Investment Rating - The report assigns a rating of ★★★★☆ to the company based on fundamental factors and valuation [5] Core Insights - The company is one of the top three alumina producers in Southeast Asia, with a design annual production capacity of 2 million tons following the completion of its second-phase alumina production project [2] - The company holds a 34.9% market share in the Southeast Asian alumina industry based on actual production, demonstrating its operational excellence and commitment to development [2] - The company is expanding its production capacity with a new alumina production project set to add another 2 million tons of design annual capacity [2] - The demand for metallurgical-grade alumina, a key raw material for producing electrolytic aluminum, is strong in the Southeast Asian market due to its critical role in meeting high-performance aluminum product requirements [2] - The global alumina production is projected to grow from 142.5 million tons in 2024 to 152.0 million tons in 2028, with a CAGR of 1.6% [3] - Indonesia's alumina production has seen significant growth, increasing from 1,074 thousand tons in 2019 to 4,091 thousand tons in 2023, with a CAGR of 39.7% [3] Financial Data Summary - The company's revenue has increased from 1.73 billion USD in 2021 to 6.78 billion USD in 2023 [4] - Shareholder profit rose from 0.28 billion USD in 2021 to 1.23 billion USD in 2023 [4]
南山铝业国际：新股预览：南山铝业-20250317