近日，索通发展（603612）披露2025年一季报，实现归母净利润2.44亿元，单季盈利已接近2024年全 年，标志着其在预焙阳极行业周期回暖中的业绩修复逻辑持续兑现。多家券商认为，公司作为全球预焙 阳极龙头，通过价值传导、产能扩张及成本管控，展现出显著的规模优势，未来增长确定性明显。 技术革新赋能全球布局，创新产品构建差异化壁垒 合资建厂深化客户绑定，产能释放打开增长空间 公司采用与下游客户合资建厂模式，客户稳定，产品供不应求。在行业景气度上行期，公司产销量增长 和产能释放节奏成为券商关注重点。国联民生证券指出，公司新增产能逐步释放，产销量齐创新高。 2024年，公司预焙阳极实现产量326.45万吨，同比增长10.25%；预焙阳极销量331.69万吨，同比增长 11.35%。2024年，索通创新二期34万吨预焙阳极项目达产，陇西索通30万吨预焙阳极项目达产，新增 预焙阳极产能64万吨。截至2024年末，公司建成预焙阳极产能达到346万吨，公司计划于2025年末签约 产能达到约500万吨。2025年，公司预焙阳极计划实现产量340万吨，销量350万吨。 此外，公司新建筹建项目稳步推进，为未来发展注入确定性增量 ...

证券代码：603612 证券简称：索通发展 公告编号：2025-026 索通发展股份有限公司 关于 2025 年 4 月份提供担保的公告 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： 被担保人名称：索通齐力炭材料有限公司（以下简称"索通齐力"）、 云南索通云铝炭材料有限公司（以下简称"索通云铝"）、陇西索通炭材料有限 公司（以下简称"陇西索通"），以上公司均为索通发展股份有限公司（以下简 称"公司"）的控股子公司。 本次担保金额及已实际为其提供的担保余额：本次公司为索通齐力、索 通云铝、陇西索通提供的担保金额分别为人民币 2,000 万元、人民币 2,000 万元、 人民币 5,500 万元。截至本公告披露日，公司及子公司已实际为上述公司提供的 担保余额分别为人民币 61,806.50 万元（不含本次）、人民币 184,042.28 万元（不 含本次）、人民币 62,031.00 万元（不含本次）。 特别风险提示：截至本公告披露日，公司已批准的担保额度内尚未使用 额度与担保实际发生余额之和为 1,161,86 ...

证券代码：603612 证券简称：索通发展 公告编号：2025-027 索通发展股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络文字互动 投资者可于2025年4月30日（星期三）至5月9日（星期五）16:00前登录上 证路演中心网站首页点击"提问预征集"栏目进行提问，也可将需要了解的有关 情况和问题预先通过电子邮件的形式发送至索通发展股份有限公司（以下简称"公 司"）投资者邮箱sunstone@sun-stone.com。公司将在信息披露允许的范围内，于说 明会上对投资者普遍关注的问题进行回答。 公司已于 2025 年 4 月 23 日发布《2024 年年度报告》《2025 年第一季度报告》， 为便于广大投资者更全面深入地了解公司 2024 年度及 2025 年第一季度经营成果、 财务状况，公司计划于 2025 年 5 月 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [4]. Core Insights - The company reported a significant increase in profits due to the rapid price rise of prebaked anodes, with a net profit of 272 million yuan in 2024, compared to a loss of 723 million yuan in 2023. The first quarter of 2025 showed a net profit of 244 million yuan, marking a 676% year-on-year increase [1][2]. - The production and sales of prebaked anodes reached new highs in 2024, with production at 3.2645 million tons (up 10.25% year-on-year) and sales at 3.3169 million tons (up 11.35% year-on-year). Exports surged by 34.3% [2]. - The price of prebaked anodes stabilized in 2024 and began to rise sharply in 2025, with an average price of 5,039.5 yuan per ton in 2024 (down 20.2% year-on-year) and 5,848.4 yuan per ton in Q1 2025 (up 13.9% year-on-year) [2]. - The company's gross profit margin improved significantly, reaching 17.03% in Q1 2025, up from 8.94% in Q4 2024 [2]. Production Capacity and Expansion - The company achieved a total prebaked anode production capacity of 3.46 million tons in 2024, with ongoing expansion projects expected to increase capacity to approximately 5 million tons by the end of 2025 [3]. - New projects include a 600,000-ton project in Guangxi and a 320,000-ton project in Jiangsu, both aiming for completion by the end of 2025 [3]. Financial Projections - The company forecasts net profits of 1.069 billion yuan, 1.143 billion yuan, and 1.426 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 7.9, 7.4, and 6.0 [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company has shown a recovery in profitability, with a return to profit in 2024 and a significant increase in revenue and net profit in Q1 2025 [1][2]. - The price of prebaked anodes has increased, contributing to improved profitability in early 2025, with a notable rise in gross margin [2][4]. - The company is expanding its production capacity, with several projects underway aimed at increasing output in the coming years [3]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 137.5 billion yuan, a decrease of 10% year-on-year, but achieved a net profit of 2.7 billion yuan, marking a return to profitability [1]. - For Q1 2025, revenue reached 37.4 billion yuan, a year-on-year increase of 20.5%, with a net profit of 2.4 billion yuan [1]. Price Trends and Margins - The average price of prebaked anodes decreased throughout 2024 but showed signs of stabilization, leading to a gross margin of 9.8%, an increase of 8.4 percentage points year-on-year [2]. - In Q1 2025, the average price of prebaked anodes rose to 5,179 yuan per ton, a 14% year-on-year increase, contributing to a gross margin of 17.03% [2]. Production Capacity Expansion - The company plans to advance several projects, including a 600,000-ton prebaked anode project in Guangxi and a 320,000-ton project in Jiangsu, aiming for completion by mid-2026 [3]. - The target for prebaked anode sales in 2025 is set at 3.5 million tons, with a production goal of 3.4 million tons [3]. Profit Forecast and Valuation - The forecasted net profit for 2025 and 2026 is 10.97 billion yuan and 12.82 billion yuan, respectively, reflecting significant growth compared to previous estimates [4]. - The projected P/E ratios for 2025, 2026, and 2027 are 8, 7, and 6, respectively, indicating a favorable valuation relative to earnings growth [4].

