股票代码：600219 股票简称：南山铝业 公告编号：2024-059 山东南山铝业股份有限公司 第十一届董事会第十四次会议决议公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实、准确和完整承担个别及连带责任。 山东南山铝业股份有限公司（以下简称"公司"或"本公司"）第十一届董事会第十 四次议于 2024 年 11 月 8 日上午 10 时以现场和通讯相结合的方式召开，公司于 2024 年 10 月 29 日以书面、传真和邮件方式通知了各位参会人员。本次会议应到董事 9 名，实到董 事 9 名，其中，独立董事 3 名，公司监事和高级管理人员列席了会议。会议的召开符合《公 司法》和《公司章程》的有关规定，会议决议合法有效。会议由董事长吕正风先生主持， 经审议表决通过了以下议案： 为满足公司全资子公司南山铝业新加坡有限公司（以下简称"新加坡公司"）贸易融 资需求，公司拟与 United Overseas Bank Limited（以下简称"大华银行"）签署《担保 合同》，为新加坡公司在大华银行申请额度为 2,100 万美元的担保展期。本次担保展期期 限自董事会审议通 ...

证券代码：600219 证券简称：南山铝业 公告编号：2024-060 山东南山铝业股份有限公司关于 为全资子公司南山铝业新加坡有限公司 提供担保展期的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 被担保人名称：南山铝业新加坡有限公司（以下简称"新加坡公司"）， 为山东南山铝业股份有限公司（以下简称"公司"）全资子公司。 担保金额及已实际为其提供的担保余额：本次为新加坡公司担保金额为 2,100 万美元，本次担保发生后累计为其提供的担保余额为 7,100 万美元。 一、担保情况概述 1、基本情况 为满足公司全资子公司新加坡公司贸易融资需求，公司拟与United Overseas Bank Limited（以下简称"大华银行"）签署《担保合同》，为新加 坡公司在大华银行申请额度为2,100万美元的担保展期。本次担保展期期限自董 事会审议通过后双方有权签字人签署《担保合同》并加盖公章之日起生效，有效 期至2026年12月15日。本次担保不存在反担保情形。 2、审议程序 公司于2024年11月8日召开了第十一 ...

Investment Rating - The report maintains a "Buy" rating for Nanshan Aluminum (600219 SH) [3] Core Views - Nanshan Aluminum's Q3 performance showed strong year-on-year growth, driven by increased volume and prices of alumina [1] - The company's growth is attributed to the rising prices and volumes of its Indonesian alumina project, with domestic and international alumina prices remaining high [1] - The average domestic alumina price in Q3 2024 was 3,916 RMB/ton, up 37 49% YoY, while the international alumina price averaged 505 USD/ton, up 48 96% YoY [1] - Supply-demand dynamics supported strong alumina prices both domestically and internationally, with tight supply due to slow domestic bauxite mine resumption and overseas alumina plant reductions [1] - The company is expanding its overseas footprint with new projects in Indonesia, including an additional 2 million tons of alumina capacity and a 250,000-ton electrolytic aluminum project [2] - Nanshan Aluminum is a key supplier of aviation plates for the domestic C919 aircraft project and is advancing its automotive plate capacity, with 200,000 tons in production and another 200,000 tons under construction [2] - The company announced a cumulative cash dividend ratio of 26 77% for the first three quarters of 2024, with plans to distribute at least 40% of annual distributable profits as cash dividends from 2024 to 2026 [2] Financial Performance - In Q3 2024, the company reported revenue of 8 559 billion RMB, up 19 06% YoY, and net profit attributable to shareholders of 1 301 billion RMB, up 57% YoY [4] - For the first three quarters of 2024, revenue reached 24 226 billion RMB, up 11 7% YoY, and net profit attributable to shareholders was 3 49 billion RMB, up 62 94% YoY [4] - The company's net profit margin for Q3 2024 was 15 20%, with a YoY growth rate of 57% [9] - The company's ROE (diluted) for Q3 2024 was 9 31%, and its free cash flow for the quarter was 1 35 billion RMB [9] Valuation and Forecast - The report raised earnings forecasts for 2024/2025/2026, with expected net profits of 4 63 billion RMB, 5 10 billion RMB, and 5 54 billion RMB, respectively, representing upward revisions of 22 8%, 25 6%, and 24 7% [3] - The current PE ratios for 2024/2025/2026 are 11X, 10X, and 9X, respectively [3] - The company's EPS for 2024/2025/2026 is projected to be 0 40 RMB, 0 44 RMB, and 0 47 RMB, respectively [3] Industry and Market Position - Nanshan Aluminum is a leading integrated player in the aluminum industry, with significant investments in overseas projects and a strong position in high-value-added products like automotive and aviation plates [2] - The company's expansion in Indonesia and its focus on high-end aluminum products position it well to benefit from future growth in the aerospace and automotive sectors [2]

