Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][2]. Core Views - The company achieved a revenue of 15.314 billion yuan in the first half of 2024, representing a year-on-year growth of 21.16% [1]. - The net profit attributable to shareholders reached 1.07 billion yuan, with a year-on-year increase of 33.28% [1]. - The company is a leader in the domestic aluminum processing industry, focusing on product diversification and the recycling aluminum application [1]. - The company’s aluminum plate and foil shipments increased by 19% year-on-year in the first half of 2024, with a focus on improving product structure and increasing the proportion of high-value-added products [1][2]. - The company’s foreign trade sales grew by 30% in the first half of the year, supported by its competitive pricing and green low-carbon advantages [1][2]. Summary by Sections Financial Performance - The company reported a revenue of 15.314 billion yuan in H1 2024, with a net profit of 1.07 billion yuan, and a non-recurring net profit of 898 million yuan, reflecting growth rates of 21.16%, 33.28%, and 40.33% respectively [1]. - The company’s gross profit margin stood at 12.41% [1]. - The projected net profits for 2024, 2025, and 2026 are 1.713 billion yuan, 1.962 billion yuan, and 2.296 billion yuan respectively, with corresponding EPS of 1.38 yuan, 1.58 yuan, and 1.85 yuan [2]. Market Position and Strategy - The company has a production capacity of 1.4 million tons for aluminum plates and foils, with a focus on high-value products such as battery aluminum foil and food packaging foil [1]. - The company is expanding its recycling aluminum application, aiming to increase the usage ratio to 70% in the future [1][2]. - The company’s R&D investment in the first half of the year was 809 million yuan, with 127 projects implemented and 270 patents applied for [2]. Industry Outlook - The demand for aluminum in downstream industries such as new energy vehicles and power generation is expected to continue growing, supporting the company’s revenue and profit growth [2]. - The company’s valuation is considered reasonable in light of industry development prospects and its competitive position [2].

证券代码：601677 证券简称：明泰铝业 公告编号：临 2024-050 河南明泰铝业股份有限公司 关于注销部分募集资金专户的公告 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个别及连带责任。 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"证监会"）出具的《关于同意河南 明泰铝业股份有限公司向特定对象发行股票注册的批复》（证监许可〔2023〕1056 号）批准，河南明泰铝业股份有限公司（以下简称"明泰铝业"或"公司"）向 特定对象发行人民币普通股（A 股）股票 1 亿股，募集资金总额为人民币 1,280,000,000.00 元，扣除发行费用人民币 11,647,276.85 元（不含增值税），实际 募集资金净额为人民币 1,268,352,723.15 元，上述资金于 2023 年 8 月 2 日全部到 位。2023 年 8 月 3 日大华会计师事务所（特殊普通合伙）出具了《河南明泰铝 业股份有限公司发行人民币普通股（A 股）1 亿股后实收股本的验资报告》（大 华验字[2023]000450 号），确认本次发行的新增注 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [2][4]. Core Views - The company has shown strong revenue growth, with a 21.26% year-on-year increase in revenue for the first half of 2024, reaching 15.314 billion yuan, and a 33.28% increase in net profit attributable to shareholders, amounting to 1.070 billion yuan [2]. - The company benefits from a favorable pricing model linked to aluminum prices, which has positively impacted revenue during periods of price increases [2]. - The growth in shipment volume, improved product mix, and increased foreign trade have contributed to the company's strong performance [2]. - The company is expanding its recycled aluminum production capacity, which is expected to enhance profit margins further [2]. - Research and development investments are significant, with 809 million yuan allocated in the first half of 2024, supporting high-margin segments like rail transportation [2]. Financial Summary - For 2024-2026, the company is projected to achieve revenues of 34.806 billion yuan, 37.590 billion yuan, and 41.350 billion yuan, respectively, with corresponding net profits of 1.767 billion yuan, 1.984 billion yuan, and 2.248 billion yuan [3]. - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 7.98, 7.08, and 6.26, respectively, indicating a potentially undervalued stock [3]. - The company’s net profit margin is expected to improve gradually, reflecting operational efficiency and market conditions [5].

