南山铝业：净利润同比增长近五成 航空板国产替代进行时

Core Viewpoint - Nanshan Aluminum reported a significant increase in net profit and is actively engaged in the domestic substitution of aviation aluminum materials [2][3]. Financial Performance - In 2024, Nanshan Aluminum achieved operating revenue of 33.48 billion yuan, a year-on-year increase of 16.06% [2] - The net profit reached 5.96 billion yuan, up 48.81% compared to the previous year [2] - The net profit attributable to shareholders was 4.83 billion yuan, reflecting a 39.03% increase year-on-year [2] Industry Position and Strategy - Nanshan Aluminum has developed an integrated aluminum processing industry chain, covering upstream products like electricity, alumina, and aluminum alloy ingots, and downstream products including aluminum plates, profiles, and foils [2] - The company is the only domestic supplier of aviation aluminum extrusions for major aircraft manufacturers such as COMAC, Airbus, and Boeing, supporting key projects like C919 and ARJ21 [3] - The demand for high-end aviation aluminum is expected to rise significantly due to the rapid development of China's aviation industry and the mass production of domestically developed aircraft [3] Future Outlook - The company plans to leverage its industry chain advantages to ensure quality control and support the domestic production of aviation aluminum materials [4] - Nanshan Aluminum aims to enhance its product coverage and deepen cooperation in the aviation supply chain market [4] Shareholder Returns - The company emphasizes value-based market management, planning to distribute a cash dividend of 0.90 yuan per 10 shares, totaling approximately 1.05 billion yuan [6] - Cumulatively, the company has distributed cash dividends amounting to approximately 1.98 billion yuan in the current year, with a cash dividend ratio of 40.92% [6]