NANSHAN ALUMINIUM(600219) 民生证券·2024-08-21 10:00Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Views - The company reported a net profit attributable to shareholders of 2.19 billion in H1 2024, a year-on-year increase of 66.68% [1]. - The company anticipates significant growth from its Indonesian operations, with alumina production capacity reaching 2 million tons in 2023 and expected to produce 500,000 tons in Q2 2024 [1]. - The report highlights the strong profitability of alumina, with the net profit per ton from Indonesian alumina expected to exceed 1,500 [1]. - The company plans to invest 6.06 billion in Indonesia to build 250,000 tons of electrolytic aluminum and 260,000 tons of carbon products, indicating a strong growth trajectory [1]. - The report emphasizes the growing demand for automotive and aerospace aluminum products, with the company being a leader in automotive aluminum [1]. Financial Summary - For 2024E, the company is projected to achieve a revenue of 32.726 billion, a growth rate of 13.5% [2][5]. - The net profit attributable to shareholders is expected to be 4.32 billion in 2024E, reflecting a growth rate of 24.3% [2][5]. - The earnings per share (EPS) is projected to be 0.37 in 2024E, with a price-to-earnings (PE) ratio of 10 [2][5]. - The report forecasts a steady increase in net profit over the next three years, reaching 4.792 billion by 2026E [2][5].