明泰铝业 20240820_原文 2024 年 08 月 20 日 21:36 发言人 00:00 对，外发了上半年的中报。那么公司如果单看二季度的话，产销量创新高了，然后单季度的规模净利润也 创了新高。今天我们有幸邀请到公司正在金总跟我们交流一下公司的这个半年报情况，还有近期的生产经 营情况。先有请景总讲讲一下最近的情况，然后后面留有提问交流时间，有请景总。好的，非常感谢咱们 国金证券给予机会和大家做一个交流。然后我们半年度的这个其实之前也发了这个经营预告，我们最终这 个半年度的利润是落在了 10.7 亿，这个也是单季度的新高，包括我们的产销量也是创了单季度新高。 发言人 00:43 然后主要的影响就是说有几大方面。首先就是从铝锭价格方面来说的话，二季度确实是铝锭价格对我们的 利润产生了一个一定的正收益。就是说铝锭价格 4 5 月份是上涨的，然后六月是下跌的。所以在就业的这 个上涨过程中，对公司的利润产生了一定的这种影响。还有就是说内外贸价格的这个呃倒挂的扭转，在二 季度的话，这个内外贸价差是实现了这个平衡。从一季度外贸这个伦铝价格比国内要低一千多块钱的这种 情况改变了。二季度基本上是内外外维持一个正常的平 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company has shown significant performance improvement in Q2 2024, with a substantial increase in both revenue and net profit compared to previous quarters. The H1 2024 revenue reached 15.31 billion yuan, a year-on-year increase of 21.16%, and the net profit attributable to shareholders was 1.07 billion yuan, up 33.28% year-on-year [1]. - The company's profitability is expected to continue improving due to the growing demand for aluminum products driven by emerging industries such as renewable energy and low-altitude economy [1]. - The company is expanding its product range with a focus on high-value-added products, which are increasingly contributing to its revenue [1]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 15.31 billion yuan, with a net profit of 1.07 billion yuan and a non-recurring net profit of 899 million yuan, reflecting year-on-year growth rates of 21.16%, 33.28%, and 40.33% respectively [1]. - The gross profit margin for sales was 12.41%, an increase of 0.63 percentage points year-on-year, while the net profit margin was 6.99%, up 0.64 percentage points year-on-year [1]. - The company’s aluminum plate and foil sales volume reached 707,500 tons in H1 2024, a year-on-year increase of 18.7% [1]. - The average net profit per ton of aluminum plate and foil was 1,512.2 yuan, up 12.3% year-on-year [1]. Future Outlook - The company is expected to achieve net profits of 2.226 billion yuan, 2.441 billion yuan, and 2.636 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 6.3, 5.8, and 5.3 [2][3]. - The report suggests that the company will benefit from the high demand in the aluminum industry and cost reduction efforts, leading to further improvements in profitability [1].

