据公告，公司在印尼已建成氧化铝产能400万吨/年，是东南亚最大的氧化铝生产商。该行认为，本次公 告启动建设电解铝年产能25万吨以及规划另外50万吨，标志着公司正式开启转型电解铝一体化生产商， 公司盈利能力有望获得进一步提升。 消息面上，近日，公司计划2026年启动年产25万吨电解铝项目建设，投资额4.37亿美元，建设周期2 年；中长期发展看，公司计划制定另外年产50万吨电解铝项目的规划工作，以进一步提升公司电解铝产 能规模；中长期战略看，公司计划逐步提升电解铝产能，以期实现与公司电解铝和氧化铝产能的匹配。 南山铝业（600219）国际(02610)涨超4%，截至发稿，涨4.12%，报68.2港元，成交额1.35亿港元。 ...

Company Overview - The company plans to start construction of a 250,000-ton electrolytic aluminum project in 2026 with an investment of $437 million and a construction period of 2 years [1] - In the long term, the company aims to develop a plan for an additional 500,000-ton electrolytic aluminum project to further enhance its production capacity [1] - The strategic goal is to gradually increase electrolytic aluminum capacity to match the company's existing capacities in electrolytic aluminum and alumina [1] Industry Position - The company is the leading alumina producer in Southeast Asia, with an established alumina production capacity of 4 million tons per year in Indonesia [1] - The announcement of the new electrolytic aluminum capacity marks the company's official transition to an integrated electrolytic aluminum producer, which is expected to enhance profitability [1] Competitive Advantages - Raw Material Cost Advantage: The company benefits from abundant bauxite and coal resources in Indonesia, leading to low-cost bauxite supply and short-distance transportation advantages [1] - Regional Advantage: The project is located in the Karangbata Economic Zone in Indonesia, which offers a 20-year tax incentive and proximity to the Malacca Strait, facilitating product distribution across Southeast Asia and to the Eurasian continent [1] - Upstream and Downstream Synergy: As the electrolytic aluminum capacity is gradually released, the company is expected to form an integrated supply chain from alumina to electrolytic aluminum, enhancing synergy and risk resilience [1] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged, while the net profit for 2027 has been increased by 15% to $500 million due to rising product prices [2] - The current stock price corresponds to P/E ratios of 14.7x for 2025, 11.1x for 2026, and 10.9x for 2027 [2] - The target price is maintained at HKD 77.76, corresponding to P/E ratios of 12.0x for 2026 and 11.7x for 2027, indicating an 8% upside potential from the current stock price [2]

Group 1 - The company is focusing on an integrated layout of alumina and electrolytic aluminum, with plans to expand electrolytic aluminum capacity in Saudi Arabia, which is expected to become a rare investment target in the industry due to its increasing electrolytic aluminum output [1][2] - By December 2025, the company aims to achieve a domestic production capacity of 788,000 tons of electrolytic aluminum and 3.2 million tons of alumina, with an alumina self-sufficiency rate exceeding 100% [2] - The electrolytic aluminum production is located in Hohhot, Inner Mongolia, where energy costs are advantageous due to abundant coal resources, and the company is also transitioning to green energy with wind power projects [3] Group 2 - The company's performance is on an upward trend, with projected revenues increasing by 9.8% year-on-year in 2024 and a significant net profit growth of 104.8% [4] - The company plans to invest in a comprehensive aluminum industry chain project in Saudi Arabia, with an initial capacity of 500,000 tons of electrolytic aluminum and aluminum alloy, expected to contribute significantly to the company's performance post-2027 [5] - The project in Saudi Arabia is anticipated to enhance the company's earnings due to lower electricity costs from abundant natural gas resources [5]