Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's Q3 2024 performance met expectations, with revenue of 7.68 billion yuan for Q1-Q3 2024, a year-on-year increase of 14.7%, and a net profit of 870 million yuan, up 30.8% year-on-year [4] - The growth in performance is attributed to product structure optimization, a strong sales increase driven by both domestic and international customer expansion, and cost reduction efforts [4] - The company is well-positioned to benefit from the growing demand in air conditioning, data centers, and energy storage markets, with significant potential in liquid cooling materials [4] - The company has a strong focus on high-value-added products and has successfully expanded its overseas market presence, particularly in Asia and Eastern Europe [4] - The company plans to expand its production capacity in Chongqing by an additional 150,000 tons, enhancing its supply capabilities [4] - The profit forecast for the company remains unchanged, with expected net profits of 1.25 billion, 1.60 billion, and 1.90 billion yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 13, 10, and 9 [4] Summary by Sections Market Data - Closing price: 16.57 yuan - Market capitalization: 16,546 million yuan - Price-to-book ratio: 3.4 - Dividend yield: 1.21% [2] Financial Summary - Revenue for 2023: 9,291 million yuan, with a projected increase to 11,483 million yuan in 2024 [5] - Net profit for 2023: 899 million yuan, expected to rise to 1,250 million yuan in 2024 [5] - Gross margin for 2024 is projected at 17.8% [5] Company Performance - The company achieved a net profit margin of 11.3% in Q3 2024, with a quarter-on-quarter increase of 1.4% [4] - The company has established a strong foothold in various industries, including new energy vehicles, energy storage, and data centers, with multiple new projects underway [4]

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]

证券代码：601702 证券简称：华峰铝业 公告编号：2024-019 上海华峰铝业股份有限公司 2024年前三季度业绩预增公告 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。 重要内容提示： 预计2024年前三季度实现归属于上市公司股东的净利润为8.20亿元至9.20亿 元，与上年同期相比，将增加1.57亿元到2.57亿元，同比增加23.68%到 38.76%； 预计2024年前三季度实现归属于上市公司股东的扣除非经常性损益的净利润 为8.10亿元至9.10亿元，与上年同期相比，将增加1.57亿元到2.57亿元，同 比增加24.04%到39.36%。 一、本期业绩预告情况 （一）业绩预告期间 2024年1月1日至2024年9月30日。 （二）业绩预告情况 1、经财务部门初步测算，预计2024年前三季度实现归属于上市公司股东的净利 润为8.20亿元至9.20亿元，与上年同期相比，将增加1.57亿元到2.57亿元，同比增 加23.68%到38.76%； 2、预计2024年前三季度实现归属于上市公司股东的扣除非经常性损益的净 ...

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 ...

华峰铝业（601702.SH）2024 年半年报点评 [盈利预测与财务指标 Table_Forcast] 产销量增长明确，业绩再创新高 2024 年 08 月 01 日 ➢ 事件：公司发布 2024 年中报。2024 H1，公司实现营收 49.34 亿元，同比 增长 18.37%，实现归母净利润 5.58 亿元，同比增长 35.19%，实现扣非归母净 利润 5.51 亿元，同比增长 35.32%；单季度来看，2024Q2，公司实现营业收入 25.72 亿元，同比增长 18.45%，环比增长 8.89%，实现归母净利润 3.05 亿元， 同比增长 25.19%，环比增长 20.22%，实现扣非归母净利润 3.02 亿元，同比增 长 24.37%，环比增长 20.90%，业绩符合我们预期。 ➢ 2024H1 公司归母净利润同比增长 1.45 亿元。主要系公司客户群体不断增 加、销量持续放大；产品结构进一步向高附加值驱动，加工费坚挺；同时积极实 施生产精益化管理，成本有效管控。公司采用"铝锭价+加工费"定价模式，根 据我们测算，假设 2024 上半年产销量 20 万吨：1）铝价：2024H1 国内现货铝 均价 19 ...

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 ...