NANSHAN ALUMINIUM(SH:600219) Soochow Securities·2025-03-28 03:05Investment Rating - The investment rating for Nanshan Aluminum is "Buy" [1] Core Views - The company has shown significant growth in revenue and net profit, with a revenue of 33.48 billion yuan in 2024, representing a year-on-year increase of 16.1%, and a net profit of 4.83 billion yuan, up 39.0% year-on-year [7] - The Indonesian alumina business has become a major contributor to the company's performance, with the average price of overseas alumina reaching approximately 503 USD/ton, a 46% increase from 2023, and the Indonesian project achieving full production [7] - The company has consistently increased its cash dividends, with a total dividend distribution of 1.90 yuan per 10 shares, resulting in a dividend payout ratio of 40.92% for the year [7] - Future growth is expected from the expansion of the Indonesian projects and the increase in high-end aluminum product sales, which are projected to enhance profitability [7] Financial Summary - Total revenue is projected to grow from 33.48 billion yuan in 2024 to 40.86 billion yuan by 2027, with a compound annual growth rate of approximately 5.59% [8] - The net profit attributable to shareholders is expected to increase from 4.83 billion yuan in 2024 to 5.31 billion yuan in 2027, reflecting a steady growth trend [8] - The earnings per share (EPS) is forecasted to rise from 0.42 yuan in 2024 to 0.46 yuan in 2027, indicating a positive outlook for shareholder returns [8] - The price-to-earnings (P/E) ratio is projected to decrease from 9.19 in 2024 to 8.36 in 2027, suggesting an attractive valuation for investors [8]