[Table_Main] 证券研究报告 | 公司点评 明泰铝业(601677.SH) 2024 年 08 月 19 日 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谷瑜 邮箱：guyu5＠tebon.com.cn 事件：公司发布 2024 年半年报。公司 2024 H1 实现营业收入 153.1 亿元，同比 +21.2；实现归母净利 10.7 亿元，同比+33.3%，在业绩预告净利区间中枢以上； 实现扣非归母净利 9.0 亿元，同比+40.3%。营收及净利同比大幅增长主要系①产 销规模稳步提升，2024H1 铝板带箔发货量 71 万吨，同比增长 19%；②再生铝保 级应用优势不断突显，使用比例不断扩大，提升单吨盈利空间；③出海战略成效 初显。2024Q2 单季度实现营业收入 81.3 亿元，同比+24.2%，环比+13.1%；实 现归母净利 7.1 亿元，同比+57.6%，环比+95.6%。 | --- | --- | |--------------------------------------------------------|----------- ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥15,314,454,627.27, representing a 21.16% increase compared to ¥12,639,463,967.49 in the same period last year[12]. - Net profit attributable to shareholders was ¥1,069,848,423.83, up 33.28% from ¥802,704,100.59 year-on-year[12]. - The net profit after deducting non-recurring gains and losses was ¥897,810,163.12, reflecting a 40.33% increase from ¥639,775,021.96 in the previous year[12]. - Basic earnings per share for the first half of 2024 were ¥0.89, a 7.23% increase from ¥0.83 in the same period last year[13]. - The diluted earnings per share increased by 18.67% to ¥0.89 from ¥0.75 year-on-year[13]. - The company reported a total comprehensive income of CNY 1,052,386,383.89 for the first half of 2024, compared to CNY 800,411,583.82 in the previous year, marking a 31.5% increase[81]. - The company’s net profit has shown a compound annual growth rate of approximately 40% since its establishment, indicating sustainable growth[22]. Assets and Liabilities - The company's total assets increased by 9.52% to ¥23,264,951,863.69 from ¥21,242,607,586.12 at the end of the previous year[12]. - The net assets attributable to shareholders rose by 7.74% to ¥16,856,248,629.36 compared to ¥15,644,599,357.55 at the end of last year[12]. - Total liabilities increased to ¥6,111,769,578.24, up from ¥5,299,112,401.05, representing a growth of approximately 15.3% year-over-year[75]. - The total liabilities and equity amounted to CNY 13,658,890,323.00, a slight decrease from CNY 13,947,313,131.84[79]. Cash Flow - The company reported a net cash flow from operating activities of ¥608,922,108.95, down 42.77% from ¥1,063,963,446.40 in the same period last year[12]. - Cash flow from operating activities for the first half of 2024 is CNY 608,922,108.95, compared to CNY 1,063,963,446.40 in the same period of 2023, reflecting a decline of approximately 42.7%[86]. - The net cash flow from investment activities showed a drastic decline of 10,985.99% to -¥2,433,295,626.60 from ¥22,352,547.52, indicating increased investments in financial products[28]. Research and Development - The company’s R&D investment reached 809 million CNY, focusing on new product development and optimization of existing products, with 127 projects implemented[26]. - Research and development expenses rose by 25.84% to ¥809,105,951.77 from ¥642,963,997.83, indicating a focus on innovation[28]. - The company applied for 270 patents in the first half of 2024, with 146 accepted and 49 granted, reflecting its commitment to innovation and product development[21]. Market and Production - In the first half of 2024, the company achieved an aluminum plate and foil shipment volume of 710,000 tons, representing a year-on-year increase of 19%[19]. - The company has over 200 product specifications and more than 4,000 customers, with products sold in over 50 countries and regions worldwide[15]. - The company is expanding its market presence in high-end applications, including new energy vehicles and high-speed rail, driven by increasing market demand and technological advancements[17]. Environmental Initiatives - The company has been recognized as a "waste-free factory" and received a certificate for its key technology in the recycling and comprehensive utilization of secondary aluminum ash[19]. - The company achieved a pollution control efficiency of over 95% for its aluminum melting furnace emissions, meeting ultra-low emission standards[43]. - The company has invested in advanced environmental protection equipment, including waste gas treatment and wastewater purification systems, significantly reducing negative environmental impacts[49]. Corporate Governance and Shareholder Matters - The company is committed to improving corporate governance, as evidenced by the approval of multiple amendments to its articles of association and management systems[35]. - The company approved a restricted stock incentive plan on February 5, 2024, granting 51.405 million shares at a price of 5.50 yuan per share to 904 eligible participants[39]. - The total number of shares held by domestic non-state-owned legal persons decreased to 0, down from 61,484,375 shares[64]. Financial Instruments and Accounting Policies - The company recognizes control transfer upon meeting specific conditions, including internal approval and necessary asset transfer procedures[115]. - The company employs fair value measurement for financial liabilities, with transaction costs directly expensed for those measured at fair value[134]. - The company recognizes dividend income from equity investments when the right to receive dividends is established and the amount can be reliably measured[131]. Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[79]. - The company is committed to digital transformation and aims to enhance its intelligent application level and green development by 2026[17].

