Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.8 CNY, based on a 10X valuation of the estimated EPS for 2025 [3][5]. Core Insights - The company is experiencing strong sales growth in its main products, particularly in high-end products, with a notable increase in production and sales volume [8]. - Continuous investment in high-end production lines and successful collaborations for product certification are expected to enhance the company's market position [8]. - The company is focusing on R&D to develop high-value-added products, aiming to increase the proportion of high-end products to over 30% [8]. Financial Performance Summary - Revenue is projected to grow from 26,442 million CNY in 2023 to 43,209 million CNY in 2027, with a CAGR of approximately 7.9% [4]. - Net profit attributable to the parent company is expected to rise from 1,347 million CNY in 2023 to 2,287 million CNY in 2027, reflecting a growth rate of 6.8% [4]. - EPS is forecasted to increase from 1.08 CNY in 2023 to 1.84 CNY in 2027 [4]. Valuation Metrics - The company is currently valued at a PE ratio of 11.7 for 2023, which is expected to decrease to 6.9 by 2027 [4]. - The projected PB ratio is expected to decline from 1.0 in 2023 to 0.7 in 2027, indicating a potentially undervalued stock [4].

Core Viewpoint - Nanshan Aluminum has successfully transformed from a local building materials company to a key supplier in the aerospace and automotive industries, showcasing its comprehensive aluminum material supply chain and commitment to quality and innovation [1][8]. Group 1: Company Overview - Nanshan Aluminum has established a complete aluminum material supply chain within a 5-kilometer radius, covering energy, alumina, electrolytic aluminum, and aluminum processing [1]. - The company has become a supplier for major aircraft manufacturers, including COMAC, Boeing, and Airbus, and has received the "Gold Supplier" award from Boeing [1][4]. Group 2: Product Quality and Innovation - Nanshan Aluminum's aluminum plates for aviation applications have exceeded the fatigue testing requirements, achieving over 3 million cycles compared to the standard of 200,000 cycles [2]. - The company has developed a patented aluminum alloy for automotive body panels, which won a silver award at the 24th China Patent Awards, significantly enhancing aluminum alloy strength and addressing production challenges [5]. Group 3: Market Position and Strategy - Nanshan Aluminum holds over 25% market share in the automotive aluminum sector, with partnerships established with international brands like Volkswagen and BMW, as well as domestic electric vehicle manufacturers [5]. - The company is actively involved in the development of products for the C929 aircraft and has established a joint research center for aluminum alloy materials with COMAC [4]. Group 4: Environmental Commitment - Nanshan Aluminum has reduced carbon emissions by 18% since 2019, with its recycling aluminum project alone reducing emissions by 2 million tons annually [7]. - The company has developed a closed-loop system for aluminum production, integrating alumina, electrolytic aluminum, high-end manufacturing, and recycled aluminum to promote energy conservation and clean production [7][8].