NANSHAN ALUMINIUM(600219) 国金证券·2024-10-29 00:10Investment 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]