明泰铝业 20250429 摘要 • 受关税及出口退税政策影响，公司一季度出口量同比下降 30%，但北美市 场仍占主导地位，其中加拿大占比 50%，墨西哥 30%，美国及其他地区 20%。 • 针对美国市场，公司主要出口 3 系、5 系和 6 系铝产品，虽受 70%关税影 响，但仍有部分非反倾销产品继续销售，占北美地区出口量的 10%左右。 • 北美市场定价采用 LME 铝月均价加价差模式，虽成本核算基于实际成本， 但因客户无法保值，不直接采用成本定价，国内采购参考沪铝，北美参考 LME，存在差价。 • 美国对 3 系和 5 系厚度 6.3 毫米以下的铝板带征收反倾销税，但 6.3 毫米 以上及所有 6 系产品不受影响，公司此类产品年产量约为 25 万吨。 • 取消出口退税后，公司整体出口减少 30%，尽管价格上涨 13%，但 70% 的客户选择接受涨价继续合作，加拿大市场需求已恢复至原先的 75%- 80%。 • 海外需求逐步回落，加工费展望不乐观，利润率下降且成本未降，报价差 价扩大，金属价格差价扩大，整体需求不理想，一季度海外贸易利润高于 国内 500-600 元，二季度可能持平或略低于一季度。 • 今 ...

事件：公司公告2025 年一季度实现营收81.24 亿元同增13.07%；实现归母净利润4.4 亿元同增21.46%； 实现扣非归母净利润3.79 亿元同增41.73%。 投资建议：我们预计公司2025-2027 年实现营业收入393.09/429.23/457.89 亿元，归母净利润 19.54/22.06/24.30 亿元。4 月22 日收盘价对应PE 分别为7.50/6.65/6.03 倍，维持"增持"评级。 风险提示：宏观经济波动风险；行业竞争加剧；下游需求波动风险。 高端转型叠加Q1 铝价上行，单吨盈利环比改善。2025 年Q1 公司实现铝板带箔及铝型材产量38.89 万吨 同增11.3%，实现历史新高，销量37.85 万吨同增10.0%。盈利情况来看，公司1Q24-1Q25 单吨铝加工产 品归母净利润（按销量口径计算，包括铝板带箔及铝型材）分别为1052.3/1904.4/893.3/907.0/1161.6 元/ 吨。25 年Q1 单吨加工利润环比提升，或主要系1）Q1 原材料铝锭价格呈现上升趋势，公司加工环节产 成品毛利受益于铝价提升而增厚；2）下游需求边际好转，2025 年初公司及行业内CT ...

东吴证券股份有限公司 关于河南明泰铝业股份有限公司 2023 年向特定对象发行股票之 保荐总结报告书 东吴证券股份有限公司（以下简称"东吴证券"或"保荐人"）作为河南明 泰铝业股份有限公司（以下简称"明泰铝业"、"公司"或"发行人"）2023 年向特定对象发行股票（以下简称"本次发行"）的保荐人，根据《证券发行上 市保荐业务管理办法》《上海证券交易所上市公司自律监管指引第 11 号——持 续督导》等有关法律、法规的相关规定，负责明泰铝业的持续督导工作，持续督 导期间为本次发行结束当年的剩余时间及其后 1 个完整会计年度。截至 2024 年 12 月 31 日，持续督导期已届满。 东吴证券根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公 司自律监管指引第 11 号——持续督导》等相关法律法规的要求，出具本保荐总 结报告书。 | 公司名称 | 河南明泰铝业股份有限公司 | | --- | --- | | 证券代码 | 601677 | | 注册资本 | 124,370.4027 万元 | | 注册地址 | 巩义市回郭镇开发区 | | 主要办公地址 | 巩义市回郭镇开发区 | | 法定代表人 | 刘杰 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its growth potential and valuation recovery [4][10]. Core Insights - The company reported a revenue of 32.32 billion yuan for 2024, a year-on-year increase of 22%, and a net profit attributable to shareholders of 1.75 billion yuan, up 30% year-on-year. For Q1 2025, revenue was 8.12 billion yuan, reflecting a 13% year-on-year growth, with a net profit of 440 million yuan, up 21% year-on-year [2][3]. - The aluminum plate and strip industry in China is expected to develop steadily in 2024, with production of aluminum plates and strips reaching 14.75 million tons, a 9% increase year-on-year. The company’s sales volume of aluminum plates and strips is projected to grow by 19% year-on-year [3][4]. - The company is well-positioned to benefit from the policy changes regarding the import of deformed scrap aluminum, which supports the development of its recycled aluminum business. The company has a recycling capacity of over 1 million tons [4][10]. Financial Summary - The company’s revenue is projected to grow from 32.32 billion yuan in 2024 to 39.07 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 9% [5][12]. - The net profit attributable to shareholders is expected to increase from 1.75 billion yuan in 2024 to 2.46 billion yuan in 2027, reflecting a CAGR of about 11% [5][12]. - The earnings per share (EPS) is forecasted to rise from 1.46 yuan in 2024 to 1.97 yuan in 2027, with a corresponding price-to-earnings (P/E) ratio decreasing from 8.24 to 6.11 over the same period [5][12].