证券代码：600219 证券简称：南山铝业 公告编号：2024-058 山东南山铝业股份有限公司 关于以集中竞价交易方式回购股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2023/12/14 | | --- | --- | | 回购方案实施期限 | 待股东大会审议通过后 个月 12 | | 预计回购金额 | 元~600,000,000 元 300,000,000 | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | 累计已回购股数 | □为维护公司价值及股东权益 股 72,438,600 | | 累计已回购股数占总股本比例 | 0.62% | | 累计已回购金额 | 元 259,980,549 | | 实际回购价格区间 | 元/股~4.33 元/股 2.75 | 二、 回购股份的进展情况 根据《上市公司股份回购规则》、《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司 2024 年 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) as of October 30, 2024 [2]. Core Views - The report highlights that the increase in alumina prices has significantly boosted the company's performance, and it is expected that the Q4 performance will be even more impressive due to strong alumina prices [3][4]. - The company has achieved a revenue of 8.559 billion yuan, a year-on-year increase of 19.06%, and a net profit attributable to shareholders of 4.777 billion yuan, reflecting a year-on-year growth of 37.5% for 2024 [1][5]. Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 24.226 billion yuan, which is a 62.94% increase year-on-year [2]. - The company's net profit for Q3 2024 was 1.301 billion yuan, showing a year-on-year increase of 13.01% [2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.41, 0.41, and 0.43 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 10.1, 10.1, and 9.6 [1][5]. Market Conditions - The report notes that the alumina price has seen a significant increase, with the FOB price for Australian alumina reaching approximately 507 USD/ton in Q3 2024, a 17.0% increase quarter-on-quarter and a 47.5% increase year-on-year [3]. - The average FOB price for Australian alumina in Q4 2024 (as of October 25) is projected to be 643.6 USD/ton, reflecting a substantial increase of 136 USD per ton compared to Q3 [3]. Shareholder Returns - The company has demonstrated a commitment to shareholder returns by announcing a cash dividend of 0.40 yuan per 10 shares (including tax) for the third quarter, resulting in a cumulative dividend payout ratio of 26.77% for the year [4].

Investment Rating - The report maintains a "Buy" rating for Nanshan Aluminum [1] Core Views - The company reported significant year-on-year growth in its Q3 2024 results, with revenue reaching 8.559 billion yuan, up 19.06%, and net profit attributable to shareholders at 1.301 billion yuan, up 57% [2] - Global bauxite supply remains tight, leading to increased alumina prices, which significantly boosted the company's overseas performance [2] - The company is expanding its upstream electrolytic aluminum production capacity in Indonesia, with plans for an additional 2 million tons of alumina capacity and a 250,000-ton electrolytic aluminum project expected to be operational by 2026 [3] - Nanshan Aluminum has a consistent cash dividend policy, proposing a cash dividend of 0.40 yuan per 10 shares for Q3, totaling 468 million yuan, with a cumulative cash dividend payout ratio of 26.77% for 2024 [3] - Future growth drivers include a focus on high-end aluminum processing products, with expected increases in production capacity for automotive and aerospace applications [4] Summary by Sections Financial Performance - For 2024, the company forecasts total revenue of 35.18 billion yuan, a 21.97% increase year-on-year, and net profit of 5.082 billion yuan, a 46.28% increase [1][4] - The earnings per share (EPS) is projected to be 0.43 yuan for 2024, with a price-to-earnings (P/E) ratio of 8.29 [1][4] Business Expansion - The company is leveraging Indonesia's rich mineral resources and supportive policies to enhance its aluminum industry chain, which is expected to improve overall performance [3] - The expansion projects in Indonesia are anticipated to contribute significantly to the company's revenue and profit growth in the coming years [4] Shareholder Returns - The company plans to distribute at least 40% of its distributable profits as cash dividends annually from 2024 to 2026, indicating a strong commitment to shareholder returns [3]

南山铝业（600219.SH）2024 年三季报点评 氧化铝利润丰厚，印尼业务未来可期 2024 年 10 月 29 日 ➢ 事件：公司发布 2024 年三季报。2024Q1-3 归母净利润 34.9 亿，同比增 长 62.94%；扣非归母净利润 34.1 亿，同比增长 64.23%。单季度看，2024Q3 归母净利 13.0 亿元，同比增长 57.00%，环比减少 2.72%；扣非归母净利 12.5 亿元，同比增长 57.18%，环比减少 5.59%。 ➢ 印尼氧化铝满产运行，单吨利润丰厚。量：国内 68 万吨电解铝在产产能满 产，预计 Q3 产量 17 万吨左右。海外印尼 200 万吨及国内氧化铝满产，预计 Q3 印尼氧化铝产量 50 万吨。预计下游铝加工正常生产。价&利：24Q3 市场铝价 环比-975 元/吨，氧化铝环比+212 元/吨，预焙阳极环比-183 元/吨，动力煤价 格环比-1 元/吨。我们测算山东地区电解铝 Q3 税前利润为 1454 元/吨（不包含 上游氧化铝利润）。澳洲氧化铝 FOB 价格环比+74 美元/吨（折合+525 元/吨）， 测算 24Q3 印尼氧化铝单吨净利润超过 1500 ...

