证券代码：601702 证券简称：华峰铝业 公告编号：2025-005 上海华峰铝业股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会 召开的日期时间：2025 年 3 月 10 日 13 点 30 分 召开地点：公司 1 号会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年3月10日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 3 月 10 日 至 2025 年 3 月 10 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段， ...

第四届监事会第十一次会议决议公告 公司拟对"年产15万吨新能源汽车用高端铝板带箔项目"部分事项进行变 更。具体内容详见上海证券交易所网站（http://www.sse.com.cn）及指定信息 披露媒体披露的《上海华峰铝业股份有限公司关于投资产业化项目建设内容变 更的公告》(公告编号:2025-004)。 本公司监事会及全体监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。 一、监事会会议召开情况 上海华峰铝业股份有限公司（以下简称"本公司"或"公司"）监事会于 2025年2月7日以邮件、电话等方式向全体监事发出第四届监事会第十一次会议 （以下简称"本次会议"）通知和材料，本次会议于2025年2月20日下午1点30 分在公司1号会议室以现场结合通讯方式召开。本次会议应到监事3名，实到监 事3名，其中监事祁洪岩采用通讯方式参会。本次会议由监事会主席祁洪岩女士 召集和主持。董事会秘书列席会议。本次会议的召集和召开程序符合《公司法》 和公司章程的规定，会议决议合法有效。 二、监事会会议审议情况 经与会监事审议表决，一致审议通过《关于投资产业化项目建设内容 ...

经审议，公司拟对"年产15万吨新能源汽车用高端铝板带箔项目"部分事项 进行变更。具体内容详见上海证券交易所网站（http://www.sse.com.cn）及指 定信息披露媒体披露的《上海华峰铝业股份有限公司关于投资产业化项目建设内 容变更的公告》(公告编号:2025-004)。本议案在提交董事会审议前已经董事会 战略委员会审议通过。 证券代码：601702 证券简称：华峰铝业 公告编号：2025-002 上海华峰铝业股份有限公司 第四届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 上海华峰铝业股份有限公司（以下简称"本公司"或"公司"）董事会 于2025年2月7日以邮件、电话等方式向全体董事发出第四届董事会第十一次 会议（以下简称"本次会议"）通知和材料，本次会议于2025年2月20日上 午9点在公司1号会议室以现场结合通讯方式召开。本次会议应到董事 5 名， 实到董事 5 名，其中独立董事彭涛、独立董事王刚采用通讯方式参会。本 次会议由董事长陈国桢先生召集和主持。公司全 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.05 CNY based on a 15x P/E ratio for 2025 [3][5]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 1.17 billion CNY and 1.26 billion CNY for 2024, representing a year-on-year increase of 30.14% to 40.16% [10]. - The company focuses on high-value-added products and has a strong competitive edge in high-end thermal transmission aluminum materials, which is expected to drive steady revenue growth [3][10]. - The company has consistently increased its R&D investment, leading to breakthroughs in production processes and product performance, which further enhances its market position [10]. Financial Performance Summary - Revenue is projected to grow from 9.29 billion CNY in 2023 to 11.93 billion CNY in 2024, reflecting a year-on-year growth of 28.4% [8]. - The net profit attributable to the parent company is expected to rise from 899 million CNY in 2023 to 1.22 billion CNY in 2024, marking a growth of 35.7% [8]. - The company's earnings per share (EPS) is forecasted to increase from 0.90 CNY in 2023 to 1.22 CNY in 2024 [8].

Financial Projections - The estimated net profit attributable to shareholders for 2024 is projected to be between 1.17 billion and 1.26 billion CNY, representing an increase of 271 million to 361 million CNY, or a year-on-year growth of 30.14% to 40.16%[4] - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses for 2024 is projected to be between 1.14 billion and 1.23 billion CNY, reflecting an increase of 263 million to 353 million CNY, or a year-on-year growth of 29.99% to 40.25%[5] - The net profit for the same period last year was 899.20 million CNY, and the net profit after deducting non-recurring gains and losses was 876.87 million CNY[6] - The performance forecast has not been audited, and no significant uncertainties affecting its accuracy have been identified[8] - The forecast data is preliminary, and the final financial data will be disclosed in the official 2024 annual report[9] Operational Strategies - The company has emphasized its operational advantages and market leadership in aluminum thermal transmission materials, leading to stable increases in customer base and sales volume[7] - The company has committed to technological innovation, increasing R&D investment, and achieving breakthroughs in production processes and product performance, which have positively impacted performance[7] - The company is actively promoting lean, intelligent, and green management practices to effectively reduce costs and increase efficiency, contributing to performance growth[7]

