南山铝业：氧化铝业绩大幅增长，股东回报计划彰显信心

Investment Rating - The investment rating for the company is "Outperform Industry" with a target price of RMB 4.80 [3]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, driven by rising alumina prices and strong performance in its alumina segment [6]. - The company is focusing on high-value-added products, with expectations for continued growth in the automotive and aerospace sectors [7]. - The company has announced a shareholder return plan for 2024-2026, indicating confidence in future profitability [7]. Financial Performance - For 1H24, the company achieved a revenue of RMB 15.667 billion, a year-on-year increase of 8.05%, and a net profit of RMB 2.189 billion, up 66.68% [6]. - The company’s alumina segment saw a profit increase of 164% year-on-year, attributed to rising alumina prices [6]. - The company’s revenue and profit forecasts for 2024 and 2025 have been revised upwards due to expected price increases in electrolytic aluminum and alumina [8]. Future Outlook - The company plans to double its aluminum automotive sheet capacity to 400,000 tons by the end of 2024, capitalizing on the growing demand in the automotive sector [7]. - The company is also expanding its alumina production capacity in Indonesia, which is expected to enhance profitability [7]. - The company aims to maintain a cash dividend ratio of no less than 40% of the distributable net profit each year [7].