Core Viewpoint - The rapid development of the new energy vehicle market in China is driving the demand for lightweight materials, particularly aluminum plates, strips, and foils, which are ideal for vehicle bodies due to their lightweight and high-strength characteristics [1][10]. Market Overview - Aluminum plates, strips, and foils are produced through processes such as rolling and casting, and are widely used in construction, automotive manufacturing, electronics, packaging, and aerospace [2][6]. - The demand for aluminum plates and foils in China is projected to reach 11.6042 million tons and 3.8965 million tons respectively by 2024 [1][10]. - The production of aluminum plates and foils in 2024 is expected to be 14.75 million tons, with various applications including packaging, construction, and automotive sectors [1][10]. Market Policies - A series of policies have been implemented to support the aluminum plate and foil industry, encouraging technological innovation and the development of high-precision, high-performance products [5][6]. - Key policies include the "Implementation Plan for High-Quality Development of the Aluminum Industry (2025-2027)" and various initiatives aimed at promoting recycling and green manufacturing [5][6]. Industry Chain - The upstream of the aluminum plate and foil industry includes bauxite, recycled aluminum, and production equipment, with bauxite being the primary raw material for aluminum production [6][8]. - The midstream involves the processing and manufacturing of aluminum products, while the downstream applications span multiple sectors including construction, automotive, electronics, and packaging [6][8]. Competitive Landscape - Major players in the aluminum plate and foil market include China Aluminum Corporation, Henan Mingtai Aluminum Industry Co., Ltd., and several others, with large companies dominating the market due to their complete industrial chains and significant production capacities [12][14]. - The top companies are recognized for their technological advancements and extensive market reach, contributing to their leading positions in the industry [12][14]. Development Trends - The aluminum plate and foil products are expected to evolve towards higher precision, performance, and added value, with increased investment in R&D for high-end applications in aerospace and new energy vehicles [19]. - The industry is also moving towards green development, with a focus on using renewable energy and enhancing the recycling of aluminum [19].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is positioned favorably within its industry due to its leading market position and growth prospects [25]. Core Viewpoints - The company, Yongjie New Materials (603271.SH), specializes in the research, production, and sales of aluminum plates and foils, primarily serving the lithium battery, automotive lightweighting, and electronic sectors [6][12]. - The company has shown a revenue trajectory with projected revenues of 7.15 billion CNY in 2022, 6.50 billion CNY in 2023, and an expected increase to 8.11 billion CNY in 2024, reflecting a year-over-year growth of 24.71% [7][21]. - The company is recognized as a leading manufacturer of aluminum plates and foils for lithium batteries, benefiting from the increasing demand in the lithium battery sector [17][18]. Summary by Sections Financial Performance - In the years 2022 to 2024, the company achieved revenues of 71.50 billion CNY, 65.04 billion CNY, and 81.11 billion CNY, with year-over-year growth rates of 13.44%, -9.04%, and 24.71% respectively [7][21]. - The net profit attributable to the parent company for the same years was 3.54 billion CNY, 2.38 billion CNY, and 3.19 billion CNY, with corresponding growth rates of 47.80%, -32.73%, and 34.28% [7][21]. Industry Overview - The aluminum plate and foil industry is experiencing rapid growth, driven by increasing demand in sectors such as transportation, construction, and energy storage, particularly for lithium batteries [13][14]. - The total production of aluminum plates and foils in China has increased from 7.25 million tons in 2010 to 18.60 million tons in 2023, with a compound annual growth rate of approximately 7.5% [13][14]. Company Highlights - Yongjie New Materials is a top player in the domestic market for aluminum plates and foils used in lithium batteries, having established strong partnerships with major battery manufacturers like CATL and BYD [16][17]. - The company is also expanding into high-end materials such as anodized materials and liquid cooling management materials, which are gaining traction in the market [18]. Peer Comparison - Compared to its peers, Yongjie New Materials has lower revenue and profit margins. The average revenue for comparable companies in 2023 was 15.42 billion CNY, with an average PE-TTM of 24.60X and a sales gross margin of 11.96% [21][22].