SHMET 网讯：2025年8月25日，明泰铝业披露接待调研公告，公司于8月24日接待长江证券、同泰 基金、浦银安盛、汇丰晋信、招商基金等20家机构调研。 公告显示，明泰铝业参与本次接待的人员共4人，为副总经理、董事会秘书雷鹏，副总经理、财务 总监孙军训，副总经理、高端化产品开发负责人贺志刚，证券事务代表景奇浩。调研接待地点为线上会 议。 据了解，2025 年半年度明泰铝业销量约 78 万吨，营收约 170 亿元同比增 11%，归母净利润 9.4 亿 元，单吨净利润提升，虽较 2024 年半年度净利润略有下滑，但剔除库存升值影响同比仍有增长，预计 全年净利润将增长。公司还制定披露了《未来三年股东分红回报规划（2026 - 2028 年）》，承诺三年 每年分红比例不低于 30%。 据了解，明泰铝业确立聚焦"高端智能制造"及"低碳循环经济"的思路。新能源材料布局收获，高端 智能制造领域全铝立柱机器人推广见成效，鸿晟新材在建高端热处理设备；低碳循环经济领域引进激光 诱导击穿光谱精分产线促进再生铝产业升级。海外子公司订单饱满、利润提升，拟再投资扩产 3 - 4 万 吨。 据了解，本年度铝锭价格高位震荡、夏季淡季不淡， ...

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].