Summary of Ming Tai Aluminum Industry Conference Call Company Overview - **Company**: Ming Tai Aluminum Industry - **Industry**: Aluminum manufacturing Key Financial Performance - **Q1 2025 Revenue**: Increased by 11% year-on-year, reaching 4.4 billion CNY in net profit, a growth of 21% [1][2] - **Net Profit for 2024**: Achieved 17.5 billion CNY, a 30% increase year-on-year [2] - **Q1 2025 Production and Sales**: Reached 380,000 tons, an 11% increase year-on-year [2] - **Single Ton Net Profit**: Approximately 1,200 CNY, considered a normal level for reference throughout the year [1][4] Strategic Adjustments - **Export Tariff Changes**: Following the cancellation of export tariffs in December 2024, the company adjusted its pricing model to aluminum prices plus processing fees [1][2] - **Focus on High-Quality Development**: Emphasis on optimizing product structure and maintaining stable processing fees, particularly for CTP and PS products [1][2][19] - **R&D Strategy**: Shifted focus towards high-end projects, optimizing R&D routes and reducing costs by reallocating materials back to production [11][12] Dividend Policy - **2025 Dividend Plan**: Aiming for a dividend payout of 1.19 CNY per share, a 30% increase from 2023 [3][21] - **Mid-term Dividend Authorization**: The board has authorized mid-term dividends without requiring shareholder meeting approval, enhancing investor returns [3] Production and Market Outlook - **2025 Production Target**: Aiming for a total production and sales volume of 1.62 million tons, with a focus on high-end aluminum processing for automotive and aerospace sectors [1][3] - **New Project Launch**: The Huazheng New Material project is expected to commence production in Q3 2025, targeting high-end aluminum processing markets [1][3] Cost and Profitability Insights - **Q4 2024 Profit**: Maintained at 340 million CNY, influenced by exchange losses and rising energy costs [4][10] - **Cost Increases**: Rising costs due to higher electricity and gas prices, with an estimated impact of around 30 million CNY in Q4 [9][10] - **Impact of Export Changes**: A reduction in export volume by 20,000 to 30,000 tons in Q4 affected overall profitability, as overseas pricing is generally lower than domestic [8][10] Market Dynamics - **Order Trends**: Orders have shown a seasonal recovery, with expectations for increased order volumes in May compared to April [20] - **Export Proportion**: Exports account for approximately 20% of total business, slightly higher than the previous year [21] Additional Considerations - **R&D Expense Management**: Monthly tracking of material usage in R&D to smooth out financial fluctuations and ensure stability in reporting [12][13] - **Waste Aluminum Projects**: The ratio of waste aluminum projects to high-end upgrades has shifted, with a focus on enhancing product upgrades [14][15] This summary encapsulates the key points from the conference call, highlighting the financial performance, strategic adjustments, market outlook, and operational insights of Ming Tai Aluminum Industry.

Core Viewpoint - The company reported a revenue of 32.32 billion yuan for 2024, reflecting a year-on-year increase of 22.23%, and a net profit of 1.75 billion yuan, up 29.76% year-on-year, slightly below previous expectations [1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 8.12 billion yuan, a quarter-on-quarter decrease of 6.25% but a year-on-year increase of 13.07%, with a net profit of 440 million yuan, showing a quarter-on-quarter increase of 30.38% and a year-on-year increase of 21.46% [1] - The company’s gross profit margin for 2024 was 6.95%, down 2.51 percentage points year-on-year, while Q1 2025 saw a gross profit margin of 6.64%, an increase of 11.69 percentage points quarter-on-quarter, indicating a significant recovery in profitability [2] Group 2: Market Conditions and Sales - The cancellation of export tax rebates for aluminum products has impacted the company, with export sales revenue for 2024 at 9.09 billion yuan, accounting for 28.1% of total sales [3] - Despite the challenges from the cancellation of export tax rebates, the company’s aluminum sales volume in Q1 2025 was 378,500 tons, showing a 1.8% increase quarter-on-quarter, indicating a recovery [3] - The company’s production capacity is expected to maintain stable growth, with the proportion of recycled aluminum likely to increase due to the commissioning of a new project [3] Group 3: Profit Forecast and Valuation - Due to the impact of the cancellation of export tax rebates and U.S. tariff policies, the company’s sales volume forecast for 2025 has been adjusted downwards, with expected EPS for 2025-2027 at 1.53, 1.68, and 1.70 yuan respectively [4] - The target price for the company is set at 13.71 yuan, based on a PE ratio of 8.96 times for 2025, down from a previous target of 17.75 yuan [4]

