华峰铝业（601702）：25H1业绩符合预期，盈利环比提升

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company's H1 2025 performance met expectations, with revenue of 5.964 billion yuan (up 20.9% year-on-year) and a net profit of 570 million yuan (up 2.2% year-on-year) [6] - The company is focusing on optimizing its product structure and responding to industry changes by developing strategic new products and enhancing market adaptability [6] - The company plans to expand its production capacity in Chongqing, which is expected to increase output and reduce costs [6] - The report projects net profits for 2025-2027 to be 1.33 billion yuan, 1.645 billion yuan, and 2.008 billion yuan respectively, with corresponding PE ratios of 14, 11, and 9 [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 12.163 billion yuan, with a year-on-year growth rate of 11.8% [5] - The company’s gross profit margin is expected to be 15.9% in 2025, with a return on equity (ROE) of 19.5% [5] - The company’s net profit for 2025 is projected to be 1.328 billion yuan, reflecting a 9.0% increase compared to the previous year [5]