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Investment Rating - The report maintains an "Add" rating for Nanshan Aluminum [2][4]. Core Views - The company's performance has been impacted by declining aluminum prices, with a focus on high-end aluminum materials to drive future growth [2][4]. - The company achieved a revenue of 28.844 billion yuan in 2023, a decrease of 17.47% year-on-year, while the net profit attributable to shareholders was 3.474 billion yuan, down 1.18% year-on-year [2][4]. - The company is actively developing high-value-added products, with automotive plates, aerospace plates, and power battery foils accounting for approximately 30% of total aluminum product gross profit, an increase of 8.84 percentage points year-on-year [2][4]. Financial Summary - In 2023, the company reported a net profit of 3.474 billion yuan, with a non-recurring net profit of 2.715 billion yuan, reflecting a year-on-year decrease of 29.03% [2][4]. - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares (including tax) [2][4]. - The projected net profits for 2024-2026 are 3.975 billion, 3.600 billion, and 3.847 billion yuan, respectively, with corresponding EPS of 0.34, 0.31, and 0.33 yuan [4][5]. Project Developments - The Indonesian alumina project has been fully operational since October 2022, significantly increasing alumina production and sales in 2023 [3][4]. - The company is also expanding its production capacity for electrolytic aluminum and carbon projects, expected to be completed by mid-2026 [4][5]. - The company is committed to green development and is advancing its recycling aluminum projects, which will enhance energy efficiency and reduce emissions [4][5]. Shareholder Returns - The company has initiated a three-year shareholder return plan, committing to repurchase at least 300 million yuan of shares annually from 2024 to 2026 [4][5]. - The dividend payout ratio for 2023 is set at 40.44% of the net profit attributable to shareholders [4][5].