Investment Rating - The report maintains a "Recommended" investment rating for Nanshan Aluminum (600219) with a target price of 4.84 CNY, indicating a potential upside of 14% from the current price of 4.24 CNY [1][2]. Core Views - The increase in alumina prices supports the company's performance growth, with a 37.49% year-on-year increase in domestic alumina prices and a 48.96% increase in overseas prices [2]. - The company reported a revenue of 24.226 billion CNY for the first three quarters of 2024, a year-on-year growth of 11.7%, and a net profit of 3.49 billion CNY, up 62.94% year-on-year [1][2]. - Management and sales expenses have decreased, showcasing effective management efficiency, while R&D expenses have increased, reflecting a commitment to innovation [2]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 242.26 billion CNY and a net profit of 34.9 billion CNY, with the third quarter alone contributing 85.59 billion CNY in revenue and 13.01 billion CNY in net profit [1]. - The projected net profit for 2024-2026 has been revised upwards to 48.19 billion CNY, 51.65 billion CNY, and 54.18 billion CNY, representing year-on-year growth rates of 38.7%, 7.2%, and 4.9% respectively [2][3]. - The company maintains a cash dividend payout ratio of 26.77% for the year, with a proposed cash dividend of 0.40 CNY per share [1][2]. Market Position and Future Outlook - The alumina market remains in a high-demand phase, with the company benefiting from its 2 million tons alumina project in Indonesia, which is currently operating at full capacity [2]. - The company is also expanding its operations with new projects, including an additional 2 million tons alumina project and a 250,000 tons electrolytic aluminum project, which are expected to contribute to future growth [2].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant year-on-year revenue increase of 11.70% to 24.226 billion RMB in the first three quarters of 2024, with a net profit attributable to shareholders rising by 62.94% to 3.490 billion RMB [2][3] - The increase in performance is attributed to the successful operation of the Indonesian alumina project, which saw both volume and price growth, contributing to a notable rise in profits [3] - The company plans to extend its overseas industrial chain layout, including expanding alumina production capacity in Indonesia and enhancing its high-value-added downstream aluminum products [4] Summary by Sections Financial Performance - In Q3 2024, the company achieved a net profit of 1.301 billion RMB, reflecting a year-on-year increase of 57.00% but a slight quarter-on-quarter decrease of 2.72% [2] - The gross profit margin for the first three quarters was 25.34%, an increase of 4.86 percentage points year-on-year [3] Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 35.605 billion RMB, 37.788 billion RMB, and 45.865 billion RMB respectively, with net profits expected to be 5.807 billion RMB, 5.437 billion RMB, and 7.175 billion RMB [5] - The earnings per share (EPS) are projected to be 0.50 RMB, 0.46 RMB, and 0.61 RMB for the years 2024, 2025, and 2026 respectively [5] Dividend Policy - The company announced a cash dividend distribution plan, proposing to distribute 0.40 RMB per share (before tax), totaling approximately 468 million RMB for the third quarter, which, combined with the semi-annual dividend, results in a total cash dividend payout ratio of 26.77% for the year [3]

股票代码：600219 股票简称：南山铝业 公告编号：2024-053 山东南山铝业股份有限公司 山东南山铝业股份有限公司（以下简称"公司"或"本公司"）第十一届董事会第十 三次会议于 2024 年 10 月 28 日上午 10 时以现场和通讯相结合的方式召开，公司于 2024 年 10 月 18 日以书面、传真和邮件方式通知了各位参会人员。会议应到董事 9 名，实到董 事 9 名，其中，独立董事 3 名，公司监事和高级管理人员列席了会议。会议的召开符合《公 司法》和《公司章程》的有关规定，会议决议合法有效。会议由董事长吕正风先生主持， 经审议表决通过了以下议案： 一、审议通过了《山东南山铝业股份有限公司 2024 年第三季度报告》 2024 年第三季度财务报表已经公司董事会审计委员会审议通过。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的《山东南 山铝业股份有限公司 2024 年第三季度报告》。 表决结果：9 票同意，0 票反对，0 票弃权。 二、审议通过了《山东南山铝业股份有限公司 2024 年三季度利润分配预案》 经公司 2024 年第二次临时股东大会审议通过，公司董 ...