南山铝业：印尼氧化铝盈利能力提升，半年报业绩大幅增长

Investment Rating - The report maintains an "Accumulate" rating for Nanshan Aluminum [2] Core Views - The company's performance in the first half of 2024 showed significant growth, with a net profit of 2.189 billion yuan, a year-on-year increase of 66.68% [2] - The Indonesian alumina project has seen both volume and price increases, contributing to the company's substantial profit growth [2] - The company is focusing on high-end aluminum products, which accounted for approximately 25% of total aluminum product gross profit in the first half of 2024 [2] Financial Summary - In the first half of 2024, the company achieved operating revenue of 15.667 billion yuan, a decrease of 8.05% year-on-year, while net profit attributable to shareholders was 2.189 billion yuan, an increase of 66.68% [2] - The average spot price of aluminum in the first half of 2024 was 19,801 yuan per ton, up 7.1% year-on-year, while the domestic alumina spot price was 3,493 yuan per ton, up 20% year-on-year [2] - The company expects steady growth in net profit for 2024-2026, with projections of 4.471 billion yuan, 4.973 billion yuan, and 5.268 billion yuan respectively [4][5] Business Development - The company is actively expanding its high-end aluminum product lines, including automotive plates, aerospace plates, and power battery foils, which are expected to enhance profitability [2] - The Indonesian alumina project has been fully operational since October 2022, with plans for further expansion to increase production capacity [5] - The company is committed to green development and is advancing its recycling aluminum projects, which will contribute to energy savings and cleaner production [2]