研报掘金丨民生证券：维持华峰铝业“推荐”评级，业绩增长稳健，期待重庆二期投产

Core Viewpoint - Minsheng Securities report indicates that Huafeng Aluminum achieved a net profit attributable to shareholders of 896 million yuan in the first half of 2025, representing a year-on-year increase of 3.24% [1] Financial Performance - In Q3 2025, the company reported a net profit of 325 million yuan, showing a year-on-year growth of 5.21% and a quarter-on-quarter increase of 6.93% [1] Project Developments - The company has modified its Chongqing Phase II investment project from an annual production capacity of 150,000 tons of high-end aluminum plates and foils for new energy vehicles to a smart construction project with an annual capacity of 450,000 tons [1] - The addition of a 300,000-ton hot-rolled billet project is expected to significantly reduce the reliance on externally purchased semi-finished aluminum ingots and outsourced processing, leading to cost savings and increased profit per ton [1] Future Outlook - The stable growth in production and the anticipated launch of the Chongqing Phase II project in 2027 are expected to further reduce costs and enhance profit margins [1] - The company maintains a "recommended" rating based on its performance and future prospects [1]