Company and Industry Analysis Summary Company Overview - The company is a key player in the aluminum alloy sector, particularly benefiting from the growth of the new energy vehicle (NEV) and future thermal energy storage industries. The current market valuation is considered low with potential for performance growth [1][2] Core Products and Market Position - The primary products include aluminum plates and strips, with 90% being aluminum alloy materials and 30% non-composite materials. The supply chain consists of electrolytic aluminum as the upstream source, with downstream applications primarily in NEVs and traditional vehicles [1][2] Industry Growth and Projections - The NEV industry in China is experiencing over 20% annual growth, expected to continue into 2025 due to supportive policies. The demand for aluminum alloy in NEVs is projected to increase from 286,000 tons in 2023 to 670,000 tons by 2026, representing a compound annual growth rate (CAGR) of 33% globally, and 19% domestically [3][5] Product Value Comparison - The single vehicle value of thermal management systems in NEVs is approximately 6,410 yuan, compared to 2,230 yuan for traditional fuel vehicles, indicating a threefold increase in value for NEVs [4] Revenue Growth - Revenue from NEV battery materials has surged from 80 million yuan in 2018 to 800 million yuan in 2022, reflecting a CAGR of 73% [5] Maintenance Market Potential - The maintenance market for traditional vehicles, particularly for aluminum components like radiators and condensers, is estimated to be around 60,000 tons annually, with a projected market size of approximately 2.11 billion yuan by 2026, growing at a CAGR of 5.27% [6][7] Customer Base and Competitive Advantage - The company has established strong relationships with major automotive manufacturers, including Mercedes-Benz and Tesla, which enhances its market position and allows it to capitalize on the growth of both NEVs and traditional vehicles [12] Production Capacity and Cost Efficiency - The company operates two production bases in Shanghai and Chongqing, with a total capacity expected to reach 600,000 tons by the end of 2025. Manufacturing costs have decreased significantly from over 1,500 yuan per ton in 2019 to around 900 yuan per ton in 2023, indicating improved efficiency [13] Financial Forecast - Revenue projections for 2024 to 2026 are estimated at 11.6 billion yuan, 14.3 billion yuan, and 14.4 billion yuan respectively, with corresponding profits expected to be around 1.2 billion yuan in 2024, 1.4 billion yuan in 2025, and 1.7 billion yuan in 2026. The current market valuation is approximately 17 billion yuan, suggesting a favorable investment opportunity [14]

Investment Rating - Maintain Buy rating [4] Core Views - Gree Group's investment in an aluminum tube manufacturing project accelerates the application of aluminum replacing copper in air conditioners The project involves a 180 million yuan investment with an annual production capacity of 15,000 tons and expected sales revenue of 500 million yuan [4] - Aluminum replacing copper in air conditioners offers significant cost reduction and performance advantages Aluminum microchannel heat exchangers improve heat exchange efficiency by over 30%, reduce refrigerant charge by 50%, and decrease volume and weight by 30% and 50% respectively [4] - The penetration rate of aluminum microchannel air conditioners is 5% in China and 40% overseas, indicating substantial market potential If China's penetration rate increases to 40%, global demand for brazed aluminum materials for air conditioner heat exchangers could rise from 66,000 tons to 220,000 tons [4] - The company is well-positioned to benefit from the aluminum replacing copper trend with existing product layouts in the civil air conditioning sector Its products are widely used in automotive, air conditioning, power electronics, and high-speed rail sectors [4] - The company is a leading player in automotive thermal management aluminum materials The new Chongqing base will expand production capacity, and the company's profitability leads the industry with products in automotive, air conditioning, energy storage, and data center liquid cooling materials [4] Financial Summary - Estimated net profit attributable to the parent company for 2024-2026 is 1,250/1,598/1,897 million yuan, with corresponding P/E ratios of 15/11/10 [4] - Revenue for 2024-2026 is projected at 11,483/13,069/15,949 million yuan, with year-on-year growth rates of 23 6%/13 8%/22 0% [15] - Gross margin for 2024-2026 is expected to be 17 8%/19 3%/19 2%, with ROE of 21 9%/21 9%/20 6% [15] Market Data - Closing price on December 31, 2024: 18 32 yuan [2] - Price-to-book ratio: 3 5 [2] - Dividend yield: 1 09% [2] - Market capitalization of circulating A shares: 18,293 million yuan [2] - Shanghai Composite Index/Shenzhen Component Index: 3,351 76/10,414 61 [2] Industry Trends - Aluminum replacing copper in air conditioners is accelerating due to cost and performance advantages [4] - The company is expected to benefit significantly from this industry trend with its diversified product applications and new project developments [4]

