Huafon Aluminium(SH:601702) Western Securities·2025-02-27 09:34Investment Rating - The report maintains a "Buy" rating for the company [5][12] Core Insights - The company announced a change in its production capacity from 150,000 tons to 450,000 tons for high-end aluminum plates and foils used in electric vehicles, indicating strong growth potential and reinforced competitive advantages [2][3] - The total investment for the new project is estimated at 2.619 billion yuan, with a payback period of approximately 5.36 years [2][3] - The project will include 150,000 tons of high-end aluminum products and 300,000 tons of hot-rolled aluminum plate materials, addressing current production bottlenecks [3] Financial Projections - Revenue is projected to grow from 8.545 billion yuan in 2022 to 14.295 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 15% [4] - Net profit is expected to increase from 666 million yuan in 2022 to 1.787 billion yuan in 2026, reflecting a strong growth trajectory [4] - Earnings per share (EPS) are forecasted to rise from 0.67 yuan in 2022 to 1.79 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 30.8 to 11.5 over the same period [4]