Investment Rating - The investment rating for the company is maintained at "Outperform the Market" [3][5][20] Core Views - The company reported a revenue of 13.75 billion yuan for 2024, a year-on-year decrease of 10.19%, but achieved a net profit of 272 million yuan, marking a return to profitability [1][9] - The significant recovery in operating performance in Q1 2025 is attributed to the rapid rebound in prices of petroleum coke and prebaked anodes, which boosted the unit profit of prebaked anodes [1][9] - The company is expected to benefit from the domestic "North Aluminum South Move" strategy, leading to rapid capacity expansion and a gradual start in overseas market layout [3][20] Revenue and Profit Forecast - Revenue forecasts for 2025-2027 are 18.594 billion, 20.513 billion, and 23.938 billion yuan, with year-on-year growth rates of 35.2%, 10.3%, and 16.7% respectively [3][20] - Net profit forecasts for the same period are 1.045 billion, 1.204 billion, and 1.446 billion yuan, with year-on-year growth rates of 283.5%, 15.2%, and 20.2% respectively [3][20] Production Capacity and Sales Data - In 2024, the company added 640,000 tons of prebaked anode capacity, bringing the total capacity to 3.46 million tons [2][11] - The total production of prebaked anodes in 2024 is expected to be 3.2645 million tons, a year-on-year increase of 10.25%, with sales of 3.3169 million tons, a year-on-year increase of 11.35% [2][11] Project Development - New project developments are progressing steadily, including a 600,000-ton prebaked anode project in Guangxi and a 320,000-ton project in Jiangsu, both expected to be operational by the end of 2025 [2][19] - The company is also making progress on a joint venture project with Emirates Global Aluminium (EGA) and has signed a sales framework agreement with three subsidiaries of Alcoa in the U.S. for the supply of approximately 240,000 tons of prebaked anodes in 2025 [2][19]

Summary of Conference Call Records Company Overview - **Company**: Suotong Development - **Industry**: Aluminum and Carbon Materials Key Points Financial Performance - In 2024, Suotong Development turned a profit, achieving a net profit of 346 million yuan in Q1 2025, with a net profit attributable to shareholders of 244 million yuan, representing a significant improvement year-on-year [1][2] - Revenue increased by 20.5% year-on-year, with a notable rise in gross margin due to higher prices for prebaked anodes and cathodes [1][2] Market Conditions - The fattening sheep market stabilized and rebounded in late 2024, while petroleum coke prices rose due to supply-demand mismatches, averaging 2,771 yuan per ton in March 2025, with a quarterly increase of approximately 36% [1][4] - The primary aluminum market reached record production levels, with a total output of 43 million tons in 2024, up 4.18% year-on-year [1][4] Import and Export Dynamics - Tariff policies have minimal impact on the company's exports, but may slightly increase petroleum coke prices. In 2024, the company imported approximately 13.4 million tons of petroleum coke, with about 3.87 million tons (30%) sourced from the U.S. [1][5] - The company expects to maintain a strong export growth rate, although specific predictions for growth rates remain uncertain [33] Production Capacity and Strategic Plans - The company plans to achieve a total production capacity of 5 million tons by 2025, with a focus on expanding its anode production capabilities [3][8] - New projects include a 100,000-ton calcined coke project in Hubei and collaborations with partners to develop additional production facilities [1][7] Inventory and Supply Chain Management - Inventory levels increased significantly, reflecting a strategic adjustment in raw material reserves due to rising prices [13][31] - The company experienced a 50% reduction in shipped goods, attributed to changes in settlement cycles and customer structures during the Spring Festival [14] Future Outlook - The company aims to increase prebaked anode sales to 3.5 million tons by 2025 and plans to invest more in R&D and digital transformation [1][7] - The profitability of the company's high-end anode products is expected to improve, with a focus on reducing carbon emissions and enhancing product quality [20][21] Industry Trends - The global aluminum production is projected to rise from over 70 million tons to 99 million tons, with significant investments in overseas projects [19][39] - The company is actively pursuing overseas expansion, particularly in the Middle East and Africa, to capitalize on growing demand [19][40] Challenges and Risks - The company faces challenges related to fluctuating petroleum coke prices and potential impacts from U.S. tariffs on imports [10][43] - The overall industry is experiencing a moderate level of overcapacity, with effective capacity lower than reported figures [27] Technological Advancements - The company is investing in digital transformation and new technologies, including AI and smart production systems, to enhance operational efficiency [37][38] Conclusion - Suotong Development is positioned for growth with a solid financial performance, strategic expansion plans, and a focus on innovation in the aluminum and carbon materials industry. The company is navigating market challenges while capitalizing on emerging opportunities in both domestic and international markets.

