Revenue and Sales Performance - Revenue for the third quarter reached RMB 2,744,146,451.88, an increase of 8.65% year-over-year[2] - Total operating revenue for the first three quarters of 2024 reached RMB 7,678,166,641.27, a 14.7% increase compared to RMB 6,694,013,698.22 in the same period of 2023[13] - Sales revenue from goods and services increased to 7,251,528,388.14 RMB in the first three quarters of 2024, up from 5,583,799,133.96 RMB in the same period of 2023[16] - Revenue for the first three quarters of 2024 reached 6.57 billion RMB, a 20.7% increase compared to 5.45 billion RMB in the same period of 2023[21] - Sales revenue from goods and services for the first three quarters of 2024 was 6.56 billion RMB, a 38.5% increase compared to 4.74 billion RMB in the same period of 2023[22] Profit and Earnings - Net profit attributable to shareholders of the listed company for the third quarter was RMB 309,152,174.29, up 23.57% year-over-year[2] - Net profit attributable to the parent company's shareholders in the first three quarters of 2024 was RMB 867,626,179.90, up 30.8% from RMB 663,286,520.03 in the same period of 2023[14] - Basic earnings per share for the third quarter were RMB 0.31, up 24.00% year-over-year[3] - Basic earnings per share (EPS) for the first three quarters of 2024 were RMB 0.87, compared to RMB 0.66 in the same period of 2023, representing a 31.8% increase[15] - Net profit for the first three quarters of 2024 was 384.74 million RMB, a 5.7% decrease from 408.04 million RMB in the same period of 2023[22] - Total comprehensive income for the first three quarters of 2024 was RMB 867,626,514.67, a 30.8% increase from RMB 663,321,312.79 in the same period of 2023[15] Cash Flow and Liquidity - Net cash flow from operating activities for the period from the beginning of the year to the end of the reporting period was RMB 672,008,496.00, a significant increase of 342.53% year-over-year[2] - Net cash flow from operating activities rose significantly to 672,008,496.00 RMB in 2024, compared to 151,856,367.70 RMB in 2023[17] - Operating cash flow for the first three quarters of 2024 was 589.51 million RMB, a significant increase from 58.27 million RMB in the same period of 2023[23] - Cash and cash equivalents rose to 545,124,295.79 RMB from 424,169,067.24 RMB at the end of 2023[10] - Cash and cash equivalents at the end of the period stood at 543,625,236.91 RMB in 2024, up from 224,274,271.42 RMB in 2023[17] - Cash and cash equivalents at the end of Q3 2024 were 321.90 million RMB, a 156.8% increase from 125.35 million RMB at the end of Q3 2023[23] - Cash received from tax refunds increased to 305,534,420.43 RMB in 2024, up from 229,976,738.45 RMB in 2023[16] - The company received 217.22 million RMB in tax refunds during the first three quarters of 2024, an 81.2% increase from 119.86 million RMB in the same period of 2023[23] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 7,569,687,846.06, an increase of 5.38% compared to the end of the previous year[3] - Total assets increased to 7,569,687,846.06 RMB as of September 30, 2024, compared to 7,183,130,857.47 RMB at the end of 2023[11] - Total assets as of the end of Q3 2024 were RMB 7,569,687,846.06, a 5.4% increase from RMB 7,183,130,857.47 at the end of Q3 2023[12] - Total assets slightly increased to 5,614,235,276.37 RMB as of September 30, 2024, from 5,604,873,777.39 RMB at the end of 2023[18] - Current assets totaled 5,632,484,039.95 RMB, up from 5,356,429,125.15 RMB at the end of 2023[11] - Accounts receivable increased to 1,652,656,961.44 RMB from 1,563,852,145.91 RMB at the end of 2023[10] - Accounts receivable decreased to 1,360,513,753.65 