tin ore-producing countries in Southeast Asia further exacerbated market concerns about tin supply. Against the backdrop of a recovery in macroeconomic sentiment, continued supply contraction, and steady demand, SHFE tin prices reached a yearly high of around 295,000 yuan/mt in May. In H2, tin prices began to fluctuate downward, mainly due to macroeconomic cooling and a slowdown in global economic recovery. Tin prices generally followed the trend of most non-ferrous metals, but downstream purchasing remained moderate due to the recovery in the semiconductor cycle, providing strong market support. In 2024, as the global display panel industry entered a new growth phase, combined with domestic market expectations and changes in strategic metal export policies, domestic demand for refined indium increased, supporting a steady rise in indium prices. According to SMM data, the average price of refined indium in 2024 was 2,612 yuan/kg, a YoY increase of 48.31% compared to 2023, with a fluctuation range of 1,985-3,075 yuan/kg.
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