研報掘金丨國泰海通:維持錫業股份“增持”評級,上調目標價至22.88元
國泰海通研報指出,錫業股份為全球錫銦行業龍頭企業,有望充分受益價格中樞抬升帶來的利潤增厚。此外,公司資源稟賦優異,錫、鎢、銦等產量有較大增長空間。量價齊升將推動公司業績高增。上調目標價至22.88元(原為18.59元),維持“增持”評級。2024年公司錫金屬國內市佔率為47.98%,全球市佔率為25.03%,均有所提升,位列全球十大精錫生產商之首。內找外拓,錫鎢銦多輪驅動增長。公司卡房礦內拓潛力可期,未來將配套採選生產規模150萬噸/年,主礦產鎢生產規模56萬噸/年。此外,公司銦生產技術、產能規模國際領先,將有望受益於半導體週期的上行。宏觀方面,在海內外貨幣政策逐漸寬鬆的背景下,資產價格有望迎來分母端利好,同時需求預期也將持續改善,錫價中樞有望持續抬升,公司將充分受益。
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