RMB as of September 30, 2024, from 1,608,752,238.75 RMB at the end of 2023[18] - Inventory grew to 2,282,298,810.15 RMB from 2,112,747,684.04 RMB at the end of 2023[10] - Inventory increased to 1,038,158,929.79 RMB as of September 30, 2024, compared to 910,390,229.21 RMB at the end of 2023[18] - Fixed assets decreased to 1,404,994,255.83 RMB from 1,528,771,631.33 RMB at the end of 2023[11] - Construction in progress increased to 103,490,746.71 RMB from 63,632,290.77 RMB at the end of 2023[11] - Total liabilities as of the end of Q3 2024 were RMB 2,385,542,371.89, a decrease of 10.3% from RMB 2,658,625,200.99 at the end of Q3 2023[12] - Short-term borrowings stood at 1,133,512,888.87 RMB, down from 1,179,649,611.13 RMB at the end of 2023[11] - Short-term borrowings increased to 823,504,555.54 RMB as of September 30, 2024, up from 790,576,277.80 RMB at the end of 2023[19] - Long-term loans as of the end of Q3 2024 were RMB 297,000,000.00, a significant increase from RMB 40,000,000.00 at the end of Q3 2023[12] - Long-term borrowings significantly increased to 297,000,000.00 RMB as of September 30, 2024, compared to 40,000,000.00 RMB at the end of 2023[19] - Accounts payable decreased to 185,318,871.57 RMB from 219,925,039.54 RMB at the end of 2023[11] - Total liabilities and owner's equity as of Q3 2024 stood at 5.61 billion RMB, slightly up from 5.60 billion RMB at the end of 2023[20] Equity and Shareholder Information - The company's total equity attributable to shareholders of the listed company increased by 14.58% compared to the end of the previous year, reaching RMB 5,184,087,639.08[3] - Total equity attributable to the parent company's shareholders as of the end of Q3 2024 was RMB 5,184,087,639.08, a 14.6% increase from RMB 4,524,458,860.70 at the end of Q3 2023[12] - The company's largest shareholder, Huafeng Group Co., Ltd., holds 550,600,600 shares, representing a significant portion of the company's total shares[9] - Total owner's equity as of Q3 2024 was 3.64 billion RMB, a 5.4% increase from 3.45 billion RMB at the end of 2023[20] Operating Costs and Expenses - Operating costs for the first three quarters of 2024 were RMB 6,407,079,260.47, a 14.4% increase compared to RMB 5,602,660,144.01 in the same period of 2023[13] - Cash paid for goods and services increased to 6,131,191,858.55 RMB in 2024, compared to 4,935,402,651.13 RMB in 2023[16] - Interest expenses for the first three quarters of 2024 were 36.87 million RMB, a 15.8% decrease compared to 43.81 million RMB in the same period of 2023[21] Research and Development (R&D) - R&D expenses for the first three quarters of 2024 were RMB 153,943,946.69, a 7.6% decrease compared to RMB 166,540,057.93 in the same period of 2023[13] - R&D expenses for the first three quarters of 2024 were 92.38 million RMB, a 6.3% decrease compared to 98.57 million RMB in the same period of 2023[21] Government Subsidies and Tax Refunds - Government subsidies received during the reporting period amounted to RMB 3,629,434.32[4] - Cash received from tax refunds increased to 305,534,420.43 RMB in 2024, up from 229,976,738.45 RMB in 2023[16] - The company received 217.22 million RMB in tax refunds during the first three quarters of 2024, an 81.2% increase from 119.86 million RMB in the same period of 2023[23] Profit Drivers and Operational Performance - The increase in net profit was primarily driven by growth in sales volume[6] - The significant increase in cash flow from operating activities was mainly due to higher cash received from sales of goods[7] - Weighted average return on equity (ROE) for the third quarter was 6.11%, an increase of 0.14 percentage points year-over-year[3]

