"由于成本下滑，电解铝价格上涨，综合来说2025年中国电解铝行业利润同比增加。百川盈孚统计， 2025年中国电解铝行业平均利润可达4037.59元/吨，较2024年1953.44元/吨增加2084.15元/吨，同比增长 107%；2025年中国电解铝行业整体利润可达1793.98亿元，同比增加949.77亿元，同比增长112.5%，行 业盈利极其可观。"刘培洋进一步解释。 此外，在再生铝方面，中孚实业铝精深加工产品再生铝添加比例达到61%，目前公司正投资建设年产50 万吨铝循环再生项目，其中首期年产15万吨UBC合金铝液项目部分产能已投入运行。公司在低碳铝材 方面竞争优势将进一步增强。 公开资料显示，中孚实业主要业务为铝及铝精深加工。近年来，该公司以"绿色化、智能化、数字化"为 方向，持续优化产业布局，铝板块逐步实现"绿色水电铝+再生铝"双重低碳化布局；铝精深加工板块加 大产品研发、市场开发及产能提升，实现以易拉罐罐体料、罐盖料、拉环料、新能源汽车用铝等产品为 主的产品体系。 在电解铝方面，2025年，中孚实业收购其控股股东河南豫联能源集团有限责任公司持有的河南中孚铝业 有限公司24%股权，中孚实业的电解铝产 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [2][7]. Core Insights - The company is a domestic high-end aluminum alloy new material manufacturer, focusing on aluminum deep processing, supported by a dual industrial chain of coal, electricity, and green hydropower aluminum [6][17]. - The supply of electrolytic aluminum is nearing its capacity ceiling, making it difficult for prices to drop, while demand from new energy vehicles and the power sector is expected to provide growth, offsetting the drag from real estate [6][9]. - Cost pressures from alumina are expected to ease, allowing for significant performance elasticity as new capacities come online and alumina prices decline [6][7]. - The company has launched an employee stock ownership plan and plans to distribute at least 60% of its distributable profits as cash dividends over the next three years, indicating strong confidence in future growth [6][35]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 22,761 million yuan, with a year-on-year growth rate of 21.1%. The net profit attributable to shareholders is expected to be 704 million yuan, down 39.3% year-on-year [5]. - For 2025, the company anticipates a net profit of 1,833 million yuan, reflecting a significant increase of 160.5% year-on-year, with earnings per share projected at 0.46 yuan [5][6]. - The gross margin is expected to improve from 9.7% in 2024 to 15.1% in 2025, with a return on equity (ROE) forecasted to rise from 4.8% to 11.1% [5][6]. Industry Overview - The domestic electrolytic aluminum capacity is approaching its ceiling, with the built capacity as of November 2025 at 45.24 million tons, indicating a tight supply-demand balance [37]. - The demand for aluminum is shifting towards new energy vehicles and electronic power sectors, which are expected to drive growth despite a slowdown in traditional construction demand [47][49]. - The report highlights that the global aluminum market is experiencing a structural change, with new consumption scenarios emerging, such as lightweighting and the substitution of aluminum for copper and steel [49].

Core Insights - The aluminum processing industry in Gongyi is a significant contributor to the global market, with 1 in 10 aluminum cans and 1 in 3 can lids produced there, highlighting its importance in the manufacturing sector [1][2] - The transformation towards high-quality development in Gongyi's aluminum processing aligns with national strategies to enhance the modern industrial system and boost the real economy [1][4] Industry Development - Gongyi's aluminum processing industry has evolved from resource-based beginnings in the 1990s to becoming the largest aluminum plate, strip, and foil processing base in China, with a production capacity of 7.19 million tons in 2024, accounting for 35.7% of the national output [2][6] - The advanced manufacturing development zone in Gongyi hosts hundreds of aluminum processing companies, including major players like Yulian Group and Mingtai Aluminum, with nearly 40% of the national hot-rolled production lines [2][3] Technological Advancements - Yulian Group has successfully transitioned to deep processing since 2010, achieving breakthroughs in ultra-thin can body and lid materials, with a global market share of approximately 10% for can body materials and 30% for lid materials domestically [3][5] - The introduction of innovative coating technologies by companies like Henan Airuihai New Materials has led to a domestic market share of around 40% for lid and pull-tab coating materials, with products exported to over 12 countries [3][5] Sustainability and Circular Economy - The aluminum industry in Gongyi is focusing on sustainability, with companies like Mingtai Aluminum leading in recycled aluminum production, achieving an annual capacity of 1 million tons and a utilization rate exceeding 40% [5][6] - The establishment of a "aluminum-electricity-recycling" circular system positions Gongyi as a leader in low-carbon transformation, turning green initiatives into competitive advantages [5][6] Future Outlook - The aluminum processing sector in Henan is set to continue its rapid development towards deep processing and recycling, aiming to enhance product value and create a sustainable industrial ecosystem [6] - The future competition in the industry will hinge on technology, branding, and the ability to coordinate across the supply chain, with Gongyi aiming to elevate "Gongyi Aluminum" as a hallmark of high-quality industrial development [6]