Investment Rating - The investment rating for Nanshan Aluminum is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 33.48 billion yuan in 2024, representing a year-on-year increase of 16.1%, and a net profit attributable to shareholders of 4.83 billion yuan, up 39.0% year-on-year [4][5] - The increase in profits is primarily attributed to the significant rise in alumina prices, with expectations for continued strong performance in Q4 2024 [4][5] - The company is expanding its alumina production capacity in Indonesia, with a total of 2 million tons planned, which is expected to further enhance its performance [5] - The company has maintained a high dividend payout ratio, distributing a total of 1.976 billion yuan in dividends in 2024, reflecting its commitment to shareholder returns [6] Financial Summary and Valuation Indicators - Revenue and profit forecasts for 2025-2027 have been adjusted, with expected net profits of 5.14 billion, 4.92 billion, and 5.51 billion yuan respectively, showing a year-on-year change of +6.4%, -4.3%, and +12.0% [4][8] - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.44, 0.42, and 0.47 yuan, with corresponding price-to-earnings (P/E) ratios of 8.9, 9.3, and 8.3 times [4][8] - The company’s gross margin is expected to be 28.4% in 2025, with a net margin of 14.6% [8] - The company’s total assets are projected to reach 76.12 billion yuan by 2025, with a debt-to-equity ratio of 17.8% [10]

Investment Rating - The investment rating for Nanshan Aluminum is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 33.48 billion yuan in 2024, representing a year-on-year increase of 16.1%, and a net profit attributable to shareholders of 4.83 billion yuan, up 39.0% year-on-year [4][5] - The increase in profits is primarily attributed to the significant rise in alumina prices, with expectations for continued strong performance in Q4 2024 [4][5] - The company is expanding its alumina production capacity in Indonesia, with a total of 2 million tons planned, which is expected to further enhance its performance [5] - The company has maintained a high dividend payout ratio of over 40% in 2024, reflecting its commitment to shareholder returns [6] Financial Summary and Valuation Indicators - Revenue and net profit forecasts for 2025-2027 have been adjusted, with expected net profits of 5.14 billion, 4.92 billion, and 5.51 billion yuan respectively, showing a year-on-year change of +6.4%, -4.3%, and +12.0% [4][8] - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.44, 0.42, and 0.47 yuan, with corresponding price-to-earnings (P/E) ratios of 8.9, 9.3, and 8.3 times [4][8] - The company’s gross margin is expected to be 28.4% in 2025, with a net margin of 14.6% [8] - The company’s total assets are projected to reach 76.12 billion yuan by 2025, with a debt-to-equity ratio of 17.8% [10]

证 券 研 究 报 告 南山铝业（600219）2024 年报点评 推荐（维持） 海外氧化铝量价齐升带动业绩大幅增长 事项： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 33,477 | 36,881 | 41,092 | 44,001 | | 同比增速(%) | 16.1% | 10.2% | 11.4% | 7.1% | | 归母净利润(百万) | 4,830 | 5,488 | 5,768 | 6,044 | | 同比增速(%) | 39.0% | 13.6% | 5.1% | 4.8% | | 每股盈利(元) | 0.42 | 0.47 | 0.50 | 0.52 | | 市盈率(倍) | 9 | 8 | 8 | 8 | | 市净率(倍) | 0.9 | 0.8 | 0.8 | 0.7 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 3 月 25 日收盘价 公司研究 华创证券研究所 证券分析师：马金龙 邮箱： ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 3.92 CNY [7]. Core Views - The company reported a net profit attributable to shareholders of 4.83 billion CNY for 2024, representing a year-on-year increase of 39.03%. The non-recurring net profit was 4.91 billion CNY, up 80.77% year-on-year [1]. - The company expects significant growth from its Indonesian operations, with plans to invest 60.6 billion CNY in a 250,000-ton electrolytic aluminum project and 63.3 billion CNY for a 2 million-ton alumina capacity [4]. - The automotive sheet market is anticipated to grow rapidly, with the company being a leader in this segment, currently having a production capacity of 200,000 tons and plans for an additional 200,000 tons [4]. Summary by Sections Financial Performance - In Q4 2024, the company's net profit was 1.34 billion CNY, a slight increase of 0.59% year-on-year and 2.96% quarter-on-quarter. The non-recurring net profit for the same period was 1.50 billion CNY, up 134.50% year-on-year and 19.70% quarter-on-quarter [1][3]. - The company plans to distribute a cash dividend of 0.9 CNY per 10 shares, leading to a total dividend payout of 1.976 billion CNY for 2024, with a payout ratio of 40.92% [3]. Production and Pricing - The company achieved full production capacity of 680,000 tons of electrolytic aluminum domestically, with an expected production of 678,200 tons in 2024. The Indonesian alumina production is projected to reach 500,000 tons in Q4 2024 [2]. - The market prices for aluminum and alumina increased significantly in Q4 2024, with aluminum prices rising by 973 CNY/ton and alumina prices by 1,397 CNY/ton [2]. Future Projections - The company forecasts net profits of 4.96 billion CNY, 5.15 billion CNY, and 5.35 billion CNY for 2025, 2026, and 2027, respectively, with a consistent PE ratio of 9x during these years [4][6].

