华峰铝业 20260906 摘要 华峰铝业专注于余热传输材料，包括技术壁垒较高的复合材料，目前产 能约 50 万吨，并积极扩建 45 万吨新能源汽车用产能，以满足市场需求。 公司管理层经验丰富，实控人为严小平，董事长陈国珍和总经理高勇进 均具备深厚的行业背景和技术经验，为公司发展提供有力保障。 华峰铝业位于铝产业链中游，全球市占率接近 40%，与格朗吉斯、银邦 股份并列行业前三，并通过扩建产能巩固市场地位。 铝热传输材料广泛应用于汽车、空调、数据中心及储能设备等领域，尤 其在新能源汽车领域需求增长迅速，预计 2024-2027 年新能源汽车需 求量增速为 26%。 数据中心液冷技术和储能设备液冷趋势将推动传输材料需求增长，尽管 液冷成本较高，但随着规模扩大，成本因素将弱化。 公司近年来营收与利润保持稳定增长，2019-2024 年归母净利润年均 增长率约 46%，主要利润来源是复合材料产品，费用占比下降，净利率 上升。 公司推出 C to B 全新型水冷板和预埋铅剂材料等新产品，具有高附加值 和广阔应用前景，有望推动公司业绩持续增长。 华峰铝业主要生产余热传输材料，产品包括复合材料和非复合材料。复合材料 由不 ...

行 业 及 产 业 有色金属 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 - 郭中伟 A0230524120004 guozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 研究支持 郭中耀 A0230124070003 guozy@swsresearch.com 联系人 郭中耀 (8621)23297818× guozy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 09 月 07 日 降息预期进一步抬升，重视黄金 板块表现 看好 —— 金属&新材料行业周报20250811-20250815 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 一周行情回顾：据 ifind，环比上周 1）上证指数下跌 1.18%，深证成指下跌 0.83%，沪深 300 下跌 0.81%，有色金属（申万） ...

首先，从存货规模角度看，2025年上半年多数工业金属公司存货规模增长，其中宁波富邦的存货规模同 比增幅最大。报告期内，宁波富邦的存货规模为1.77亿元，同比增长699.13%。存货规模同样增长较快 的还有鑫源智造，存货规模为0.6亿元，同比增长122.43%。 从存货占总资产的比例角度看，2024年，多数上市公司存货占全部资产的比重有所增长，白银有色、华 峰铝业、云南铜业、锌业股份、北方铜业、豫光金铅的存货占总资产的比例较高，超过了30%。其中， 白银有色存货规模为155.45亿元，同比下降5.83%，存货占总资产的比重为30.87%；华峰铝业存货规模 为28.82亿元，同比增长26.6%，存货占总资产的比重为31.18%；云南铜业存货规模为199.84亿元，同比 增长16.12%，存货占总资产的比重为38.36。锌业股份存货规模为38.07亿元，同比增长10.26%，存货占 总资产的比重为38.92%；北方同业存货规模为77.68亿元，同比增长33.89%，存货占总资产的比重为 39.48%。豫光金铅存货规模为104.31亿元，同比增长10.68%，存货占总资产的比重为53.57%。 炒股就看金麒麟分析师研 ...

Core Viewpoint - Huafeng Aluminum's stock price experienced a slight decline, indicating potential market volatility and investor sentiment towards the company [1] Company Summary - On August 26, Huafeng Aluminum's stock closed at 17.64 yuan, down 0.10 yuan or 0.56% from the previous trading day [1] - The trading volume on that day was 116,679 hands, with a transaction amount of 205 million yuan and a price fluctuation of 1.58% [1] - The company's total market capitalization is 17.614 billion yuan, with a price-to-earnings ratio of 15.44 times [1] - Huafeng Aluminum specializes in the research, production, and sales of aluminum plates, strips, and foils, with applications in automotive, home appliances, and construction sectors [1] - The company operates within the non-ferrous metals industry and is also involved in sectors related to new energy vehicles and specialized innovative enterprises [1] Institutional Investment - Public information indicates that pension funds entered as one of Huafeng Aluminum's top ten circulating shareholders in the second quarter, reflecting institutional investors' recognition of the company's future development prospects [1] Capital Flow - On August 26, the net inflow of main funds into Huafeng Aluminum was 5.4622 million yuan, accounting for 0.03% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds was 26.2879 million yuan, representing 0.15% of the circulating market value [1]

