This research series conducts quantitative and qualitative analysis on listed companies across Shanghai, Hong Kong, Shenzhen, and U.S. markets, providing "moat" ratings and fuzzy valuation range assessments. We recommend focusing on companies with A-grade or higher ratings and patiently waiting for attractive valuation opportunities.
I. Graphical Analysis (Investing in Businesses, Not Chips) 1. Revenue Structure Analysis As of year-end 2024, the company reported total revenue of RMB 28 billion, representing 14% YoY growth. By product category: - Primary Business: Tin Ore - Revenue RMB 1.42 billion (33% weight), gross margin 72% - Secondary Business: Silver Ore - Revenue RMB 1.17 billion (27% weight), gross margin 66% - Tertiary Business: Zinc Ore - Revenue RMB 980 million (23% weight), gross margin 51% - Quaternary Business: Iron Concentrate - Revenue RMB 230 million (5% weight), gross margin 46%
For the trailing four quarters (24Q4-25Q3), revenue reached RMB 31.4 billion (+20% YoY) with net profit attributable to shareholders of RMB 4 billion (+32% YoY). Current overall gross margin stands at 58%, net margin at 31%, and ROE at 17%.
2. SG&A Expense Analysis This indicator evaluates a company's ability to generate net profit within its business model. Companies maintaining SG&A expenses below 30% of gross profit demonstrate strong competitive advantages. The company's latest reading is 13.7%, with a three-year average of 18%.
II. Global Comparable Companies Among 23 comparable companies in the "Diversified Mining" sector: - Industry median market cap: RMB 21.9 billion - Median P/E: 56x - Median P/S: 2.18x Inner Mongolia Xingye Silver & Tin Mining currently ranks 5th with a market cap of RMB 64.2 billion, trading at 40x P/E and 12.65x P/S.
III. Asset Composition As the saying goes: "Novices look at income statements, veterans examine balance sheets..."
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