索通发展股份有限公司 2024 年度"提质增效重回报"行动方案评估报告暨 2025 年度"提 质增效重回报"行动方案 索通发展股份有限公司（以下简称"公司"、"索通"）基于对公司未来发 展前景的信心及公司价值的认可，为深入落实上海证券交易所关于上市公司开展 "提质增效重回报"专项行动公开倡议，践行以"投资者为中心"的发展理念， 进一步提高上市公司质量，树立良好的资本市场形象，制定了"提质增效重回报" 专项行动方案。自行动方案发布以来，公司积极开展和落实相关工作。现将 2024 年度行动方案的评估情况和 2025 年度"提质增效重回报"专项行动方案报告如 下： 2024 年公司新建山东省"一企一技术"研发中心、山东省级工业互联网平 台 2 个省级科研技术创新平台，开展多项创新项目。公司成功开发高精铝用低锌 阳极等产品品类；与中南大学联合研发的磷生铁复合改性剂中试生产稳定，有效 减少吨铝电耗，以科技创新持续推动电解铝行业能效提升和低碳转型；此外，公 司与北京化工大学共同研究开发的全铁液流电池技术取得重要突破，验证了全铁 液流电池技术产业化的技术可行性。公司坚持创新驱动，顺应新时代产业发展方 向，赋能预焙阳极产业、 ...

索通发展股份有限公司 证券代码：603612 证券简称：索通发展 公告编号：2025-021 关于计提资产减值准备的公告 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。 为客观、公允地反映索通发展股份有限公司（以下简称"公司"）2024年度 和2025年一季度的财务状况和资产价值，根据《企业会计准则》等相关规定，公 司对合并报表范围内的各类资产进行了分析和评估，基于谨慎性原则，公司对可 能存在减值迹象的资产进行减值测试，确认存在减值的，计提减值准备。公司于 2025年4月21日召开的第五届董事会第二十次会议、第五届监事会第十三次会议审 议并通过《关于计提资产减值准备的议案》，现将有关情况公告如下： 4.计提在建工程减值准备 68.58 万元，主要系项目因不能实现改良效果且已终 止； 5.计提固定资产减值准备 1,163.53 万元，主要系佛山市欣源电子股份有限公 司期末资产评估减值所致。 6.计提无形资产减值准备 86.09 万元，主要系佛山市欣源电子股份有限公司期 末资产评估减值所致。 1 （二）2025 年一季度计提资产减 ...

索通发展股份有限公司董事会 关于公司独立董事独立性自查情况的专项报告 根据中国证券监督管理委员会《上市公司独立董事管理办法》《上海证券交 易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》和索通发展股份有限公司（以下简称"公司"）《公司章程》《独立董事工作 规则》等相关规定，结合公司独立董事独立性自查情况，公司董事会对独立董 事的独立性情况进行评估并出具如下专项意见： 经核查独立董事张红女士、孙浩先生、陈宁先生及 2024 年度原任独立董事 张金昌先生的任职经历以及签署的相关自查文件，上述人员均未在公司担任除 独立董事、董事会专门委员会委员以外的任何职务，与公司及公司实际控制人 之间不存在利害关系或者其他可能影响其进行独立客观判断的关系，不存在法 律法规及《公司章程》规定影响公司独立董事独立性的情形。因此，公司在任 及 2024 年度原任独立董事符合《上市公司独立董事管理办法》《上海证券交易 所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等法律法规及《公司章程》规定的相关独立性要求。 索通发展股份有限公司董事会 2025 年 4 月 21 日 ...