Group 1 - As of April 23, pension accounts held a total of 1.9 billion shares in 26 companies, with a combined market value of 5.379 billion yuan at the end of the first quarter [1] - The largest holding by pension accounts was in Ming Tai Aluminum, with 47.4518 million shares, followed by Huangma Technology with 24.6955 million shares [1] - There are 15 stocks with a market value exceeding 100 million yuan held by pension accounts, including Chunfeng Power and Lanxiao Technology [1] Group 2 - The highest holding ratio by pension accounts was in Lanxiao Technology, with 20.0006 million shares, accounting for 6.52% of the circulating shares [1] - Other notable holdings in terms of percentage include Top Cloud Agriculture at 5.77% and Chunfeng Power at 4.4% [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 13.71 RMB [8][9]. Core Views - The company achieved a revenue of 32.32 billion RMB in 2024, representing a year-over-year increase of 22.23%, and a net profit of 1.75 billion RMB, up 29.76% year-over-year [1]. - The first quarter of 2025 showed a revenue of 8.12 billion RMB, a quarter-over-quarter decrease of 6.25% but a year-over-year increase of 13.07%, with a net profit of 440 million RMB, reflecting a quarter-over-quarter increase of 30.38% and a year-over-year increase of 21.46% [1]. - The company’s sales volume for aluminum plates and strips reached 1.23 million tons in 2024, up 22.06% year-over-year, while aluminum foil sales were 239,900 tons, up 4.59% year-over-year [2]. - The comprehensive sales gross margin for 2024 was 6.95%, down 2.51 percentage points year-over-year, but showed a recovery in Q1 2025 with a gross margin of 6.64%, up 11.69 percentage points quarter-over-quarter [2]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 32.32 billion RMB, with a net profit of 1.75 billion RMB, slightly below the previous forecast of 1.83 billion RMB [1]. - For Q1 2025, the company reported a revenue of 8.12 billion RMB and a net profit of 440 million RMB, indicating a recovery in profitability [1]. Market Conditions - The negative impact of the domestic cancellation of export tax rebates is gradually diminishing, with Q1 2025 showing a sales volume of 378,500 tons of aluminum materials, a 1.8% increase quarter-over-quarter [3]. - The company’s exposure to U.S. tariffs is limited due to a small proportion of direct exports to the U.S. and the exclusion of aluminum products from the current tariff list [3]. Production Outlook - The company is expected to maintain stable growth in production and sales in 2025, supported by the commissioning of new projects and an increase in the proportion of recycled aluminum [4]. - The "70,000 tons of green new aluminum alloy materials project" is expected to enhance production capacity and cost advantages [4]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025 is adjusted to 1.53 RMB, down from a previous estimate of 1.77 RMB, reflecting a decrease of 13.56% [5]. - The target price is set at 13.71 RMB, based on a price-to-earnings (PE) ratio of 8.96 times for 2025 [5].

关于召开2024年年度股东大会的通知 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： 股东大会召开日期：2025年5月13日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、召开会议的基本情况 (一)股东大会类型和届次 证券代码：601677 证券简称：明泰铝业 公告编号：临 2025-016 河南明泰铝业股份有限公司 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 13 日 10 点 00 分 召开地点：河南明泰铝业股份有限公司会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 13 日 至2025 年 5 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9: ...

证券代码：601677 证券简称：明泰铝业 公告编号：临 2025-008 河南明泰铝业股份有限公司 第六届监事会第十七次会议决议公告 本公司监事会及全体监事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。 一、监事会会议召开情况 河南明泰铝业股份有限公司(以下简称"明泰铝业"或"公司")于2025年4 月12日以电子邮件和电话通知方式发出召开第六届监事会第十七次会议的通知， 并于2025年4月22日在公司会议室召开。会议以现场表决方式进行，会议应参加 监事3名，实参加监事3名，本次监事会的召集和召开程序符合《公司法》和《公 司章程》的有关规定，会议合法有效。本次会议由监事会主席化新民先生主持， 公司董事、高级管理人员列席了本次会议。 二、监事会会议审议情况 1、审议通过了《关于<公司 2024 年度监事会工作报告>的议案》； 3、审议通过了《关于<公司 2024 年度财务决算报告>的议案》； 表决结果：3 票同意，0 票反对，0 票弃权。 本议案尚需提交公司 2024 年度股东大会审议批准。 2、审议通过了《关于公司 2024 年度利润分配预案的议案》（ ...