NANSHAN ALUMINIUM(600219) Soochow Securities·2025-03-28 04:50Investment Rating - The investment rating for Nanshan Aluminum is "Buy" [1] Core Views - The company achieved significant growth in 2024, with total revenue reaching 33.48 billion yuan, a year-on-year increase of 16.1%, and a net profit attributable to shareholders 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 overseas alumina price rising by 46% to approximately 503 USD/ton in 2024, and the Indonesian project generating a net profit of 3.47 billion yuan, a 175.1% increase year-on-year [7] - The company has consistently increased its cash dividends, with a proposed cash dividend of 0.90 yuan per 10 shares, resulting in a total dividend of 1.976 billion yuan for the year, representing a payout ratio of 40.92% [7] - Future growth drivers include the expansion of the Indonesian projects and the increase in high-end product sales, with high-end products accounting for 14% of total aluminum sales and 23% of total gross profit [7] Financial Summary - Total revenue forecast for 2024 is 33.48 billion yuan, with a projected growth rate of 16.06% [8] - The net profit attributable to shareholders for 2024 is forecasted at 4.83 billion yuan, with a growth rate of 39.03% [8] - The earnings per share (EPS) for 2024 is estimated at 0.42 yuan, with a price-to-earnings (P/E) ratio of 9.19 [8] - The company’s total assets are projected to reach 75.55 billion yuan by 2025, with a debt-to-asset ratio of 18.03% [8]