公司报告 | 半年报点评 豪美新材（002988） 证券研究报告 收入稳步增长，毛利率同比下滑拖累业绩 毛利率同比下滑，反内卷政策出台铝价阶段性回暖 25H1 公司综合毛利率为 10.7%，同比-1.44pct，Q2 单季度毛利率为 10.71%， 同比-1.56pct。25H1 原材料铝期货结算价均价为 20317 元/吨，同比增加 519 元/吨，涨幅为 2.62%，截至 8 月 25 日，铝期货结算价 20820 元/吨，8 月份以来铝均价同比涨幅为 7.73%。受国内反内卷举措频出，铝价有望受 到阶段性提振，公司毛利率有望恢复。 费用率小幅提升，现金流同比改善 25H1 公司期间费用率为 7.96%，同比+0.01pct，销售、管理、研发、财务 费用率分别为 1.59%、1.66%、3.22%、1.48%，同比-0.19pct、-0.09pct、+0.19pct、 +0.11pct，综合影响下公司净利率为 2.56%，同比-1.38pct，Q2 净利率为 2.64%，同比-1.15pct。25H1 公司经营活动现金流净额为 0.67 亿，同比多 流入 0.82 亿，收、付现比分别为 89%、87%，同 ...

Core Viewpoint - The aluminum leakage issue poses a significant risk in the aluminum manufacturing industry, particularly in high-temperature casting processes, which can lead to explosions and severe production losses [1] Group 1: Company Overview - Guangdong Haomei New Materials Co., Ltd. is a leading aluminum profile manufacturer in China, producing over 270,000 tons of aluminum profiles annually, including automotive lightweight materials, construction aluminum profiles, industrial aluminum profiles, and high-performance system doors and windows [1] - The company faces major risks in its casting workshop, where aluminum leakage is a critical safety concern [1] Group 2: Risk Management Solutions - After a thorough investigation, Ping An Property & Casualty Insurance identified personnel management and equipment monitoring as key safety control measures to mitigate the risk of aluminum leakage and potential explosions [2] - Ping An developed a customized risk reduction solution using AI and IoT technology, which includes real-time monitoring of employee presence and temperature anomalies to prevent unsafe operations [2] Group 3: Impact of Risk Reduction Measures - Since the implementation of the risk reduction solution, there have been 7 risk alerts issued, with an estimated loss reduction of 2.1 million yuan [3] - The insurance risk reduction service is seen as an effective strategy for enhancing safety in the manufacturing sector, which comprises approximately 1.65 million enterprises in Guangdong [3] - Ping An's "Eagle Eye System DRS3.0" has issued over 10.55 billion disaster warning messages in 2024, covering 67.34 million individuals and businesses, thereby improving public safety management [3]

Core Viewpoint - The credit rating agency has assigned a stable outlook to Guangdong Haomei New Materials Co., Ltd. (referred to as "Haomei New Materials"), indicating confidence in the company's ability to maintain its performance despite challenges in the real estate sector and competition in the new energy vehicle market [3][7]. Company Overview - Haomei New Materials primarily engages in the processing of lightweight aluminum profiles for construction, industry, and automotive applications, with a strong focus on the automotive lightweight aluminum segment [3][5]. - The company has a stable customer base, including major automotive brands such as Mercedes-Benz, Toyota, and NIO, which supports its revenue stability [5][16]. Financial Performance - For 2024, the company is projected to achieve a net profit of 209 million yuan, reflecting a year-on-year growth of 15.34% [5]. - The total assets of the company are expected to reach 64.08 billion yuan in 2024, with total debt at 31.41 billion yuan [3][4]. - The operating revenue for 2024 is forecasted at 66.72 billion yuan, up from 59.86 billion yuan in 2023 [3][4]. Market Position - Haomei New Materials ranks among the top players in the aluminum profile industry, with a market share of 5.06% in the automotive lightweight aluminum segment [16][19]. - The company is expanding its production capacity, particularly in the automotive lightweight segment, with 90 new project approvals in 2024, marking a record high for the company [5][19]. Industry Environment - The aluminum processing industry is experiencing pressure from fluctuating aluminum prices, which can impact cash flow and profitability [11][12]. - The demand for building aluminum profiles is under pressure due to a downturn in the real estate market, while industrial aluminum demand is growing, particularly in the new energy and automotive sectors [11][12][19]. - The overall aluminum profile production in China is expected to decline by 1.1% in 2024, with building aluminum production dropping by 19.9% [11][12]. Operational Challenges - The company faces increased working capital pressure and risks related to accounts receivable collection, particularly from clients in the real estate sector [6][18]. - Safety production risks are present due to the nature of the manufacturing processes involved in aluminum profile production [6][18]. Future Outlook - The stable credit rating outlook reflects the company's accumulated technical strength and customer resources, which are expected to support its sales growth [7][18]. - The company is focusing on optimizing its product structure to maintain revenue growth, particularly in the automotive lightweight segment [5][19].

