Core Viewpoint - The company reported strong financial performance in 1H25, with revenue and net profit growth driven by overseas business expansion and favorable exchange rate effects [1][3]. Financial Performance - In 1H25, the company achieved revenue of 14.443 billion yuan, a year-on-year increase of 15.4%, and a net profit attributable to shareholders of 401 million yuan, up 5.0% year-on-year [1]. - For 2Q25, revenue reached 7.260 billion yuan, reflecting a quarter-on-quarter increase of 10.9% and a year-on-year increase of 1.1%. Net profit for the same period was 239 million yuan, with a significant quarter-on-quarter increase of 121.7% and a year-on-year increase of 47.8% [1]. - The growth in 2Q25 was better than expected, primarily due to exchange rate gains [1]. Business Development Trends - The release of domestic and international production capacity supported the revenue growth in 2Q25. Revenue from various segments in 1H25 included 7.871 billion yuan from aluminum alloy casting, 4.799 billion yuan from aluminum alloy wheels, and 1.128 billion yuan from intermediate alloys, with year-on-year growth rates of 15.2%, 13.8%, and 16.0% respectively [2]. - The company noted that the revenue growth of aluminum alloy wheels was slightly below expectations due to the impact of tariffs in North America, which affected production capacity release [2]. - Domestic revenue was 10.75 billion yuan, up 13.6% year-on-year, while overseas revenue was 3.69 billion yuan, up 21.12% year-on-year, indicating strong growth in overseas markets [2]. Profitability and Globalization - The gross margin for 2Q25 was 9.6%, with a year-on-year decrease of 0.5 percentage points but an increase of 0.8 percentage points quarter-on-quarter. The net margin was 3.3%, reflecting a quarter-on-quarter increase of 1.6 percentage points and a year-on-year increase of 1.0 percentage points [3]. - The improvement in profitability was attributed to faster revenue growth in overseas markets, where the gross margin for wheel products (15.87%) was higher than that for domestic products (6.94%) [3]. - The stabilization and appreciation of the Mexican peso contributed to exchange rate gains exceeding 100 million yuan in 2Q25, leading to a decrease in financial expense ratio [3]. R&D and New Industry Layout - The company is advancing research in aluminum alloy materials, focusing on applications in new energy vehicles, robotics, and aerospace [4]. - Key developments include heat-treated alloys for one-piece die-casting in electric vehicles, and new materials for semiconductor packaging and components [4]. Profit Forecast and Valuation - The company maintains profit forecasts of 860 million yuan and 1.111 billion yuan for 2025 and 2026, respectively. The current stock price corresponds to a P/E ratio of 14.8x for 2025 and 11.5x for 2026, with a target price of 21 yuan, indicating a potential upside of 5.3% from the current price [5].

Core Viewpoint - The company reported a 15.41% year-on-year increase in revenue for the first half of 2025, driven by the growing demand for aluminum materials in emerging industries such as new energy vehicles and robotics [1] Group 1: Financial Performance - The company achieved a revenue of 14.443 billion yuan in the first half of 2025, with a net profit attributable to shareholders of 401 million yuan, reflecting a 4.97% year-on-year growth [1] - In Q2 2025, the company recorded a net profit of 239 million yuan, marking a 121.66% year-on-year increase and a 47.79% quarter-on-quarter growth [1] Group 2: Business Development - The company is focusing on the rapid development of high-end materials in sectors such as new energy vehicles, aerospace, and humanoid robots to drive its main business [2] - The company is enhancing strategic cooperation with key clients and increasing R&D efforts in high-performance intermediate alloys [2] - The company is expanding its overseas production capacity for high-end aluminum alloy wheels in Thailand and Mexico, aiming for a supply system capable of producing over 1 million forged aluminum wheels and over 10 million cast aluminum wheels [2] Group 3: Emerging Market Expansion - The company is accelerating its layout in emerging markets and upgrading its product structure, focusing on the application of aluminum alloy new materials [3] - The company is scaling up the production of heat-treated aluminum alloys for the new energy vehicle sector and has begun mass application of low-carbon aluminum alloys in automotive components [3] Group 4: Global Supply Chain Strategy - The company is establishing production bases in Thailand and Mexico while setting up sales and service institutions in the US and Brazil to create a robust global business layout [4] - The company is enhancing its overseas supply system and is set to become Southeast Asia's largest aluminum alloy production base with significant production capacity in Thailand [4] - The company is actively participating in the trading of aluminum alloy futures, having become a key player in the industry with the listing of these futures on the Shanghai Futures Exchange [4]

Group 1: Global Expansion and Production Capacity - The company has established production bases in Thailand and Mexico, and sales service institutions in the USA, Brazil, South Korea, and Japan, forming a robust global business layout [2][3] - In 2021, the company built a project in Monterrey, Mexico, with an annual production capacity of 3.6 million ultra-lightweight aluminum alloy wheels, with phase one (1.8 million units) already operational and phase two expected to be completed in Q3 2025 [2][3] Group 2: Applications in Robotics and Aerospace - The company has developed high-strength, non-heat-treated die-casting aluminum alloys suitable for robot components, currently undergoing material validation in Europe [4] - Aluminum-based rare earth intermediate alloys have been applied in large aircraft and aerospace components, including critical parts for aircraft engines and electric flying cars [5] Group 3: Innovations in Material Development - The company is a pioneer in domestic non-heat-treated alloy materials, achieving significant advancements in material research and production costs, with applications in new energy vehicles and drones [6][7] - Recent innovations include low-carbon A356 alloys and various high-performance aluminum alloys, which have been successfully applied in high-end manufacturing sectors [7] Group 4: Impact of Futures Market - The listing of casting aluminum alloy futures fills a gap in the domestic recycled metal derivatives market, promoting a green circular economy [7] - Futures provide transparent market price signals and enhance risk management capabilities, allowing the company to better hedge against price fluctuations in recycled aluminum [7]

铝合金材料纵深研发，新兴产业布局提速。1）免热处理合金，①新能源汽车一体压铸领域，2024/6/19 以及2024/11/20 分别获得某战略客户/某国有大型车企定点；②在机器人及无人机，正在欧洲某机器人 关节转轴及国内某知名无人机的结构件上验证；2）可钎焊压铸铝合金，对接汽车热管理系统流道板上 的验证和应用，并积极拓展储能、算力中心等领域；3）铝基稀土中间合金和航空航天级特种中间合 金，已间接用于航空航天、低空经济；4）硅铝弥散复合新材料，用于芯片封装壳体及半导体设备零部 件制造等领域。 盈利预测与估值 考虑美国加关税对需求端短期负面影响，我们下调25 年盈利预测9.0%至8.6亿元，基本维持26 年盈利预 测11.1 亿元，当前股价对应25/26 年 12.0/9.3xP/E 维持跑赢行业评级，考虑汽车板块估值中枢提升，维 持目标价21元 ，对应 25/26 年 15.5/12.0xP/E，较当前股价有 28.8%的上行空间。 风险 2024 年业绩符合我们预期 2024 年实现营业收入272.5 亿元，同比+16.6%；归母净利润7.1 亿元，同比+16.8%；扣非净利润6.1 亿 元，同比增长17.1 ...