南山铝业（600219.SH）2024 年年报点评 南山铝业国际港股上市，期待印尼业务成长 2025 年 03 月 26 日 ➢ 事件：公司发布 2024 年年报。2024 年归母净利润 48.30 亿元，同比 +39.03%；扣非归母净利 49.08 亿元，同比+80.77%。单季度看，2024Q4 归 母净利 13.40 亿元，同比+0.59%，环比+2.96%；扣非归母净利 14.99 亿元，同 比+134.50%，环比+19.70%。2024 年实际业绩逼近业绩预告上沿。 ➢ 印尼氧化铝业务单吨利润丰厚。量：国内 68 万吨电解铝在产产能满产，24 年产量 67.82 万吨，预计 24Q4 产量 17 万吨左右。海外印尼 200 万吨及国内氧 化铝满产，预计 24Q4 印尼氧化铝产量 50 万吨。预计下游铝加工正常生产。价 &利：24Q4 市场铝价环比+973 元/吨，氧化铝环比+1397 元/吨，预焙阳极环 比-21 元/吨，动力煤价格环比-26 元/吨。我们测算山东地区电解铝 24Q4 税前 利润为 117 元/吨（不包含上游氧化铝利润）。24 年澳洲氧化铝 FOB 价格同比 上涨 159 美元/ ...

小米集团成交额超717亿港元创历史天量；南山铝业 国际上市首日破发丨港交所早参 ｜2025年3月26日星期三｜ NO.1 小米集团成交额超717亿港元创历史天量 3月25日，小米集团-W（HK01810，股价53.47港元）公告称，计划配售8亿股股份，按照53.25港元/ 股的价格，筹资约426亿港元。根据小米集团最新股价情况，配售价53.25港元/股，比上个交易日收市 价折让约6.6%。同日，小米集团单日成交额达到717.95亿港元，创历史天量。 点评：总体而言，小米此次配售股份是基于自身发展战略的重要决策。尽管短期内可能面临股价波 动等挑战，但从长远看，为公司提供了发展所需的资金，有助于优化资本结构、提升竞争力，符合公司 及股东的整体利益。 3月25日，海螺材料科技（HK02560，股价1.52港元）发布2024年年度业绩，报告期内该集团取得 收入23.84亿元，同比减少0.5%；公司权益股东应占溢利1.26亿元，同比增加7.43%；每股盈利0.29元， 拟派发末期现金股息每股0.17元。于报告期内，水泥外加剂及过程中间体实现收入为12.56亿元，较去年 同期减少12.02%，主要为原材料市场价格波动，传 ...

"南山村委会"上市第四家公司 南山铝业国际董事长 郝维松：将进一步扩大产能、增加ESG投入 3月25日，南山铝业（600219）国际（HK02610）在港交所挂牌上市。南山铝业国际为南山铝业 （SH600219）分拆而来的国际化业务平台。 上市当天（3月25日），南山铝业收盘价为25.24港元/股，较发行价26.6港元/股下跌5.08%，当日成 交额3.41亿港元。 《每日经济新闻》记者注意到，在3月25日上午的上市仪式现场，南山铝业国际董事长郝维松表 示，在港成功上市标志着公司迈入产业与资本融合的全新发展阶段。"我们将以上市为契机，进一步扩 大产能，提升规模经济效益，加强资源整合及创新，增加ESG投入。"郝维松表示。 值得注意的是，南山控股（002314）有限公司（以下简称南山控股）董事长宋作文、副董事长宋英 豪也出席了上市仪式。 "创三代"上台敲上市锣 天眼查显示，南山控股为南山集团有限公司（以下简称南山集团）旗下公司。南山集团控股股东及 实控人为龙口市东江街道南山村村民委员会（以下简称南山村委会），南山村委会对南山集团持股 51%，宋作文之子宋建波持股49%。 南山集团前身为1979年前后成立的村办企业 ...

