股票代码：600219 股票简称：南山铝业 公告编号：2024-059 山东南山铝业股份有限公司 第十一届董事会第十四次会议决议公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实、准确和完整承担个别及连带责任。 山东南山铝业股份有限公司（以下简称"公司"或"本公司"）第十一届董事会第十 四次议于 2024 年 11 月 8 日上午 10 时以现场和通讯相结合的方式召开，公司于 2024 年 10 月 29 日以书面、传真和邮件方式通知了各位参会人员。本次会议应到董事 9 名，实到董 事 9 名，其中，独立董事 3 名，公司监事和高级管理人员列席了会议。会议的召开符合《公 司法》和《公司章程》的有关规定，会议决议合法有效。会议由董事长吕正风先生主持， 经审议表决通过了以下议案： 为满足公司全资子公司南山铝业新加坡有限公司（以下简称"新加坡公司"）贸易融 资需求，公司拟与 United Overseas Bank Limited（以下简称"大华银行"）签署《担保 合同》，为新加坡公司在大华银行申请额度为 2,100 万美元的担保展期。本次担保展期期 限自董事会审议通 ...

证券代码：600219 证券简称：南山铝业 公告编号：2024-061 山东南山铝业股份有限公司关于 控股股东解除质押并将部分股权再次质押的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 重要内容提示： ●截止至披露日，山东南山铝业股份有限公司（以下简称"公司"）控股股 东南山集团有限公司（以下简称"南山集团"）持有公司股份总数为 2,431,356,306 股，约占公司总股本的 20.77%；其一致行动人山东怡力电业有限公司（以下简 称"怡力电业"）持有公司股份总数为 2,581,044,590 股，约占公司总股本的 22.04%。 ●本次股份质押业务完成后，南山集团累计质押其所持有的公司股份 1,311,423,016 股，约占公司总股本的 11.20%，占南山集团所持公司股份的 53.94%； 怡力电业累计质押其所持有的公司股份 575,000,000 股，约占公司总股本的 4.91%， 占怡力电业所持公司股份的 22.28%。 一、上市公司股份质押 公司于近日收到控股股东南山集团的通知，南山集团将其质押给中国民生银 行 ...

Investment Rating - The report maintains a "Buy" rating for Nanshan Aluminum (600219 SH) [3] Core Views - Nanshan Aluminum's Q3 performance showed strong year-on-year growth, driven by increased volume and prices of alumina [1] - The company's growth is attributed to the rising prices and volumes of its Indonesian alumina project, with domestic and international alumina prices remaining high [1] - The average domestic alumina price in Q3 2024 was 3,916 RMB/ton, up 37 49% YoY, while the international alumina price averaged 505 USD/ton, up 48 96% YoY [1] - Supply-demand dynamics supported strong alumina prices both domestically and internationally, with tight supply due to slow domestic bauxite mine resumption and overseas alumina plant reductions [1] - The company is expanding its overseas footprint with new projects in Indonesia, including an additional 2 million tons of alumina capacity and a 250,000-ton electrolytic aluminum project [2] - Nanshan Aluminum is a key supplier of aviation plates for the domestic C919 aircraft project and is advancing its automotive plate capacity, with 200,000 tons in production and another 200,000 tons under construction [2] - The company announced a cumulative cash dividend ratio of 26 77% for the first three quarters of 2024, with plans to distribute at least 40% of annual distributable profits as cash dividends from 2024 to 2026 [2] Financial Performance - In Q3 2024, the company reported revenue of 8 559 billion RMB, up 19 06% YoY, and net profit attributable to shareholders of 1 301 billion RMB, up 57% YoY [4] - For the first three quarters of 2024, revenue reached 24 226 billion RMB, up 11 7% YoY, and net profit attributable to shareholders was 3 49 billion RMB, up 62 94% YoY [4] - The company's net profit margin for Q3 2024 was 15 20%, with a YoY growth rate of 57% [9] - The company's ROE (diluted) for Q3 2024 was 9 31%, and its free cash flow for the quarter was 1 35 billion RMB [9] Valuation and Forecast - The report raised earnings forecasts for 2024/2025/2026, with expected net profits of 4 63 billion RMB, 5 10 billion RMB, and 5 54 billion RMB, respectively, representing upward revisions of 22 8%, 25 6%, and 24 7% [3] - The current PE ratios for 2024/2025/2026 are 11X, 10X, and 9X, respectively [3] - The company's EPS for 2024/2025/2026 is projected to be 0 40 RMB, 0 44 RMB, and 0 47 RMB, respectively [3] Industry and Market Position - Nanshan Aluminum is a leading integrated player in the aluminum industry, with significant investments in overseas projects and a strong position in high-value-added products like automotive and aviation plates [2] - The company's expansion in Indonesia and its focus on high-end aluminum products position it well to benefit from future growth in the aerospace and automotive sectors [2]

