Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [1] Core Insights - The non-ferrous metals sector has been significantly increased in holdings, with copper and gold seeing the most substantial increases in Q1 2025. The sector is currently in an "overweight" position, reflecting positive market sentiment and expectations for continued growth [2][3] - The report highlights a positive outlook for Q2 2025, driven by domestic macroeconomic policies aimed at boosting internal demand, which is expected to benefit the industrial metals sector, particularly aluminum [3][5] - The report identifies specific investment opportunities within the sector, recommending increased holdings in rare earth magnetic materials and companies with strong cost control and favorable customer structures in aluminum processing [3][4] Summary by Sections Industry Overview - In Q1 2025, the non-ferrous metals sector outperformed the market, with a sector increase of 12.0%, ranking first among 28 major industries [5][12] - The sector's performance is attributed to global monetary policy shifts towards easing and enhanced expectations for domestic economic recovery [5][12] Sub-Sectors Performance - **Precious Metals**: The precious metals sector showed the best performance in Q1 2025, with gold and silver prices increasing by 36.4% and 32.6% year-on-year, respectively. The sector's net profit rose by 51.8% year-on-year [45][46] - **Base Metals**: Base metals, excluding nickel, saw price increases, with copper and aluminum prices rising by 11.3% and 7.4% year-on-year. The net profit for copper increased by 79.6% year-on-year [38][41] - **Rare Metals**: The rare metals sector is expected to benefit from supply constraints and increasing demand, particularly in the cobalt market, which has seen price increases due to supply disruptions [51][53] Holdings Situation - In Q1 2025, the overall holding ratio for the non-ferrous metals sector increased to 1.30%, up from 1.09% in Q4 2024, indicating a shift from underweight to a slight overweight position [56][57]

2024 年年度股东大会资料 河南明泰铝业股份有限公司 2024 年年度股东大会资料 河南·巩义 二〇二五年五月 2024 年年度股东大会资料 河南明泰铝业股份有限公司 2024 年年度股东大会会议议程 时 间：2025 年 5 月 13 日上午 10:00 地 点：河南明泰铝业股份有限公司会议室 主 持 人：马廷义先生 出席人员： 一、截止 2025 年 5 月 8 日交易结束后在中国证券登记结算有限责任公司上 海分公司登记在册的本公司全体股东； 二、已登记因故无法出席会议的股东，可以书面委托代理人出席，代理人不 必是公司股东； 三、公司董事、监事及其他高级管理人员及公司聘任的律师。 议 程： 六、宣布现场表决结果； 一、主持人宣布会议开始，介绍现场参会股东、股东代表人数及其所持股份 数； 二、推选监票人和计票人； 三、审议会议议案： | 序号 | 议案名称 | | 投票股东类型 | | --- | --- | --- | --- | | | | | 股股东 A | | | 非累积投票议案 | | | | 1 | 《关于<公司 2024 | 年度董事会工作报告>的议案》 | √ | | 2 | 《关于<公司 ...

Group 1 - The aluminum processing industry involves the use of plastic processing methods to convert aluminum ingots into products such as aluminum profiles, plates, and foils [1] - Major upstream processes include the production of electrolytic aluminum and recycled aluminum, which require bauxite and alumina processing [1] - The aluminum processing products are widely used in various sectors including transportation, packaging, construction, aerospace, and electrical machinery [1] Group 2 - Key listed companies in the aluminum processing industry include Tianshan Aluminum (002532), Mingtai Aluminum (601677), China Aluminum (601600), and Nanshan Aluminum (600219) [2][3] - Mingtai Aluminum, Asia Pacific Technology, Nanshan Aluminum, Ding Sheng New Materials, and Hong Chuang Holdings have over 90% of their business focused on aluminum processing [8] - Domestic market sales dominate, with overseas sales being relatively small for most aluminum processing companies [8] Group 3 - In 2023, Mingtai Aluminum, Nanshan Aluminum, and Yun Aluminum reported revenues exceeding 20 billion yuan, with significant variations in gross margins due to the diversity of aluminum processing products [11] - The production output of aluminum processing products is led by Nanshan Aluminum, Mingtai Aluminum, and Yun Aluminum [11] - Companies are focusing on optimizing their business models and enhancing their technological capabilities to meet the growing demand for aluminum in high-end applications [13] Group 4 - Companies are planning to reduce upstream costs, accelerate technological research and development, and increase production capacity as part of their strategic initiatives [13] - Specific plans include Mingtai Aluminum's focus on recycling aluminum and enhancing product quality, while Nanshan Aluminum aims to develop high-end aluminum materials for the automotive and aerospace sectors [15][16] - The industry is expected to continue growing steadily, driven by the increasing application of aluminum in various sectors and the push for carbon neutrality [13]

