Mtalco(SH:601677) Zhongyuan Securities·2024-09-03 08:21Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][2]. Core Views - The company achieved a revenue of 15.314 billion yuan in the first half of 2024, representing a year-on-year growth of 21.16% [1]. - The net profit attributable to shareholders reached 1.07 billion yuan, with a year-on-year increase of 33.28% [1]. - The company is a leader in the domestic aluminum processing industry, focusing on product diversification and the recycling aluminum application [1]. - The company’s aluminum plate and foil shipments increased by 19% year-on-year in the first half of 2024, with a focus on improving product structure and increasing the proportion of high-value-added products [1][2]. - The company’s foreign trade sales grew by 30% in the first half of the year, supported by its competitive pricing and green low-carbon advantages [1][2]. Summary by Sections Financial Performance - The company reported a revenue of 15.314 billion yuan in H1 2024, with a net profit of 1.07 billion yuan, and a non-recurring net profit of 898 million yuan, reflecting growth rates of 21.16%, 33.28%, and 40.33% respectively [1]. - The company’s gross profit margin stood at 12.41% [1]. - The projected net profits for 2024, 2025, and 2026 are 1.713 billion yuan, 1.962 billion yuan, and 2.296 billion yuan respectively, with corresponding EPS of 1.38 yuan, 1.58 yuan, and 1.85 yuan [2]. Market Position and Strategy - The company has a production capacity of 1.4 million tons for aluminum plates and foils, with a focus on high-value products such as battery aluminum foil and food packaging foil [1]. - The company is expanding its recycling aluminum application, aiming to increase the usage ratio to 70% in the future [1][2]. - The company’s R&D investment in the first half of the year was 809 million yuan, with 127 projects implemented and 270 patents applied for [2]. Industry Outlook - The demand for aluminum in downstream industries such as new energy vehicles and power generation is expected to continue growing, supporting the company’s revenue and profit growth [2]. - The company’s valuation is considered reasonable in light of industry development prospects and its competitive position [2].