证券代码：600219 证券简称：南山铝业 公告编号：2024-058 山东南山铝业股份有限公司 关于以集中竞价交易方式回购股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2023/12/14 | | --- | --- | | 回购方案实施期限 | 待股东大会审议通过后 个月 12 | | 预计回购金额 | 元~600,000,000 元 300,000,000 | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | 累计已回购股数 | □为维护公司价值及股东权益 股 72,438,600 | | 累计已回购股数占总股本比例 | 0.62% | | 累计已回购金额 | 元 259,980,549 | | 实际回购价格区间 | 元/股~4.33 元/股 2.75 | 二、 回购股份的进展情况 根据《上市公司股份回购规则》、《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司 2024 年 ...

隐证券 有色金属/工业金属 公 司 研 究 氧化铝价涨增厚业绩，预计 Q4 业绩表现更加亮眼 南山铝业（600219.SH） 2024 年 10 月 31 日 ——公司信息更新报告 亿元，同比+11.7%，实现归母净利润 公司实现营业收入 85.59 亿元，同比+19.06%， +57%，环比-2.72%，业绩环比 小幅下跌主要系三季度电解铝价格承压，但大部分被氧化铝价格上涨对冲。步入 2024~2026 年实现归 亿元（此前预计分别为 43.6、43.6、47.9 亿元），同比分别变动+37.5%、+0.5%、+4.9%，（不考虑出售指标回款），EPS 分 别为 0.41、0.41、0.43 元/股，对应 2024 年 10 月 30 日收盘价 PE 分别 10.1、10.1、 9.6 倍，公司率先于印尼展开氧化铝项目，且仍有 200 万吨氧化铝产能待释放， 成长性显著，维持 "买入"评级。 | --- | --- | --- | --- | |-------------------------------|------------|------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for Nanshan Aluminum [1] Core Views - The company reported significant year-on-year growth in its Q3 2024 results, with revenue reaching 8.559 billion yuan, up 19.06%, and net profit attributable to shareholders at 1.301 billion yuan, up 57% [2] - Global bauxite supply remains tight, leading to increased alumina prices, which significantly boosted the company's overseas performance [2] - The company is expanding its upstream electrolytic aluminum production capacity in Indonesia, with plans for an additional 2 million tons of alumina capacity and a 250,000-ton electrolytic aluminum project expected to be operational by 2026 [3] - Nanshan Aluminum has a consistent cash dividend policy, proposing a cash dividend of 0.40 yuan per 10 shares for Q3, totaling 468 million yuan, with a cumulative cash dividend payout ratio of 26.77% for 2024 [3] - Future growth drivers include a focus on high-end aluminum processing products, with expected increases in production capacity for automotive and aerospace applications [4] Summary by Sections Financial Performance - For 2024, the company forecasts total revenue of 35.18 billion yuan, a 21.97% increase year-on-year, and net profit of 5.082 billion yuan, a 46.28% increase [1][4] - The earnings per share (EPS) is projected to be 0.43 yuan for 2024, with a price-to-earnings (P/E) ratio of 8.29 [1][4] Business Expansion - The company is leveraging Indonesia's rich mineral resources and supportive policies to enhance its aluminum industry chain, which is expected to improve overall performance [3] - The expansion projects in Indonesia are anticipated to contribute significantly to the company's revenue and profit growth in the coming years [4] Shareholder Returns - The company plans to distribute at least 40% of its distributable profits as cash dividends annually from 2024 to 2026, indicating a strong commitment to shareholder returns [3]