Summary of the Conference Call Company and Industry Overview - **Company**: Huadong Aluminum - **Industry**: Non-ferrous metals, specifically high-end aluminum processing Key Points and Arguments - **Strong Stock Performance**: Huadong Aluminum's stock has seen a significant increase, attributed to its strong operational performance, relatively low valuation, and investor preference for high-certainty performance companies during year-end portfolio adjustments [2][24][25] - **Market Position**: Huadong Aluminum is a leading high-end aluminum processing company, with 90% of its market focused on the automotive sector, particularly in new energy vehicles (NEVs) which account for 50%-60% of its sales [6][24] - **Capacity Growth**: The company's production capacity has increased from 380,000 tons last year to approximately 450,000 tons this year, with projections to reach 650,000 to 700,000 tons by 2026-2027 [6][40] - **Financial Performance**: From 2017 to 2023, the company achieved a compound annual growth rate (CAGR) of nearly 20% in revenue, growing from 3.2 billion to 9.3 billion yuan, and a CAGR of about 28% in net profit, from 200 million to 900 million yuan [6][24] - **Competitive Advantages**: The company maintains a competitive edge through high product quality, advanced technology, a robust governance structure, and cautious capacity expansion strategies [7][24][28] - **Future Growth Prospects**: With the continuous growth of the NEV market and further capacity enhancements, Huadong Aluminum is expected to sustain a positive growth trajectory and improve profitability [7][24][50] Additional Important Insights - **Dividend Policy**: The company is in a rapid growth phase, leading to a cautious approach towards future dividends, which increased from 15% to 23% in 2023 [8][30] - **Differentiation Strategy**: Huadong Aluminum focuses on high-end, international, and customized production, which sets it apart from competitors in a highly standardized industry [12][30] - **Market Dynamics**: The shift towards NEVs has expanded the market for aluminum thermal transmission materials, with demand expected to rise significantly as NEVs penetrate the market [13][38] - **Challenges and Responses**: The company faces challenges such as shortened certification cycles and increased competition in the NEV sector. It has responded by enhancing collaboration with downstream customers and optimizing capacity allocation [38][46] - **Export Resilience**: Approximately 30% of the company's business is export-oriented, demonstrating resilience against trade sanctions and maintaining growth despite external pressures [42][49] Conclusion Huadong Aluminum is positioned as a strong player in the high-end aluminum processing industry, particularly within the automotive sector. Its robust financial performance, strategic growth initiatives, and competitive advantages suggest a promising outlook for future profitability and market expansion.

