Investment Rating - The report initiates coverage with an "Accumulate" rating for Nanshan Aluminum [3][9]. Core Views - Nanshan Aluminum is positioned as a rare growth target in the electrolytic aluminum sector, with significant confidence demonstrated through dividends and share buybacks [2][8]. - The company is expanding its alumina production capacity in Indonesia, which is expected to contribute positively to its performance [8][9]. - The domestic electrolytic aluminum capacity is nearing its ceiling, while global supply growth is slowing, suggesting potential upward pressure on aluminum prices in 2026 [9][11]. Company Overview - Nanshan Aluminum focuses on high-end aluminum material manufacturing and operates a fully integrated aluminum processing industry chain, covering energy, alumina, electrolytic aluminum, aluminum profiles, and aluminum sheets [19]. - As of the end of 2025, the company has an alumina production capacity of 5.4 million tons, with 1.4 million tons in China and 4 million tons in Indonesia [19]. - The electrolytic aluminum capacity is 680,000 tons domestically, with plans for an additional 250,000 tons in Indonesia [19]. Financial Analysis - For 2023, the total revenue is projected at 28.84 billion yuan, with a year-on-year decline of 17.5%, while net profit is expected to be 3.47 billion yuan, down 1.2% [7]. - Revenue is forecasted to grow to 33.48 billion yuan in 2024, with a net profit of 4.83 billion yuan, reflecting a significant recovery [7]. - The company maintains a low debt ratio of 17.56% as of Q3 2025, indicating strong financial health [33]. Industry Overview - The domestic electrolytic aluminum capacity is approaching a limit of 45.53 million tons, with a current operational capacity of 44.43 million tons [37]. - The supply side is constrained by strict regulations and the need for capacity replacement, while overseas production is expected to face delays due to power supply issues [38][42]. - Demand for aluminum is being driven by sectors such as new energy vehicles and electronics, which are compensating for weaker construction demand [51][54]. Key Highlights - The company is actively expanding its alumina production in Indonesia, which is expected to enhance its cost advantages and contribute to revenue growth [8][9]. - Nanshan Aluminum is committed to shareholder returns, with a dividend payout ratio of no less than 40% of distributable profits from 2024 to 2026 [8][35]. - The report anticipates that the company's net profit will reach 5 billion yuan in 2025, with a corresponding PE ratio of 12.2x [9].

转自：贵州日报 贵州清镇经济开发区巢凤园区。 代胜强 摄 过去5年，清镇市举全市之力，精心打造"贵人服务·清松办"品牌，直击企业关切，破解办事堵点，以营商环 境的持续优化，夯实经济"稳"的基础，积蓄发展"进"的动能，持续擦亮营商环境金字招牌，为建设兴业、强 县、富民一体发展的示范引领市汇聚力量，也让清镇成为民营经济蓬勃生长的一方热土。 顶格推进 机制建设有力度有温度 "以前办证要跑好几个部门，现在用手机视频连线就能完成核查，不到半小时，又快又省心！"清镇市云岭西 路"鱼满仓干锅鱼"店长王燕对"云勘验"服务赞不绝口。从在线提交申请到领取《小餐饮登记证》，全程"零跑 腿"，仅用时两天。 王燕感受到的效率之变，其背后是清镇市一套自上而下、严密高效的工作推进机制。营商环境建设非一时一 域之功，需要有顶格协调的系统谋划与纲举目张的制度保障。 黎娅茹 连续多年在省级营商环境评价中名列前茅；将"全国投资潜力百强县市""中国营商环境质量十佳县（市、 区）"等多项称号收入囊中；非公经济市场主体突破7.39万户，贡献78%的税收、80%的就业岗位和99%的市 场主体数量……"十四五"以来，贵阳市清镇市用一系列扎实的成绩，诠释了营 ...

Core Viewpoint - Shandong Province has announced the list of leading enterprises in the new materials sector for 2025, with Nanshan Aluminum and Nanshan Zhishang being recognized for their technological advancements and industry leadership in new materials [1][12]. Group 1: Company Achievements - Nanshan Aluminum has been included in the Shandong Province's new materials leading enterprise cultivation list and has retained its position in the "Top 50 Leading New Materials Enterprises" [1]. - The company focuses on high-quality aluminum alloy new materials, including automotive sheets, aerospace plates, and battery foil, and is a key supplier for major manufacturers like COMAC, Airbus, and Boeing [2]. - Nanshan Zhishang has made significant strides in new materials, particularly in ultra-high molecular weight polyethylene fibers and nylon fibers, achieving large-scale production and international performance standards [4]. Group 2: Industry Context - The new materials industry is recognized globally as a crucial and rapidly developing high-tech sector, essential for gaining competitive advantages and is a key focus area for Shandong Province [1]. - The cultivation list aims to support enterprises in increasing R&D investment, promoting technological innovation, and expanding industrial scale, thereby enhancing the core competitiveness of Shandong's new materials industry [12]. Group 3: Future Directions - Both Nanshan Aluminum and Nanshan Zhishang plan to leverage provincial resources to deepen collaborative innovation in production, education, and research, aiming to solidify their technological leadership and contribute to the development of a strong manufacturing province [11].

Core Insights - The article highlights the transformation of Baise's aluminum industry from low-value primary products to high-value-added segments through the introduction of leading enterprises [1] - The city has developed a diverse product matrix that includes lightweight aluminum components for new energy vehicles, battery foils, photovoltaic profiles, and alumina fiber products [1] Industry Overview - Baise's annual production capacity includes 12.5 million tons of alumina, 2.327 million tons of electrolytic aluminum, and 5.03 million tons of aluminum processing [1] - The aluminum industry in Baise has achieved a significant milestone this year, with total aluminum product transaction value exceeding 110 billion yuan [1]

Core Viewpoint - Nanshan Aluminum is accelerating the construction of its electrolytic aluminum project in Indonesia while exploring the feasibility of expanding other production capacities [1]. Group 1 - The company is actively advancing its electrolytic aluminum project in Indonesia [1]. - There is a consideration to explore the feasibility of expanding other production capacities in line with business planning [1]. Group 2 - An investor expressed concerns about the pressure on alumina prices and suggested that the company should delay the alumina project and focus on accelerating the electrolytic aluminum project, as well as expanding recycled aluminum and battery foil projects [3]. - The investor noted that despite having a cost advantage in alumina, the current price environment does not necessitate increased production, advocating for a strategic approach to development [3].