NANSHAN ALUMINIUM(600219) 首创证券·2024-03-05 16:00Investment Rating - The report assigns an "Overweight" rating to the company [1] Core Views - In 2023, the company achieved revenue of 28.844 billion yuan, a year-on-year decrease of 17.47%, and net profit attributable to the parent company of 3.474 billion yuan, a year-on-year decrease of 1.18% [5] - The company plans to repurchase and cancel shares with no less than 300 million yuan of its own funds annually from 2024 to 2026, and the dividend payout ratio for 2023 is planned to be no less than 40% of the distributable net profit attributable to the parent company [5] - The company continues to optimize its industrial layout, focusing on high-value-added products such as automotive plates, aviation plates, and power battery foils, with high-end products accounting for 14% of total aluminum product sales and 30% of total aluminum product gross profit [5] - The company is expected to achieve revenues of 37.628 billion yuan, 41.898 billion yuan, and 43.350 billion yuan in 2024, 2025, and 2026, respectively, with net profits attributable to the parent company of 3.877 billion yuan, 4.068 billion yuan, and 4.467 billion yuan, corresponding to EPS of 0.33 yuan, 0.35 yuan, and 0.38 yuan [5] Financial Data - The latest closing price is 3.15 yuan, with a P/E ratio of 10.62 and a P/B ratio of 0.76 [3] - The total market capitalization is 36.882 billion yuan, with a total share capital of 11.709 billion shares [3] - Revenue for 2023 was 28.844 billion yuan, with a year-on-year decrease of 17.47%, and net profit attributable to the parent company was 3.474 billion yuan, with a year-on-year decrease of 1.18% [4] - Revenue is expected to grow by 30.46% in 2024, 11.35% in 2025, and 3.47% in 2026, with net profit attributable to the parent company expected to grow by 11.61%, 4.92%, and 9.79% respectively [4] Industry and Company Strategy - The company is deepening its presence in the aluminum industry chain, optimizing its industrial layout, and accelerating the construction of electrolytic aluminum capacity in Indonesia [5] - The company plans to build a 200,000-ton automotive plate production capacity, which will further consolidate its leading position in the domestic automotive plate industry and increase the proportion of high-value-added products such as aviation plates and automotive plates [5] - The company is also planning a 1.1 million-ton recycled aluminum project, with part of the 100,000-ton recycled aluminum project already in trial production, aiming to create a complete closed-loop of "alumina-electrolytic aluminum-high-end manufacturing-recycled aluminum" [5] Financial Ratios - The gross profit margin for 2023 was 20.34%, expected to increase to 20.60% in 2024, 21.20% in 2025, and 21.95% in 2026 [6] - The net profit margin for 2023 was 12.04%, expected to be 10.30% in 2024, 9.71% in 2025, and 10.30% in 2026 [6] - The ROE for 2023 was 7.41%, expected to be 6.87% in 2024, 6.79% in 2025, and 7.01% in 2026 [6] - The asset-liability ratio for 2023 was 21.49%, expected to decrease to 20.41% in 2024, 13.25% in 2025, and 11.98% in 2026 [6]