Group 1: Financial Performance - In the first three quarters of 2024, the company achieved a net profit attributable to shareholders of 568 million CNY, an increase of 35.19% compared to the same period last year [2] - The net profit for the first three quarters reached 868 million CNY, marking a 30.81% increase year-on-year, both figures represent historical highs for the company [2] Group 2: Business Strategy - The company adheres to a "three high" strategy focusing on high-end markets, high-end customers, and high value-added products to enhance product competitiveness [3] - Continuous investment in R&D has led to the development of multiple high-quality new materials, strengthening product competitiveness [3] Group 3: Market and Operations - The company actively expands both domestic and international markets, particularly in the automotive sector, where its products have gained widespread recognition and sales continue to grow [3] - Through lean management and digital transformation, the company effectively reduced production costs and improved operational efficiency [3] Group 4: Future Outlook - The company plans to maintain stable processing fees and enhance customer loyalty while increasing production capacity and scale [2] - Future dividend policies will be based on actual operating conditions, profitability, capital needs, and market environment, subject to approval by the board and shareholders [3]

Group 1: Company Overview - Shanghai Huafeng Aluminum Industry Co., Ltd. is a high-tech enterprise focused on the research and production of high-quality aluminum thermal transmission materials, part of the top 500 Chinese enterprises [1][2] - The company exports to over 40 countries and regions globally, including Europe, America, Japan, and Southeast Asia, and is a leading player in China's aluminum thermal transmission materials industry [2] Group 2: Financial Performance - In Q3 2024, the company reported a revenue of 2.744 billion yuan, representing a year-on-year growth of 8.65% [2] - The company maintains a positive outlook for Q4 orders due to continuous optimization of product structure and significant technological innovation [2] Group 3: Cost Control and Production Efficiency - The company employs lean management techniques to reduce costs and improve efficiency, including optimizing production processes and increasing yield rates [3] - Utilizing the advantages of its Chongqing base, the company reduces unit manufacturing costs through large-scale production and advanced equipment [3] Group 4: Market Trends and Product Development - There is a growing demand for composite materials in emerging sectors, particularly in the new energy vehicle market, which requires lightweight and high-strength materials [3] - The company is actively increasing its R&D investment to develop new composite materials to meet market demands [3] Group 5: Competitive Landscape - The company is optimistic about its position in emerging fields outside the automotive sector, such as air conditioning, energy storage, and data centers [3][4] - The entry of new competitors in the industry is seen as a normal occurrence, with the company leveraging its long-standing expertise to maintain a competitive edge [4]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company achieved a revenue of 7.678 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 14.7%. The net profit attributable to shareholders reached 868 million yuan, up 30.81% year-on-year [2]. - The growth in performance is primarily driven by an increase in production volume, with a target of 450,000 tons for the full year 2024, reflecting a year-on-year growth of approximately 16.13% [2]. - The company benefits from a stable pricing model based on aluminum ingots and processing fees, with an average domestic aluminum ingot price of 19,728 yuan per ton in Q1-Q3 2024, up 6.09% year-on-year [2]. - The gross profit margin for the first three quarters was 16.55%, an increase of 0.25 percentage points year-on-year, while the net profit margin was 11.30%, up 1.39 percentage points year-on-year [2]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 2.744 billion yuan, a year-on-year increase of 8.65% and a quarter-on-quarter increase of 6.69%. The net profit for the quarter was 309 million yuan, up 23.57% year-on-year [2]. - The company’s net profit attributable to shareholders is projected to be 1.157 billion yuan in 2024, with expected growth rates of 35.1% in 2025 and 28.7% in 2026 [3][6]. Production and Capacity - The company has established a strong production capacity with two major bases in Chongqing and Shanghai, totaling an annual capacity of 350,000 tons. An additional project in Chongqing is expected to add 150,000 tons by 2025 [2]. - The company has a competitive edge in production yield, currently at 73%, significantly higher than the industry average, with potential for further improvement [2]. Market Position and Clientele - The company has established deep ties with leading clients in the automotive and new energy sectors, including major global automotive groups and domestic battery component manufacturers [2]. - The high barriers to entry in the composite materials industry, including significant investment and complex processes, support the stability of processing fees [2]. Investment Outlook - The company is expected to see continued growth in net profit, with projections of 1.378 billion yuan in 2025 and 1.679 billion yuan in 2026, corresponding to price-to-earnings ratios of 14 and 12, respectively [3][6].

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]

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]