Huafon Aluminium(SH:601702) Minsheng Securities·2024-04-28 00:30Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company is benefiting from the growth of the new energy industry, with leading customers and scale advantages creating a positive feedback loop [1]. - In 2023, the company achieved revenue of 9.29 billion yuan, a year-on-year increase of 8.73%, and a net profit attributable to shareholders of 0.9 billion yuan, up 35.06% year-on-year [2]. - The company’s production of aluminum plates, strips, and foils increased by 14.9% year-on-year to 387,600 tons in 2023 [2]. - The pricing model based on "aluminum ingot price + processing fee" has been affected by fluctuations in aluminum prices and excess capacity in aluminum plate and strip projects, leading to a 6.75% decrease in average product price to approximately 23,700 yuan per ton [2]. - The company’s gross profit margin for the aluminum processing segment improved by 2.04 percentage points year-on-year to 15.84% in 2023 [2]. Financial Summary - The company’s revenue is projected to grow to 10.97 billion yuan in 2024, with a growth rate of 18.1% [3]. - The net profit attributable to shareholders is expected to reach 1.15 billion yuan in 2024, reflecting a growth rate of 27.3% [3]. - The earnings per share (EPS) is forecasted to be 1.15 yuan in 2024, with a price-to-earnings (PE) ratio of 17 [3]. - The company’s total assets are projected to increase to 7.94 billion yuan by 2024 [3]. - The company’s cash flow from operating activities is expected to improve significantly, reaching 1.07 billion yuan in 2024 [3].