证券代码：601702 证券简称：华峰铝业 公告编号：2024-020 上海华峰铝业股份有限公司 关于召开2024年半年度暨第三季度业绩说明会的公告 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法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 06 日(星期三) 上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 30 日(星期三) 至 11 月 05 日(星期 二)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通 过公司邮箱 hfly@huafeng.com 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 上海华峰铝业股份有限公司（以下简称"公司"）已于 2024 年 7 月 31 日发布公司 2024 年半年度报告，拟于 2024 年 10 月 29 日发布 公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 ...

Investment Rating - Maintain Buy rating [4] Core Views - The company's Q3 2024 performance forecast meets expectations, with net profit expected to be between 820 million to 920 million yuan, a year-on-year increase of 24-39% [4] - The growth is driven by product structure optimization, strong domestic and overseas customer development, and cost reduction and efficiency improvement [4] - The company is expected to benefit from the increasing demand in the air conditioning, data center, and energy storage liquid cooling markets [4] - The company is expanding its production capacity, with plans to build a second phase in Chongqing, adding 150,000 tons of capacity for new energy vehicle use [4] Financial Summary - Revenue for 2024E is projected to be 11,483 million yuan, with a year-on-year growth rate of 23.6% [5] - Net profit attributable to the parent company for 2024E is expected to be 1,250 million yuan, with a year-on-year growth rate of 39.0% [5] - The company's gross margin is expected to increase from 15.9% in 2023 to 17.8% in 2024E [5] - ROE is projected to be 21.9% in 2024E, up from 19.9% in 2023 [5] Market and Industry Analysis - The company is a leader in automotive thermal management aluminum materials, with a stable industry structure and leading profitability [4] - The company is actively developing new materials for energy storage, 5G base stations, and data centers, with significant future market potential [4] - The company's overseas market development is progressing steadily, with new projects and customers in Asia and Eastern Europe [4] Production and Capacity - The company currently has a production capacity of 500,000 tons and plans to expand with a new 150,000-ton facility in Chongqing [4] - The Chongqing base offers lower energy costs and higher yield rates compared to the Shanghai base, with potential for further cost reductions [4]

Financial Performance - The estimated net profit attributable to shareholders for the first three quarters of 2024 is projected to be between 820 million and 920 million yuan, representing an increase of 157 million to 257 million yuan compared to the same period last year, which is a year-on-year increase of 23.68% to 38.76%[2] - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 810 million and 910 million yuan, with a year-on-year increase of 157 million to 257 million yuan, corresponding to an increase of 24.04% to 39.36%[3] - The net profit for the same period last year was 663 million yuan, and the net profit after deducting non-recurring gains and losses was 653 million yuan[4] Factors Driving Profit Increase - The main reason for the profit increase is the optimization of product structure and strong sales performance, driven by a high-end market strategy[5] - The company has achieved significant results in technological innovation, enhancing product competitiveness through increased R&D investment and improvements in production processes[5] - The company emphasizes the importance of digitalization and standardization in operations to improve efficiency and profitability[5] Forecast and Reporting - The performance forecast has not been audited, and no significant uncertainties affecting the accuracy of the forecast have been identified[6] - The forecast data is preliminary, and the final financial data will be disclosed in the official Q3 2024 report[7]

证券代码：601702 证券简称：华峰铝业 上海华峰铝业股份有限公司 投资者关系活动记录表 编号：2024-004 | --- | --- | --- | |------------------|----------------------------------|-----------------------------------------------------------| | | | | | 投资者关系活动类 | ■特定对象调研 □分析师会议 | | | 别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 □路演活动 | | | | □其他 | （请文字说明其他活动内容） | | 参与单位名称及人 | | 同泰基金、南方基金、泓德基金、博时基金、南方基金、易 | | 员姓名 | | 方达基金、富国基金、信达澳亚、华夏基金、光大保德信基 | | | | 金、中信保诚基金、银华基金、东方基金、南方基金、正圆 | | | | 投资、红筹投资、汇信聚盈、正心谷资本、昊泽致远、清和 | | | 金属及其他机构投资者。 | 泉资本、途灵资产、勤辰私募、方正证券、中航信托、长江 | | | | | ...

Summary of Conference Call Transcript Company and Industry Involved - The discussion revolves around the company's product structure optimization, particularly in the traditional thermal transfer materials sector. Core Points and Arguments - The company has successfully optimized its product structure, focusing on high-end demand in the thermal transfer materials business [1] - There is a strong emphasis on promoting high value-added products with high contribution margins as a guiding principle [1] - The company is continuously increasing the shipment volume of high value-added composite materials [1] Other Important but Possibly Overlooked Content - The overall performance in the first half of the year indicates a positive trend in the company's product offerings [1]