Summary of the Conference Call for Ming Tai Aluminum Industry Industry Overview - The aluminum industry is facing significant challenges due to changes in export tax policies and tariffs, particularly affecting exports to North America, which remains a dominant market for the company [2][4][29]. Key Points Export Performance - In Q1, the company's export volume decreased by 30% year-on-year due to tariff impacts, with North America still holding a major share: Canada (50%), Mexico (30%), and the US and other regions (20%) [2][4]. - Despite a 13% price increase, 70% of customers accepted the price hike to continue cooperation, with Canadian market demand recovering to 75%-80% of previous levels [2][13][14]. Product and Market Dynamics - The company primarily exports 3xxx, 5xxx, and 6xxx aluminum products to the US, with 10% of exports being non-dumping products despite a 70% tariff [2][5][10]. - The annual production of 3xxx, 5xxx, and 6xxx products not affected by US anti-dumping measures is approximately 250,000 tons [11]. Pricing and Cost Structure - North American pricing is based on the LME average price plus a premium, while domestic pricing references Shanghai aluminum prices, leading to a price differential [2][8][7]. - The processing fees for 6xxx products in North America range from $1,000 to $1,300, significantly higher than domestic processing fees of 3,500 to 4,000 RMB [6][26]. Market Challenges - Overseas demand is gradually declining, with processing fee outlooks appearing pessimistic due to rising costs and reduced profit margins [17][30]. - The first quarter saw a significant drop in spot premiums from $228 per ton to $182 per ton in the second quarter, indicating weaker overseas demand [21]. Regional Export Insights - The company exports approximately 6,000 to 7,000 tons per month to Asia, accounting for about 30% of total exports, with key markets including South Korea, Japan, and Southeast Asia [12]. - The remaining 30% of exports are distributed across Oceania and Europe, including both EU and non-EU countries [12]. Future Outlook - The company does not plan to expand overseas due to geopolitical uncertainties and the high costs associated with establishing foreign production facilities [27]. - There is a noted trend of order backflow to China as some customers seek to avoid increased costs from tariffs [15]. Competitive Landscape - The US government is attempting to bring manufacturing back to the US through tariffs, with major companies like Novelis and US Steel expanding their operations [24]. - The overall competition in the aluminum processing sector is intensifying, particularly as domestic customers reduce exports, leading to increased competition in the local market [31][32]. Conclusion - The aluminum industry is navigating a complex landscape of tariffs, changing demand, and pricing pressures, with a cautious outlook for future profitability and market conditions [29][30].

事件：公司公告2025 年一季度实现营收81.24 亿元同增13.07%；实现归母净利润4.4 亿元同增21.46%； 实现扣非归母净利润3.79 亿元同增41.73%。 投资建议：我们预计公司2025-2027 年实现营业收入393.09/429.23/457.89 亿元，归母净利润 19.54/22.06/24.30 亿元。4 月22 日收盘价对应PE 分别为7.50/6.65/6.03 倍，维持"增持"评级。 风险提示：宏观经济波动风险；行业竞争加剧；下游需求波动风险。 高端转型叠加Q1 铝价上行，单吨盈利环比改善。2025 年Q1 公司实现铝板带箔及铝型材产量38.89 万吨 同增11.3%，实现历史新高，销量37.85 万吨同增10.0%。盈利情况来看，公司1Q24-1Q25 单吨铝加工产 品归母净利润（按销量口径计算，包括铝板带箔及铝型材）分别为1052.3/1904.4/893.3/907.0/1161.6 元/ 吨。25 年Q1 单吨加工利润环比提升，或主要系1）Q1 原材料铝锭价格呈现上升趋势，公司加工环节产 成品毛利受益于铝价提升而增厚；2）下游需求边际好转，2025 年初公司及行业内CT ...