特此公告。 山东南山铝业股份有限公司董事会 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"）控股子公司南山铝业国际 控股有限公司（以下简称"南山铝业国际"）正在进行全球发售股份并在香港联 合交易所有限公司（以下简称"香港联交所"）主板挂牌上市（以下简称"本次 发行上市"）的相关工作。 经香港联交所批准，南山铝业国际本次发行的 88,235,300 股股票（行使超 额配售权之前）于 2025 年 3 月 25 日在香港联交所主板挂牌并上市交易。南山铝 业国际股票中文简称为"南山鋁業國際"，英文简称为"NANSHAN AL INTL"， 股份代号为"2610"。南山铝业国际本次发行上市后，公司仍将维持对南山铝业 国际的控制权。 山东南山铝业股份有限公司 证券代码：600219 证券简称：南山铝业 公告编号：2025-019 关于控股子公司在香港联合交易所有限公司主板 挂牌并上市交易的公告 2025 年 3 月 26 日 ...

Financial Performance - Revenue for 2024 reached 33.477 billion yuan, representing a year-on-year growth of 16.06%[6] - Net profit attributable to shareholders was 4.830 billion yuan, with a year-on-year increase of 39.03%[8] - Basic earnings per share stood at 0.41 yuan, reflecting a growth of 36.67% compared to the previous year[11] - Non-recurring net profit was 4.908 billion yuan, showing a significant year-on-year increase of 80.77%[12] - The weighted average return on equity was 9.90%, up by 2.46 percentage points from the previous year[14] - The company's operating revenue for 2024 reached ¥33.48 billion, an increase of 16.06% compared to ¥28.84 billion in 2023[43] - Net profit attributable to shareholders was ¥4.83 billion, reflecting a 39.03% increase from ¥3.47 billion in the previous year[43] - The net profit after deducting non-recurring gains and losses was ¥4.91 billion, up 80.77% from ¥2.71 billion in 2023[43] - The net cash flow from operating activities was ¥7.62 billion, an increase of 80.05% compared to ¥4.23 billion in 2023[43] - The company's total assets at the end of 2024 were ¥70.26 billion, a 2.11% increase from ¥68.82 billion at the end of 2023[43] Shareholder Returns - The company plans to distribute a cash dividend of 0.90 yuan per 10 shares for the 2024 fiscal year, totaling approximately 1.045 billion yuan[20] - Cumulative cash dividends for the year reached approximately 1.976 billion yuan, with a cash dividend payout ratio of 40.92%[20] - The company has committed to a shareholder return plan, including share buybacks and multiple cash dividends during the reporting period[54] - The total cash dividend amount for the year 2024 is 1,976,359,556.16 RMB (including tax), representing 40.92% of the net profit attributable to ordinary shareholders in the consolidated financial statements[180] - The company has repurchased 94,882,000 shares, with a total expenditure of 350,965,967.00 RMB[181] Market and Product Development - The company reported a significant increase in overseas demand for aluminum products, contributing to improved financial performance[43] - The increase in net profit and cash flow was primarily driven by the rise in aluminum prices and the performance of the alumina project in Indonesia[43] - The company is focusing on high-end aluminum products, particularly in the aerospace and automotive sectors, to enhance its competitive edge[53] - The company aims to optimize its aluminum industry chain and accelerate the development of high-quality recycled aluminum projects[53] - The company is actively expanding its overseas operations and resource acquisition as part of its globalization strategy[53] - The company is focusing on high-quality development as a primary task, with aluminum alloys playing a crucial role in various sectors including automotive lightweighting and aerospace[129] - The company aims to strengthen its position in the automotive aluminum market by expanding project bids and ensuring core customer order fulfillment[132] Research and Development - The company emphasizes technological innovation, with a high proportion of R&D investment to drive product development and overcome international barriers[54] - The company has increased its investment in research and development for automotive lightweight aluminum products, enhancing product quality and performance to solidify its market position[72] - The company’s total R&D expenditure was 1,389,282,250.16, representing 4.15% of total revenue[106] - Research and development expenses amounted to CNY 1,389,282,250.16, reflecting a 9.11% increase from the previous year[96] - The company’s employee training programs include a "Top Engineer Program" aimed at core technical personnel, ensuring all special position employees hold relevant certifications[175] Environmental and Sustainability Initiatives - The company is committed to green and low-carbon transformation, with a focus on increasing the use of recycled aluminum[56] - The company is focused on environmental compliance and risk management to address potential pollution incidents in its operations[139] - The company has installed online monitoring systems across all units to ensure continuous compliance with air pollution control standards, effectively managing emissions[196] - The company implements a detailed classification and efficient treatment of solid waste, focusing on recycling and reducing the generation of solid waste, particularly through the recycling of aluminum scraps and cans into valuable recycled aluminum ingots[197] - The company aims for "zero discharge, full reuse" of wastewater, enhancing the recycling rate while ensuring compliance with wastewater discharge regulations[197] Governance and Compliance - The company maintains independence from its controlling shareholder in terms of business, personnel, assets, and finance, ensuring a complete and autonomous business system[146] - The company has established a governance structure that complies with relevant laws and regulations, enhancing information disclosure and protecting shareholder interests[146] - The company is actively involved in governance improvements, including the revision of its articles of association and financial management practices[150] - The company has outlined its strategies for future growth, including potential mergers and acquisitions, as well as market expansion initiatives[152] - The company has established an effective internal control system and conducted an independent audit of its internal control effectiveness, receiving a standard unqualified opinion[188] Risks and Challenges - The company faces risks from aluminum ingot price fluctuations, which could impact its business due to its pricing model linked to market conditions[135] - The company acknowledges increasing competition in the aluminum processing industry and plans to adjust product structures and enhance R&D efforts[136] - The company recognizes supply chain complexities and intends to improve supply chain management to mitigate associated risks[137] - The company is actively managing foreign exchange risks due to RMB/USD fluctuations by employing hedging strategies[138] Employee and Management Information - The total remuneration for the board of directors and senior management during the reporting period amounted to CNY 844.23 million[154] - The chairman and general manager, Lü Zhengfeng, received a pre-tax remuneration of CNY 141.80 million[154] - The independent directors, including Fang Yufeng, Liang Shinian, and Ji Meng, each received CNY 10.00 million in remuneration[154] - The company has a total of 16,441 employees, with 12,585 in production, 2,405 in technical roles, and 245 in sales[172] - The company’s workforce includes 120 employees with postgraduate degrees and 2,347 with bachelor's degrees, reflecting a diverse educational background[172]

