中孚实业 20250701 摘要 中福实业 2025 年预计归母净利润为 22.4 亿元，基于铝价 20,500 元/ 吨和氧化铝均价 3,000 元/吨的假设，当前市盈率仅为 8 倍，估值较低， 具备增长潜力。 2025 年中福实业电解铝板块盈利预计显著提升，受益于权益产能增加 约 12 万吨、四川水电成本降低以及氧化铝价格大幅下跌等多重因素。 预计中福实业 2026 年归母净利润约为 25.5 亿元，公司承诺 2025- 2027 年分红比例不低于 60%，按此计算股息率约为 8%，若分红比例 达 80%，股息率将超过 10%。 中福实业通过资产置换进入电解铝和铝型材行业，目前业务包括电解铝、 铝加工和煤炭三大板块，重整后资产负债率显著下降，从 100%以上降 至 33.4%。 2025 年 2 月中福实业推出员工持股计划，受让处置专户中的 2.65 亿股 票，每股价格 2.79 元，总金额约 4.24 亿元，参与员工人数占公司总数 70%以上。 请介绍一下中福实业的发展历史及其股权结构。 中福实业成立于 1993 年，并于 1999 年通过资产置换进入电解铝和铝型材行 业。2002 年，公司在上交所挂牌 ...

Group 1 - The core viewpoint of the article highlights the successful judicial restructuring of Henan Yulian Energy Group, which has emerged from a debt crisis through a "government-court linkage" mechanism, serving as a model for other enterprises in Henan to mitigate risks and achieve industrial upgrades [1][2] Group 2 - Henan Yulian Energy Group, a leading aluminum enterprise in Henan, faced severe operational difficulties starting in 2018, with a debt-to-asset ratio of 100.55% by the end of 2020, risking delisting and bankruptcy [1] - The restructuring process involved collaboration among the government, courts, management, and the enterprise itself, with the establishment of a creditor communication platform and multiple meetings to ensure the legal progress of the restructuring [1] - The company has a current asset value of 24.9 billion yuan, with an industrial scale that includes an annual production capacity of 690,000 tons of aluminum deep processing, 750,000 tons of electrolytic aluminum, and 900,000 kilowatts of electricity [2] - Post-restructuring, the company aims for development in "green, intelligent, and digital" directions, achieving significant advancements in product quality and sustainability, with a projected sales revenue of 44.7 billion yuan and over 1.3 billion USD in export earnings by 2024 [2] - From 2021 to 2024, the listed company, Zhongfu Industrial, is expected to achieve a total tax and profit amounting to 8.533 billion yuan [2]