证券代码：601702 证券简称：华峰铝业 上海华峰铝业股份有限公司 投资者关系活动记录表 编号：2024-003 投资者关系活动类■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 别 □新闻发布会 □路演活动 □其他 （请文字说明其他活动内容） 参与单位名称及人 长信基金、中信证券、方正证券资管、易方达基金、招商基 员姓名 金、平安证券、博时基金、华夏人寿保险、富国基金、山东 神采资产、国信证券、汇添富基金、民生通惠资产、光大保 德信基金、中融基金、华商基金、国华兴益保险资产、中意 资产、银河基金、南京证券、安泽众赢投资、路博迈基金、 瑞泉基金、华泰证券资管、合远基金、泓德基金、宏利资产 管理、韩国投资信托、汇丰晋信基金、野村投信、Marco Polo Pure Asset Management 、Dymon Asia Capital (HK) Limited、申万宏源及其他机构投资者。 会议时间 2024 年 7 月 31 日 会议地点 电话交流 上市公司接待人员 上海华峰铝业股份有限公司总经理：高勇进先生 上海华峰铝业股份有限公司财务总监：阮海英女士 姓名 上海华峰铝业股份有限公司董事会秘书：张凌 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a revenue of 4.934 billion yuan in H1 2024, representing an 18.37% year-on-year growth, and a net profit attributable to shareholders of 558 million yuan, up 35.19% year-on-year [2]. - The growth in profit is attributed to an expanding customer base, increased sales volume, a shift towards high-value-added products, and effective cost control through lean production management [2]. - The pricing model based on "aluminum ingot price + processing fee" has been effective, with the average domestic spot aluminum price in H1 2024 at 19,796 yuan/ton, a 5.89% increase from the previous year [2]. - The company has established high barriers in the composite materials industry, with advantages in processing fees and yield rates, and has deep ties with leading customers in the automotive and new energy sectors [2]. Financial Summary - For H1 2024, the company reported a gross profit margin of 16.66%, an increase of 0.75 percentage points compared to the previous year [2]. - The company’s production capacity is robust, with two major production bases in Chongqing and Shanghai, totaling an annual capacity of 350,000 tons, and plans for further expansion [2]. - Forecasted net profits for 2024-2026 are 1.123 billion, 1.381 billion, and 1.600 billion yuan, respectively, with corresponding PE ratios of 14, 12, and 10 times based on the closing price on July 30 [2][3].

有色金属 证 券 研 究 报 告 2024 年 07 月 31 日 华峰铝业 (601702) ——24H1 业绩超预期，产品结构优化明显 | --- | --- | --- | |------------------------------------|-----------------------|-------------------------------| | 市场数据： | | 2024 年 07 月 31 日 | | 收盘价（元） | | 17.04 | | | 一年内最高/最低（元） | 21.37/13.74 | | 市净率 | | 3.5 | | 息率（分红/股价） | | 1.17 | | 流通 A | 股市值（百万元） | 17,015 | | 上证指数 / 深证成指 | | 2,938.75/8,754.09 | | 注："息率"以最近一年已公布分红计算 | | | | --- | --- | |------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 ...

35.19%归属于上市公司股东的扣费扣除非经营经营性损益的净利润是5.51亿然后呢上升了35.32%这个呢是报告上非常明晰的数据啊然后呢我就再把那个同比情况上半年度的同比情况说那个简单说一下我们啊 从比的话我们销售增长了18%这个也说过了利润这一块也说过了然后我们的产量销量也从比上升在18%到20%这样的一个情况那我们季度间的环比就是产销量都达到了百分之也有一定的增幅达到了百分之五到六 左右的一个环境增长啊销售额也在百分之那个六左右的一个啊增长啊整体的那个利润的话啊你们也可以看得到我们整体在百分之二十左右的一个增长啊这个情况那个先介绍到这里好的好的谢谢蓝总啊那我这边就先包装领域问几个问题啊首先就是刚才你 主要还是产品接收的变化主要是那个 产品结构的变化这个是最主要的一个那个啊我们说一下吧这个啊主要这个我们软统也见了啊有几个方面啊最主要两个第一个呢最主要是这个产品结构这块啊所以就就是说我们这个产品大家也看到啊就是说整个行业呢其实这个基础行业是降价这个这个其实是不可啊逆转的啊但是呢这几年来呢我们一直在讲我们在调整这个产品结构啊 每年的一些普通的产品就是一些中极端的产品的话基本上都会被限制但是为了避免这样的整体我们 ...