NANSHAN ALUMINIUM(SH:600219) Chang Jiang Shang Bao·2025-06-08 23:27Core Viewpoint - Nanshan Aluminum is expanding its overseas operations by investing approximately 1.868 billion yuan in Indonesia to build a caustic soda production facility with an annual capacity of 200,000 tons and an epoxy chloropropane production facility with an annual capacity of 165,000 tons [1][2][3] Group 1: Investment and Strategic Expansion - The investment is part of the company's long-term overseas market development plan, aimed at enhancing the supply of alumina raw materials and extending the industrial chain [1][3] - The project is expected to take about 18 months to complete and will primarily serve local alumina companies, with excess production available for domestic sales [2][3] - Nanshan Aluminum's overseas revenue reached 17.757 billion yuan in 2024, a year-on-year increase of 30.80%, accounting for 53% of total revenue, up from 47% in 2023 [4] Group 2: Financial Performance - In Q1 2025, Nanshan Aluminum reported revenue of 8.981 billion yuan, a year-on-year increase of 24.32%, and a net profit attributable to shareholders of 1.704 billion yuan, up 100.19% [7][8] - The company's cash flow remains positive, with a cash balance of 27.376 billion yuan, which is over five times its debt of approximately 5.042 billion yuan [8] - The company has maintained a high dividend payout ratio, exceeding 40% for two consecutive years [5][8] Group 3: Market Position and Competitive Advantage - Nanshan Aluminum is recognized as a leading aluminum processing enterprise in China, with a complete industrial chain from power generation to aluminum recycling [6] - The company has established a strong market presence, serving major clients in various sectors, including aviation, automotive, and telecommunications [6] - The investment in Indonesia is expected to leverage local resources, reducing procurement costs and enhancing competitive advantages in Southeast Asia and Northeast Asia markets [2][4]