Core Viewpoint - Nanshan Aluminum reported a significant increase in net profit and is actively engaged in the domestic substitution of aviation aluminum materials [2][3]. Financial Performance - In 2024, Nanshan Aluminum achieved operating revenue of 33.48 billion yuan, a year-on-year increase of 16.06% [2] - The net profit reached 5.96 billion yuan, up 48.81% compared to the previous year [2] - The net profit attributable to shareholders was 4.83 billion yuan, reflecting a 39.03% increase year-on-year [2] Industry Position and Strategy - Nanshan Aluminum has developed an integrated aluminum processing industry chain, covering upstream products like electricity, alumina, and aluminum alloy ingots, and downstream products including aluminum plates, profiles, and foils [2] - The company is the only domestic supplier of aviation aluminum extrusions for major aircraft manufacturers such as COMAC, Airbus, and Boeing, supporting key projects like C919 and ARJ21 [3] - The demand for high-end aviation aluminum is expected to rise significantly due to the rapid development of China's aviation industry and the mass production of domestically developed aircraft [3] Future Outlook - The company plans to leverage its industry chain advantages to ensure quality control and support the domestic production of aviation aluminum materials [4] - Nanshan Aluminum aims to enhance its product coverage and deepen cooperation in the aviation supply chain market [4] Shareholder Returns - The company emphasizes value-based market management, planning to distribute a cash dividend of 0.90 yuan per 10 shares, totaling approximately 1.05 billion yuan [6] - Cumulatively, the company has distributed cash dividends amounting to approximately 1.98 billion yuan in the current year, with a cash dividend ratio of 40.92% [6]