Core Viewpoint - The company, Anhui Xinbo Aluminum Industry Co., Ltd., continues to engage in commodity hedging activities to mitigate the impact of raw material price fluctuations on its operations [1][2][3] Group 1: Business Overview - The main products of the company and its subsidiaries include new energy photovoltaic, automotive lightweight materials, and other aluminum profiles [1] - The company has a long-standing practice of organizing production based on customer orders and follows a pricing principle of "aluminum ingot price + processing fee" [1][2] - The market price for aluminum ingots is determined by the Shanghai Nonferrous Metals Network [1][2] Group 2: Hedging Activities - The company will limit its hedging activities to aluminum rods, with a maximum trading margin and premium balance not exceeding RMB 80 million [2][4] - The hedging period will not exceed 12 months from the date of board approval [2] - The hedging tools will include futures and derivatives, with a focus on ensuring liquidity and proper settlement arrangements [2][4] Group 3: Risk Assessment - The company acknowledges various risks associated with hedging, including price volatility, funding, internal control, technical, operational, and customer default risks [3][4] - The maximum margin and premium for hedging represent approximately 0.79% of total assets and 2.65% of net assets attributable to shareholders as of December 31, 2024 [4] Group 4: Impact on Financials - The company will adhere to relevant accounting standards for hedging activities, which will reflect in the balance sheet and income statement [5] - The company aims to mitigate the impact of raw material price fluctuations through its hedging activities [5] Group 5: Approval Process - The proposal to continue hedging activities was approved by the company's board of directors and independent directors, confirming that it aligns with the company's operational needs and does not harm shareholder interests [6][7]

Investment Rating - The report maintains a recommendation for investment in the metals industry, particularly highlighting opportunities in copper and gold [3]. Core Insights - Tungsten prices continue to rise, and rare earth elements are beginning to see price increases as well. The report emphasizes the importance of these materials in the context of trade agreements and market dynamics [2][10]. - The report notes that the U.S. and U.K. have reached an agreement on tariff trade terms, with the U.S. retaining a 10% baseline tariff while reducing steel and aluminum tariffs to zero. This development is expected to influence market sentiment [2]. - The report suggests a focus on materials related to technology and robotics, as well as self-sufficient products, indicating a shift towards strategic materials in the industry [2]. Industry Overview - The metals industry comprises 235 listed companies with a total market capitalization of 399.76 billion and a circulating market value of 371.64 billion [3]. - The performance of the metals sector has shown a 1.67% increase this week, with small metals leading at 4.59% and energy metals at 2.86% [7]. - The report highlights significant stock movements, with Haomei New Materials seeing a 19.26% increase, while Zhongfu Industrial experienced a 4.58% decline [7]. Price Movements - The report indicates that magnesium prices have increased by 5.34% due to supply constraints and low inventory levels, while indium prices have decreased by 3.81% due to export tariffs and reduced demand [7]. - Copper inventory has decreased by 0.95 million tons to 1.201 million tons, which is significantly lower than the previous year's inventory of 4.047 million tons [7]. - Aluminum prices are expected to face short-term pressure due to increased supply and weak demand, although long-term prospects remain positive [8]. Material-Specific Insights - The report notes that black tungsten prices have risen by 2% to 152,500 CNY per ton, driven by supply constraints and market expectations [10]. - Rare earth prices have also seen increases, with prices for terbium, dysprosium, and praseodymium-neodymium oxides rising by 4.81%, 2.49%, and 3.55% respectively [10]. - Gold and silver prices have shown a slight increase, with gold reaching 3,324 USD per ounce, reflecting ongoing geopolitical tensions and market dynamics [10].