东吴证券股份有限公司 关于河南明泰铝业股份有限公司 2023 年向特定对象发行股票之 保荐总结报告书 东吴证券股份有限公司（以下简称"东吴证券"或"保荐人"）作为河南明 泰铝业股份有限公司（以下简称"明泰铝业"、"公司"或"发行人"）2023 年向特定对象发行股票（以下简称"本次发行"）的保荐人，根据《证券发行上 市保荐业务管理办法》《上海证券交易所上市公司自律监管指引第 11 号——持 续督导》等有关法律、法规的相关规定，负责明泰铝业的持续督导工作，持续督 导期间为本次发行结束当年的剩余时间及其后 1 个完整会计年度。截至 2024 年 12 月 31 日，持续督导期已届满。 东吴证券根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公 司自律监管指引第 11 号——持续督导》等相关法律法规的要求，出具本保荐总 结报告书。 | 公司名称 | 河南明泰铝业股份有限公司 | | --- | --- | | 证券代码 | 601677 | | 注册资本 | 124,370.4027 万元 | | 注册地址 | 巩义市回郭镇开发区 | | 主要办公地址 | 巩义市回郭镇开发区 | | 法定代表人 | 刘杰 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its growth potential and valuation recovery [4][10]. Core Insights - The company reported a revenue of 32.32 billion yuan for 2024, a year-on-year increase of 22%, and a net profit attributable to shareholders of 1.75 billion yuan, up 30% year-on-year. For Q1 2025, revenue was 8.12 billion yuan, reflecting a 13% year-on-year growth, with a net profit of 440 million yuan, up 21% year-on-year [2][3]. - The aluminum plate and strip industry in China is expected to develop steadily in 2024, with production of aluminum plates and strips reaching 14.75 million tons, a 9% increase year-on-year. The company’s sales volume of aluminum plates and strips is projected to grow by 19% year-on-year [3][4]. - The company is well-positioned to benefit from the policy changes regarding the import of deformed scrap aluminum, which supports the development of its recycled aluminum business. The company has a recycling capacity of over 1 million tons [4][10]. Financial Summary - The company’s revenue is projected to grow from 32.32 billion yuan in 2024 to 39.07 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 9% [5][12]. - The net profit attributable to shareholders is expected to increase from 1.75 billion yuan in 2024 to 2.46 billion yuan in 2027, reflecting a CAGR of about 11% [5][12]. - The earnings per share (EPS) is forecasted to rise from 1.46 yuan in 2024 to 1.97 yuan in 2027, with a corresponding price-to-earnings (P/E) ratio decreasing from 8.24 to 6.11 over the same period [5][12].