经中国证券监督管理委员会证监许可[2019]223 号文核准，并经上海证券交 易所同意，公司由主承销商中原证券股份有限公司于 2019 年 4 月 10 日向社会公 开发行可转换债券 18,391,100 张，每张面值 100.00 元，债券期限 6 年。截至 2019 年 4 月 16 日止，公司共募集资金 1,839,110,000.00 元，扣除发行费用 22,584,444.97 元，募集资金净额 1,816,525,555.03 元。 截止 2019 年 4 月 16 日，公司上述发行募集的资金已全部到位，业经华普天 健会计师事务所（特殊普通合伙）以"会验字[2019]3963 号"验资报告验证确认。 截止 2024 年 6 月 30 日，公司对募集资金项目累计投入 1,446,752,813.55 元， 其中：于 2019 年 4 月 17 日起至 2023 年 12 月 31 日止会计期间使用募集资金人 民币 1,369,856,177.97 元（其中对募投项目投入 1,369,856,177.97 元），2024 年 半年度合计使用募集资金 76,896,635.58 元（其中对募投项目投入 ...

证券代码：601677 证券简称：明泰铝业 公告编号：临 2024-046 河南明泰铝业股份有限公司 第六届监事会第十四次会议决议公告 本公司监事会及全体监事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。 一、监事会会议召开情况 表决结果：同意 3 票；反对 0 票；弃权 0 票。 具体内容详见公司同日在上交所网站 www.sse.com.cn 发布的公告。 （二）审议通过了《关于公司 2024 年半年度募集资金存放与实际使用情况 的专项报告的议案》。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 河南明泰铝业股份有限公司(以下简称"明泰铝业"或"公司")于2024年8 月9日以电子邮件和电话通知方式发出召开第六届监事会第十四次会议的通知， 并于2024年8月19日在公司会议室召开。会议以现场表决方式进行，会议应参加 监事3名，实参加监事3名，本次监事会的召集和召开程序符合《公司法》和《公 司章程》的有关规定，会议合法有效。本次会议由监事会主席化新民先生主持， 公司董事、高级管理人员列席了本次会议。 二、监事会会议审议情况 （一）审议通过了《关于 ...

公司拟使用总额不超过4亿元的向特定对象发行股票闲置募集资金临时 补充流动资金，使用期限自公司董事会审议批准之日起不超过十二个月。 公司拟使用总额不超过4亿元的公开发行可转债闲置募集资金临时补充 流动资金，使用期限自公司董事会审议批准之日起不超过十二个月。 一、募集资金基本情况 （一）2019 年公开发行可转换公司债券募集资金情况 经中国证券监督管理委员会证监许可[2019]223 号文核准，并经上海证券交 易所同意，河南明泰铝业股份有限公司（以下简称"明泰铝业"或"公司"）由 主承销商中原证券股份有限公司于 2019 年 4 月 10 日向社会公开发行可转换债券 18,391,100 张，每张面值 100.00 元，债券期限 6 年。截至 2019 年 4 月 16 日止， 公司共募集资金 1,839,110,000.00 元，扣除发行费用 22,584,444.97 元，募集资金 净额 1,816,525,555.03 元。上述资金于 2019 年 4 月 16 日全部到位，业经华普天 健会计师事务所（特殊普通合伙）以"会验字[2019]3963 号"验资报告验证确 认。公司已对募集资金实行了专户存储，并与 ...