Summary of Conference Call Notes Company and Industry Involved - The discussion revolves around the aluminum processing industry, specifically focusing on trade practices, pricing strategies, and market dynamics. Core Points and Arguments 1. **Trade Practices**: The company does not engage in processing work like material processing or custom processing, as it does not significantly impact their operations. They primarily use non-taxed amounts for exports and domestic transactions [1][2] 2. **Pricing Dynamics**: There has been a notable increase in overseas prices compared to domestic prices, with a reported increase of approximately 500 units since November 15. This shift has influenced the company's pricing strategies and customer negotiations [3] 3. **Customer Relationships**: The company has established strong relationships with major clients, with 70-80% of their business coming from large customers who are willing to accept price increases of around 3% [9][10] 4. **Cost Increases**: The overall cost of processing has increased by about 40% when factoring in taxes and processing fees, which has been communicated to clients [4][5] 5. **Competitive Advantage**: Despite rising costs, the company maintains a competitive edge in the global market due to the high cost-performance ratio of Chinese products compared to Western suppliers [7][8] 6. **Market Stability**: The company has managed to maintain a stable export ratio, with foreign trade remaining above 30% over the years, despite challenging international market conditions [24][25] 7. **Expansion Plans**: There are ongoing considerations for expanding into new markets, including potential overseas factories, although no definitive plans have been established yet [26][27] 8. **Investment in Technology**: The company is investing in advanced technology for production, particularly in the context of new energy materials and AI-related applications, which are expected to drive future growth [14][15][16] 9. **Production Capacity**: The company anticipates maintaining a production capacity of around 50-60 units, depending on market demand and operational efficiency [22][23] 10. **Impact of Tariffs**: The company has adapted to trade tariffs and has developed strategies to mitigate risks associated with international trade policies, particularly in North America [32] Other Important but Possibly Overlooked Content 1. **Emerging Technologies**: There is a focus on the development of new materials for applications in AI, energy storage, and cooling systems, indicating a shift towards high-value products [16][18] 2. **Market Trends**: The company is observing trends in the air conditioning sector, where domestic manufacturers are beginning to adopt new technologies, suggesting potential growth opportunities [14][15] 3. **Client Negotiations**: The company is actively negotiating contracts with clients, indicating a proactive approach to securing business in a fluctuating market [10][11] 4. **Production Challenges**: There are challenges related to production capacity and the need for temporary solutions to meet demand, highlighting operational complexities [22][30] This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the company's current position and future outlook within the aluminum processing industry.

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its growth potential in the aluminum thermal transmission materials sector [4][10]. Core Insights - The company is a leader in aluminum thermal transmission materials, experiencing continuous high revenue growth. From 2018 to 2023, its revenue increased from 3.42 billion yuan to 9.29 billion yuan, with a five-year CAGR of 22.12%. The net profit attributable to the parent company rose from 170 million yuan to 900 million yuan, with a five-year CAGR of 39.56% [4][6][45]. - The demand for aluminum thermal materials is driven by the growth of the new energy vehicle (NEV) market, traditional vehicle exports, and emerging markets such as energy storage and data centers [12][61][100]. Summary by Sections 1. Company Overview - Established in 2008, the company has focused on high-end aluminum thermal transmission materials and has become a domestic leader in this niche [27][28]. - The company has a stable shareholding structure, with its parent company being a leading new materials enterprise, which provides significant support [32][34]. 2. Market Demand - The global demand for aluminum thermal materials in NEVs is projected to reach 460,000 tons by 2026, with a CAGR of 18.92% from 2023 to 2026. Domestic demand is expected to grow at a CAGR of 20.42% during the same period [85]. - The company is also benefiting from the increasing demand for aluminum materials in traditional fuel vehicles, with a projected need of 224,500 tons by 2026, growing at a CAGR of 16.46% [91][96]. 3. Industry Dynamics - The aluminum thermal transmission industry is experiencing capacity expansion, with over 5.51 million tons of new projects planned or under construction, indicating a robust market outlook [117]. - The company’s production and sales ratio reached 98.75% in 2023, reflecting strong demand and effective inventory management [121]. 4. Competitive Advantages - The company has strong R&D capabilities, advanced equipment, and a solid customer base, which enhance its competitive position. The expansion of its Chongqing base is expected to increase production capacity by approximately 39% [5][127][133]. - The company has established partnerships with high-profile clients in the automotive sector, including DENSO and MAHLE Group, which enhances its market credibility [136][140]. 5. Financial Projections - The company is projected to achieve net profits of 1.21 billion yuan, 1.41 billion yuan, and 1.69 billion yuan for the years 2024 to 2026, respectively, with corresponding growth rates of 34.14%, 16.19%, and 20.28% [6][148]. - The report anticipates that the company will benefit from the increasing use of aluminum thermal materials in NEVs and traditional vehicles, as well as growth in energy storage and data center markets [10][148].