NANSHAN ALUMINIUM(600219) 东吴证券·2024-10-30 06:45Investment Rating - The report maintains a "Buy" rating for Nanshan Aluminum [1] Core Views - The company reported significant year-on-year growth in its Q3 2024 results, with revenue reaching 8.559 billion yuan, up 19.06%, and net profit attributable to shareholders at 1.301 billion yuan, up 57% [2] - Global bauxite supply remains tight, leading to increased alumina prices, which significantly boosted the company's overseas performance [2] - The company is expanding its upstream electrolytic aluminum production capacity in Indonesia, with plans for an additional 2 million tons of alumina capacity and a 250,000-ton electrolytic aluminum project expected to be operational by 2026 [3] - Nanshan Aluminum has a consistent cash dividend policy, proposing a cash dividend of 0.40 yuan per 10 shares for Q3, totaling 468 million yuan, with a cumulative cash dividend payout ratio of 26.77% for 2024 [3] - Future growth drivers include a focus on high-end aluminum processing products, with expected increases in production capacity for automotive and aerospace applications [4] Summary by Sections Financial Performance - For 2024, the company forecasts total revenue of 35.18 billion yuan, a 21.97% increase year-on-year, and net profit of 5.082 billion yuan, a 46.28% increase [1][4] - The earnings per share (EPS) is projected to be 0.43 yuan for 2024, with a price-to-earnings (P/E) ratio of 8.29 [1][4] Business Expansion - The company is leveraging Indonesia's rich mineral resources and supportive policies to enhance its aluminum industry chain, which is expected to improve overall performance [3] - The expansion projects in Indonesia are anticipated to contribute significantly to the company's revenue and profit growth in the coming years [4] Shareholder Returns - The company plans to distribute at least 40% of its distributable profits as cash dividends annually from 2024 to 2026, indicating a strong commitment to shareholder returns [3]