摘要 明泰铝业单吨净利润稳步提升，2025 年一至三季度单吨税前净利润分 别为 1,300 元、1,410 元和 1,526 元，反映出产品结构转型升级的积极 成效，高端化、绿色化、智能化战略落地良好。 公司新增亿瑞新材年产 72 万吨铝基新材料智能制造项目，宏盛西台汽 车绿色能源运旅产业园一期投产，形成气垫炉生产线，满足汽车板、航 空板及高端 3C 面料等高产能需求。 明泰铝业通过引进激光诱导激光光谱分光谱精分产线，显著提升再生铝 技术水平，可处理多种复合材料废料，提高回收范围并降低成本，同时 进行碳足迹排查，应对欧盟碳关税，每吨碳蒸铝产品预计节省约 800 元 碳税。 公司多种产品加工费上调，包括 PS 板、CTP 板、易拉罐材料等，受益 于巩义周边及沿海地区产能出清和海外需求增加，光阳铝业部分产品加 工费上调 50~100 美元。 未来 3-5 年，明泰铝业计划将产销量提升至 230 万吨，高附加值产品占 比提高到 40%以上，预计丹东净利润通过结构改善和成本降低达到 1,600 元左右，总体利润规模达到 36 亿元左右，年复合增长率 13%左 右。 Q&A 明泰铝业 20251026 明泰铝业在 20 ...

Summary of the Conference Call for Ming Tai Aluminum Industry Industry Overview - The aluminum industry is facing significant challenges due to changes in export tax policies and tariffs, particularly affecting exports to North America, which remains a dominant market for the company [2][4][29]. Key Points Export Performance - In Q1, the company's export volume decreased by 30% year-on-year due to tariff impacts, with North America still holding a major share: Canada (50%), Mexico (30%), and the US and other regions (20%) [2][4]. - Despite a 13% price increase, 70% of customers accepted the price hike to continue cooperation, with Canadian market demand recovering to 75%-80% of previous levels [2][13][14]. Product and Market Dynamics - The company primarily exports 3xxx, 5xxx, and 6xxx aluminum products to the US, with 10% of exports being non-dumping products despite a 70% tariff [2][5][10]. - The annual production of 3xxx, 5xxx, and 6xxx products not affected by US anti-dumping measures is approximately 250,000 tons [11]. Pricing and Cost Structure - North American pricing is based on the LME average price plus a premium, while domestic pricing references Shanghai aluminum prices, leading to a price differential [2][8][7]. - The processing fees for 6xxx products in North America range from $1,000 to $1,300, significantly higher than domestic processing fees of 3,500 to 4,000 RMB [6][26]. Market Challenges - Overseas demand is gradually declining, with processing fee outlooks appearing pessimistic due to rising costs and reduced profit margins [17][30]. - The first quarter saw a significant drop in spot premiums from $228 per ton to $182 per ton in the second quarter, indicating weaker overseas demand [21]. Regional Export Insights - The company exports approximately 6,000 to 7,000 tons per month to Asia, accounting for about 30% of total exports, with key markets including South Korea, Japan, and Southeast Asia [12]. - The remaining 30% of exports are distributed across Oceania and Europe, including both EU and non-EU countries [12]. Future Outlook - The company does not plan to expand overseas due to geopolitical uncertainties and the high costs associated with establishing foreign production facilities [27]. - There is a noted trend of order backflow to China as some customers seek to avoid increased costs from tariffs [15]. Competitive Landscape - The US government is attempting to bring manufacturing back to the US through tariffs, with major companies like Novelis and US Steel expanding their operations [24]. - The overall competition in the aluminum processing sector is intensifying, particularly as domestic customers reduce exports, leading to increased competition in the local market [31][32]. Conclusion - The aluminum industry is navigating a complex landscape of tariffs, changing demand, and pricing pressures, with a cautious outlook for future profitability and market conditions [29][30].