NANSHAN ALUMINIUM(SH:600219) China Post Securities·2026-03-30 09:48Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company reported a revenue of 34.62 billion yuan for 2025, a year-on-year increase of 3.41%. However, the net profit attributable to shareholders decreased by 1.96% to 4.736 billion yuan [4] - The decline in performance is primarily attributed to a 21.49% drop in alumina prices, which led to a 12.32% decrease in overall gross profit from the alumina business [4] - The company is actively increasing the proportion of high-end products, with the sales of high-value-added products like automotive and aerospace plates rising to 16% of aluminum products, contributing approximately 26% to gross profit [5] - The company is expanding its production capacity in Indonesia, with ongoing projects for 250,000 tons of electrolytic aluminum and 260,000 tons of carbon products, as well as a 2 million tons alumina expansion project [5] - The company has a high dividend payout ratio, distributing a total of 4.62 billion yuan and 29.72 billion yuan in cash dividends in 2025, with a commitment to distribute at least 40% of its distributable profits in cash annually from 2024 to 2026 [6] Financial Projections - Revenue projections for 2026, 2027, and 2028 are 36.18 billion yuan, 37.61 billion yuan, and 39.45 billion yuan, respectively, with year-on-year growth rates of 4.51%, 3.95%, and 4.89% [6][10] - The net profit attributable to shareholders is expected to be 5.00 billion yuan, 5.58 billion yuan, and 6.08 billion yuan for the same years, reflecting growth rates of 5.59%, 11.59%, and 9.04% [6][10] - The earnings per share (EPS) are projected to be 0.44 yuan, 0.49 yuan, and 0.53 yuan for 2026, 2027, and 2028, respectively [6][10]