Core Viewpoint - The report from Dongfang Securities indicates that Huafeng Aluminum's performance is under short-term pressure due to the aluminum export tax rebate policy and international trade frictions, but several operational indicators have improved on a month-on-month basis [1] Industry Summary - The aluminum processing industry is experiencing short-term performance pressure, with revenue for large-scale enterprises from January to April showing a year-on-year increase of 6.3%, while profits decreased by 7.9% [1] - Despite the overall intensified competition in the industry, Huafeng Aluminum achieved a year-on-year revenue growth of 20.87% [1] Company Summary - In Q2 2025, Huafeng Aluminum's net profit attributable to shareholders was 304 million yuan, showing a year-on-year decrease of 0.22%, but an increase of 14.24% compared to Q1 2025's 266 million yuan [1] - The company's cash flow from operating activities improved significantly, with cash received from sales of goods amounting to 2.525 billion yuan, a month-on-month increase of 35.97%, and cash paid for purchases of goods at 2.044 billion yuan, a month-on-month increase of 5.31% [1] - The net profit margin in Q2 2025 was 9.94%, reflecting a month-on-month increase of 0.77 percentage points [1] - The return on equity (ROE) for Q2 2025 was 5.24%, which is a month-on-month increase of 0.54 percentage points [1] - The balance sheet shows a decrease in receivables and deductible input tax, while inventory and prepayments have increased, indicating a continuous improvement in operating cash flow [1] - Based on the valuation of comparable companies with a projected price-to-earnings ratio of 17 times for 2025, the target price for Huafeng Aluminum is set at 22.95 yuan, maintaining a "buy" rating [1]

Core Insights - The recent disclosure of semi-annual reports by A-share listed companies reveals significant movements among institutional investors, particularly pension funds [1] Group 1: Institutional Investment Trends - In the second quarter, pension funds entered the top ten circulating shareholder lists of over 20 stocks [1] - The total market value of stocks newly held by pension funds, with a market value exceeding 100 million yuan, includes 11 companies: Hongfa Technology, Satellite Chemical, Shengyi Electronics, Yuyue Medical, Jereh Group, Angel Yeast, Taineng Technology, Huace Testing, Hisense Home Appliances, Gongda Electronics, and Cambridge Technology [1] - Additionally, pension funds also entered the top ten circulating shareholder lists of companies such as Weichai Heavy Machinery, Huafeng Aluminum, Luxi Chemical, Jingneng Electric Power, Nova Star Cloud, Fuda Co., Tianqin Equipment, Shanhaishan, Gaoxingxing, Jiuzhitang, Doli Technology, Zhongce Rubber, Weifeng Electronics, and Baolijia [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.95 CNY based on a 17x P/E ratio for 2025 [3][7]. Core Views - The company has shown improvement in operating cash flow and has a promising outlook in the liquid cooling market, particularly in air conditioning and energy storage applications [11]. - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 1.35, 1.77, and 2.18 CNY respectively, reflecting a strategic response to current industry conditions [3]. Financial Performance - The company’s revenue is projected to grow from 9,291 million CNY in 2023 to 16,469 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 12.7% [5]. - Operating profit is expected to increase from 1,013 million CNY in 2023 to 2,382 million CNY in 2027, indicating a strong growth trajectory [5]. - The net profit attributable to the parent company is forecasted to rise from 899 million CNY in 2023 to 2,179 million CNY in 2027, with a notable growth rate of 35.1% in 2024 [5]. - The company’s gross margin is expected to improve from 15.9% in 2023 to 18.1% in 2027, while the net margin is projected to increase from 9.7% to 13.2% over the same period [5]. Market Position and Strategy - The company is focusing on product innovation and has made significant advancements in research and development, including obtaining new patents and government subsidies [11]. - The strategic emphasis on high-strength, corrosion-resistant composite cooling plates and other innovative products positions the company well in emerging markets [11]. - The report highlights the potential of liquid cooling solutions in data centers and energy storage, which are expected to positively impact the company's processing fees in the future [11].

