Huafon Aluminium(601702) 民生证券·2025-04-22 11:51Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE of 11/10/8X for the years 2025-2027 respectively [6][4]. Core Insights - The company achieved a revenue of 10.878 billion yuan in 2024, representing a year-on-year growth of 17.08%, and a net profit of 1.218 billion yuan, up 35.44% year-on-year [1][5]. - The production of aluminum thermal transmission materials reached approximately 438,600 tons in 2024, a year-on-year increase of 13.17% [2]. - The average processing fee remained stable at around 7,000 yuan per ton, while the manufacturing cost per ton decreased by 12.18% to approximately 3,020 yuan [2][3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 3.2 billion yuan, a year-on-year increase of 23.22%, and a net profit of 350 million yuan, up 48.48% year-on-year [1]. - For Q1 2025, the revenue was 2.905 billion yuan, a year-on-year growth of 22.97%, while the net profit was 266 million yuan, reflecting a 5% increase year-on-year [1]. Production and Cost Analysis - The average price of aluminum ingots in 2024 was approximately 19,921 yuan per ton, a 6.53% increase from the previous year [2]. - The company's after-tax net profit per ton increased from 2,350 yuan in 2023 to 2,808 yuan in 2024, marking a 19.53% growth [2]. Market Position and Client Base - The company has established strong relationships with leading clients in the automotive and new energy sectors, including global giants like Denso and Mahle [3]. - The company is enhancing its production capabilities with the expansion of its Chongqing Phase II project, which will increase its annual production capacity to 450,000 tons [4]. Future Projections - The company forecasts net profits of 1.443 billion yuan, 1.644 billion yuan, and 2.073 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 11, 10, and 8 [5][4].