Summary of Ming Tai Aluminum Industry Conference Call Company Overview - **Company**: Ming Tai Aluminum Industry - **Industry**: Aluminum manufacturing Key Financial Performance - **Q1 2025 Revenue**: Increased by 11% year-on-year, reaching 4.4 billion CNY in net profit, a growth of 21% [1][2] - **Net Profit for 2024**: Achieved 17.5 billion CNY, a 30% increase year-on-year [2] - **Q1 2025 Production and Sales**: Reached 380,000 tons, an 11% increase year-on-year [2] - **Single Ton Net Profit**: Approximately 1,200 CNY, considered a normal level for reference throughout the year [1][4] Strategic Adjustments - **Export Tariff Changes**: Following the cancellation of export tariffs in December 2024, the company adjusted its pricing model to aluminum prices plus processing fees [1][2] - **Focus on High-Quality Development**: Emphasis on optimizing product structure and maintaining stable processing fees, particularly for CTP and PS products [1][2][19] - **R&D Strategy**: Shifted focus towards high-end projects, optimizing R&D routes and reducing costs by reallocating materials back to production [11][12] Dividend Policy - **2025 Dividend Plan**: Aiming for a dividend payout of 1.19 CNY per share, a 30% increase from 2023 [3][21] - **Mid-term Dividend Authorization**: The board has authorized mid-term dividends without requiring shareholder meeting approval, enhancing investor returns [3] Production and Market Outlook - **2025 Production Target**: Aiming for a total production and sales volume of 1.62 million tons, with a focus on high-end aluminum processing for automotive and aerospace sectors [1][3] - **New Project Launch**: The Huazheng New Material project is expected to commence production in Q3 2025, targeting high-end aluminum processing markets [1][3] Cost and Profitability Insights - **Q4 2024 Profit**: Maintained at 340 million CNY, influenced by exchange losses and rising energy costs [4][10] - **Cost Increases**: Rising costs due to higher electricity and gas prices, with an estimated impact of around 30 million CNY in Q4 [9][10] - **Impact of Export Changes**: A reduction in export volume by 20,000 to 30,000 tons in Q4 affected overall profitability, as overseas pricing is generally lower than domestic [8][10] Market Dynamics - **Order Trends**: Orders have shown a seasonal recovery, with expectations for increased order volumes in May compared to April [20] - **Export Proportion**: Exports account for approximately 20% of total business, slightly higher than the previous year [21] Additional Considerations - **R&D Expense Management**: Monthly tracking of material usage in R&D to smooth out financial fluctuations and ensure stability in reporting [12][13] - **Waste Aluminum Projects**: The ratio of waste aluminum projects to high-end upgrades has shifted, with a focus on enhancing product upgrades [14][15] This summary encapsulates the key points from the conference call, highlighting the financial performance, strategic adjustments, market outlook, and operational insights of Ming Tai Aluminum Industry.

Core Viewpoint - The company reported a revenue of 32.32 billion yuan for 2024, reflecting a year-on-year increase of 22.23%, and a net profit of 1.75 billion yuan, up 29.76% year-on-year, slightly below previous expectations [1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 8.12 billion yuan, a quarter-on-quarter decrease of 6.25% but a year-on-year increase of 13.07%, with a net profit of 440 million yuan, showing a quarter-on-quarter increase of 30.38% and a year-on-year increase of 21.46% [1] - The company’s gross profit margin for 2024 was 6.95%, down 2.51 percentage points year-on-year, while Q1 2025 saw a gross profit margin of 6.64%, an increase of 11.69 percentage points quarter-on-quarter, indicating a significant recovery in profitability [2] Group 2: Market Conditions and Sales - The cancellation of export tax rebates for aluminum products has impacted the company, with export sales revenue for 2024 at 9.09 billion yuan, accounting for 28.1% of total sales [3] - Despite the challenges from the cancellation of export tax rebates, the company’s aluminum sales volume in Q1 2025 was 378,500 tons, showing a 1.8% increase quarter-on-quarter, indicating a recovery [3] - The company’s production capacity is expected to maintain stable growth, with the proportion of recycled aluminum likely to increase due to the commissioning of a new project [3] Group 3: Profit Forecast and Valuation - Due to the impact of the cancellation of export tax rebates and U.S. tariff policies, the company’s sales volume forecast for 2025 has been adjusted downwards, with expected EPS for 2025-2027 at 1.53, 1.68, and 1.70 yuan respectively [4] - The target price for the company is set at 13.71 yuan, based on a PE ratio of 8.96 times for 2025, down from a previous target of 17.75 yuan [4]

Group 1 - As of April 23, pension accounts held a total of 1.9 billion shares in 26 companies, with a combined market value of 5.379 billion yuan at the end of the first quarter [1] - The largest holding by pension accounts was in Ming Tai Aluminum, with 47.4518 million shares, followed by Huangma Technology with 24.6955 million shares [1] - There are 15 stocks with a market value exceeding 100 million yuan held by pension accounts, including Chunfeng Power and Lanxiao Technology [1] Group 2 - The highest holding ratio by pension accounts was in Lanxiao Technology, with 20.0006 million shares, accounting for 6.52% of the circulating shares [1] - Other notable holdings in terms of percentage include Top Cloud Agriculture at 5.77% and Chunfeng Power at 4.4% [1]