- The liquid cooling index (8841247.WI) has increased by 76.30% since the beginning of 2025 and by 71.99% since April 7, 2025, significantly outperforming the Wind All A Index during the same period[2][12][13] - Public fund holdings in the liquid cooling sector have rebounded since August 2025, based on real-time estimates derived from public market information such as fund net value, disclosed holdings, and research activities[3][17][19] - ETF fund holdings in the liquid cooling sector have been declining since July 2025, despite the overall growth in the scale of public ETF funds, which reached over 4.3 trillion yuan by the end of the second quarter of 2025[3][18][21] - The financing balance in the liquid cooling sector has been continuously rising since July 2025, indicating increased investor optimism about the market[3][23][25] - The chip yield characteristic of the liquid cooling index shows a current profitability effect of 12.97%, reflecting a momentum effect when the market's profitability is good and a reversal effect when it is weak[3][26][28] - The most frequently researched stocks by institutions in 2025 include Feilong Co., Ltd., Kexin Source, and Zhongshi Technology[4][30][32] - The stocks with the highest attention from Xueqiu influencers since August 1, 2025, include Inovance, Chuanhuan Technology, and Feilong Co., Ltd.[4][33] - The stocks with the highest net inflow of main funds since August 1, 2025, include Suzhou Tianmai, Tenglong Co., Ltd., and Huazheng New Materials[4][34][36] - The stocks that appeared on the Dragon and Tiger List since August 1, 2025, include Feilong Co., Ltd., Chuanhuan Technology, and Shuguang Digital Creation[4][37][38] - The stocks with the highest increase in the number of shareholders since August 1, 2025, include Zhongjie Automobile, Yinlun Co., Ltd., and Huafeng Aluminum Industry[4][37][40]

Group 1 - The stock price of Huafeng Aluminum is reported at 17.73 yuan, down 1.39% from the previous trading day, with a trading range of 17.62 yuan to 18.09 yuan and a transaction amount of 203 million yuan [1] - Huafeng Aluminum primarily engages in the research, production, and sales of aluminum plates, strips, and foils, with applications in automotive, home appliances, and construction sectors [1] - The company is classified within the non-ferrous metals industry and is a locally listed company in Shanghai [1] Group 2 - In the second quarter of 2025, social security funds increased their holdings in Huafeng Aluminum by a total of 9.607 million shares, with four social security fund products currently holding the company's stock [1] - On the day of the report, the main capital outflow for Huafeng Aluminum was 14.7207 million yuan, with a cumulative net outflow of 7.1321 million yuan over the past five trading days [1]

Group 1: Macroeconomic Overview - National general public budget revenue increased by 0.1% year-on-year in the first seven months of 2025, with a notable increase of 2.6% in July, marking the highest monthly growth of the year [3] - National general public budget expenditure grew by 3.4% year-on-year in the same period, with significant contributions from health and social security sectors [3] - Government fund budget revenue decreased by 0.7% year-on-year, indicating ongoing impacts from the real estate market adjustments [4] Group 2: Anfu Technology - Anfu Technology is expected to acquire a 43% stake in Nanfu Battery by 2026, significantly enhancing its earnings [8] - The restructuring strategy aims to deepen control over Nanfu Battery, with projected net profit of no less than 914 million yuan for 2025 [9] - The alkaline battery market is projected to grow, driven by trends such as smart home adoption and outdoor activities, with global retail sales expected to exceed $12 billion by 2025 [9][10] Group 3: Lenovo Group - Lenovo Group reported a strong start to FY2026, with total revenue reaching $18.8 billion, a 22% year-on-year increase [11] - The company’s three main business segments showed robust growth, with the IDG segment achieving $13.5 billion in revenue, up 18% [12] - Lenovo's AI strategy is advancing, with significant developments in both personal and enterprise AI solutions [12][13] Group 4: Ruoyuchen - Ruoyuchen's revenue for H1 2025 exceeded expectations, driven by a 242% year-on-year increase in self-owned brand sales [14] - The company is expected to maintain high growth rates, with EPS projections of 0.81, 1.20, and 1.62 yuan for 2025-2027 [15] - The self-owned brand "Zhanjia" has shown strong performance, contributing significantly to overall revenue growth [16] Group 5: Nuo Pin - Nuo Pin is positioned as a leader in high-end blueberry production, with a target EPS of 0.86, 1.26, and 1.56 yuan for 2025-2027 [18] - The company benefits from high barriers to entry in blueberry cultivation, leveraging unique climatic conditions in Yunnan [19] - Nuo Pin's sales channels are expanding, with a significant increase in fresh food revenue from 1 billion to 2.14 billion yuan from 2021 to 2024 [20]