南山铝业（600219.SH）2024 年三季报点评 氧化铝利润丰厚，印尼业务未来可期 2024 年 10 月 29 日 ➢ 事件：公司发布 2024 年三季报。2024Q1-3 归母净利润 34.9 亿，同比增 长 62.94%；扣非归母净利润 34.1 亿，同比增长 64.23%。单季度看，2024Q3 归母净利 13.0 亿元，同比增长 57.00%，环比减少 2.72%；扣非归母净利 12.5 亿元，同比增长 57.18%，环比减少 5.59%。 ➢ 印尼氧化铝满产运行，单吨利润丰厚。量：国内 68 万吨电解铝在产产能满 产，预计 Q3 产量 17 万吨左右。海外印尼 200 万吨及国内氧化铝满产，预计 Q3 印尼氧化铝产量 50 万吨。预计下游铝加工正常生产。价&利：24Q3 市场铝价 环比-975 元/吨，氧化铝环比+212 元/吨，预焙阳极环比-183 元/吨，动力煤价 格环比-1 元/吨。我们测算山东地区电解铝 Q3 税前利润为 1454 元/吨（不包含 上游氧化铝利润）。澳洲氧化铝 FOB 价格环比+74 美元/吨（折合+525 元/吨）， 测算 24Q3 印尼氧化铝单吨净利润超过 1500 ...

证 券 研 究 报 告 南山铝业（600219）2024 年三季报点评 推荐（维持） 氧化铝价格上行，支撑公司业绩增长 目标价：4.84 元 当前价：4.24 元 事项： 10 月 28 日,公司披露 2024 年三季报。前三季度公司实现营业收入 242.26 亿 元，同比增长 11.7%；归母净利润 34.9 亿元，同比增长 62.94%。其中，第三 季度实现营业收入 85.59 亿元，同比增长 19.06%；归母净利润 13.01 亿元，同 比增长 57%。同时，公司披露《2024 年三季度利润分配预案公告》，拟向全体 股东每 10 股派发现金红利 0.40 元（含税），叠加半年度分红款 4.66 亿元（含 税），本年度内公司累计现金分红比例为 26.77%。 评论： 氧化铝价格延续上涨，公司印尼氧化铝项目受益。受到 7-8 月份国内铝土矿山 复产进度缓慢、海外氧化铝厂减产等因素影响，矿端供应持续趋紧，叠加氧化 铝环节与下游电解铝生产供需保持平衡，三季度氧化铝价格高位运行。三季度 国内氧化铝均价为 3,916 元/吨左右，较去年同期上涨 37.49%。海外方面，8 月 份受到多家氧化铝厂减产消息及部分突发 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant year-on-year revenue increase of 11.70% to 24.226 billion RMB in the first three quarters of 2024, with a net profit attributable to shareholders rising by 62.94% to 3.490 billion RMB [2][3] - The increase in performance is attributed to the successful operation of the Indonesian alumina project, which saw both volume and price growth, contributing to a notable rise in profits [3] - The company plans to extend its overseas industrial chain layout, including expanding alumina production capacity in Indonesia and enhancing its high-value-added downstream aluminum products [4] Summary by Sections Financial Performance - In Q3 2024, the company achieved a net profit of 1.301 billion RMB, reflecting a year-on-year increase of 57.00% but a slight quarter-on-quarter decrease of 2.72% [2] - The gross profit margin for the first three quarters was 25.34%, an increase of 4.86 percentage points year-on-year [3] Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 35.605 billion RMB, 37.788 billion RMB, and 45.865 billion RMB respectively, with net profits expected to be 5.807 billion RMB, 5.437 billion RMB, and 7.175 billion RMB [5] - The earnings per share (EPS) are projected to be 0.50 RMB, 0.46 RMB, and 0.61 RMB for the years 2024, 2025, and 2026 respectively [5] Dividend Policy - The company announced a cash dividend distribution plan, proposing to distribute 0.40 RMB per share (before tax), totaling approximately 468 million RMB for the third quarter, which, combined with the semi-annual dividend, results in a total cash dividend payout ratio of 26.77% for the year [3]

山东南山铝业股份有限公司 2024 年第三季度报告 证券代码：600219 证券简称：南山铝业 山东南山铝业股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一）主要会计数据和财务指标 单位：元 币种：人民币 | --- | --- | --- | --- | --- | |-----------------------------------------------|------------------|-------------------------------------|-------------------|-------------------- ...