河南明泰铝业股份有限公司 第六届监事会第十五次会议决议公告 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 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10 月18日以电子邮件和电话通知方式发出召开第六届监事会第十五次会议的通知， 并于2024年10月28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。 证券代码：601677 证券简称：明泰铝业 公告编号：临 2024-055 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 2024 年前三季度利润分配方案的议案》。 拟以未来实施本次利润分配方案时股权登记日的总股本为基数，向全体股东 每 10 股派发现金红利人民币 0.50 元（含税），不送红股，不以公积金转增股本。 公司监事会认为：本次利 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥8,340,921,062.65, representing a year-on-year increase of 22.37%[2] - Net profit attributable to shareholders was ¥341,417,954.58, showing a decrease of 4.65% compared to the same period last year[2] - The net profit after deducting non-recurring gains and losses was ¥264,101,244.15, down by 9.21% year-on-year[2] - The company reported a net profit of CNY 8.97 billion for the first nine months of 2024, compared to CNY 7.72 billion for the same period in 2023, reflecting a growth of approximately 16.2%[10] - Net profit for the first three quarters of 2024 was CNY 1.41 billion, representing a 21.5% increase compared to CNY 1.16 billion in 2023[13] - The net profit for Q3 2024 was CNY 80.40 million, a decrease of 71.5% from CNY 282.89 million in Q3 2023[20] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥23,430,559,303.24, reflecting a 10.30% increase from the end of the previous year[3] - The total assets as of September 30, 2024, were ¥13,585,311,708.26, down from ¥13,947,313,131.84 at the end of 2023[17] - The total liabilities amounted to CNY 5.90 billion, compared to CNY 5.30 billion at the end of 2023, marking an increase of around 11.3%[10] - The total liabilities decreased to CNY 3.15 billion in Q3 2024 from CNY 3.78 billion in Q3 2023, reflecting a reduction of approximately 16.6%[20] Equity and Earnings - The equity attributable to shareholders increased to ¥17,237,131,270.33, marking a 10.18% rise compared to the previous year-end[3] - The equity attributable to shareholders reached CNY 17.24 billion, up from CNY 15.64 billion, which is an increase of about 10.2%[10] - The basic earnings per share for the period was ¥0.29, a decrease of 17.14% year-on-year[2] - Basic earnings per share remained stable at CNY 1.18, while diluted earnings per share increased to CNY 1.18 from CNY 1.12[13] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥50,568,753.04, a significant decrease of 82.93% year-on-year[5] - The net cash flow from operating activities for Q3 2024 was ¥50,568,753.04, a decrease of 82.9% compared to ¥296,215,124.96 in Q3 2023[14] - Cash flow from operating activities was CNY 14.71 billion, down from CNY 16.15 billion in the same period of 2023[13] - The company's cash flow from operating activities generated a net inflow of CNY 627.63 million in the first three quarters of 2024, compared to a net outflow of CNY 797.22 million in the same period of 2023[22] Costs and Expenses - Total operating costs increased to CNY 22.56 billion, up 21.9% from CNY 18.52 billion year-over-year[12] - Research and development expenses rose to CNY 1.27 billion, a significant increase of 27.8% from CNY 993.92 million in the previous year[12] - Research and development expenses for the first three quarters of 2024 were CNY 19.02 million, significantly lower than CNY 187.08 million in the same period of 2023, indicating a reduction of approximately 89.8%[19] Government Support and Non-Recurring Items - The company received government subsidies amounting to ¥75,326,337.55 during the period, contributing positively to the financial results[4] - Non-recurring gains and losses totaled ¥77,316,710.43 for the current period, compared to ¥249,354,971.14 for the year-to-date[4] Market Strategy and Future Plans - The company plans to continue expanding its market presence and investing in new technologies to enhance production efficiency and product quality[10] - The company has maintained a stable dividend policy, with dividends declared amounting to CNY 6.66 million for the current period[10]

证券代码：601677 证券简称：明泰铝业 公告编号：临 2024-053 河南明泰铝业股份有限公司 2024 年 9 月经营快报 河南明泰铝业股份有限公司（以下简称"公司"）2024 年 9 月产品产销数据 如下： 注：铝型材销量中不包含自用铝型材部分。上述数据未经审计，可能会与定 期报告数据存在差异，仅供投资者阶段性参考，相关数据以公司定期报告为准， 敬请投资者注意风险。 特此公告。 河南明泰铝业股份有限公司 董 事 会 2024 年 10 月 9 日 单位：万吨 产品 生产 销售 本月产量 本年累计 本月销量 本年累计 铝板带箔 12.48 108.73 12.63 108.66 铝型材 0.12 1.31 0.11 1.12 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。 ...

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].

Financial Data and Key Metrics Changes - The company reported a record high net profit of 1.07 billion in the first half of the year, marking a new quarterly high for net profit [1] - The increase in aluminum ingot prices in April and May positively impacted profits, while June saw a decline in prices [2] - The sales volume in the second quarter increased by approximately 36,000 tons compared to the previous quarter, contributing significantly to profit growth [3] - Financial expenses improved in the second quarter compared to the first, with a foreign exchange gain of around 30 million due to the depreciation of the RMB [3] Business Line Data and Key Metrics Changes - The company increased its use of recycled aluminum by approximately 40,000 tons in the second quarter compared to the first quarter, which contributed positively to profit [3] - The overall cost decreased by about 140 per ton in the second quarter, benefiting from lower gas and electricity prices [5] Market Data and Key Metrics Changes - The company maintained a stable production and sales level of around 110,000 to 125,000 tons in June and July, indicating a smooth transition through the off-season [6] - The company expects to achieve an annual production and sales target of 1.45 million tons without significant issues [6] Company Strategy and Development Direction - The company is focusing on new product development, including battery casings and water energy boards, which are steadily increasing market share [7] - The company plans to use 900,000 to 1 million tons of recycled aluminum this year, with expectations of higher usage in the second half [13] Management Comments on Operating Environment and Future Outlook - Management noted that the second quarter's profit growth was supported by rising aluminum prices and the elimination of the price gap between domestic and foreign markets [16] - The company has a solid profit margin of around 1,100 per ton, which has been stress-tested against various market pressures [19] Other Important Information - The company has not seen significant impacts from recent policy changes regarding tax refunds for recycled aluminum, viewing them as beneficial for industry development [21][23] - The company has experienced an increase in accounts receivable due to expanded production and sales volumes [33] Q&A Session Summary Question: What is the profitability of the subsidiary companies? - The profitability of the subsidiary companies varies, with one subsidiary showing a net profit margin of 3.5% due to its complete industrial chain [8][9] Question: How is the production capacity of the new materials subsidiary? - The new materials subsidiary has achieved a production capacity of 11,000 tons in the first half of the year, meeting its targets [10] Question: What are the expectations for annual production and sales targets? - The company aims for an annual production and sales target of approximately 1.45 million tons, with expectations for the second half to outperform the first [12] Question: What is the impact of recent policy changes on recycled aluminum usage? - Recent policies have not significantly impacted the company, and the changes are seen as beneficial for encouraging participation in recycled aluminum recovery [21][23] Question: How has the export market changed? - The company has seen a shift in export markets, with increased exports to Southeast Asia and a decrease to the EU due to anti-dumping measures [29] Question: What are the trends in demand across different sectors? - Demand remains strong in manufacturing sectors, particularly for products related to mechanical processing and smart equipment manufacturing [31]

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].