The company was founded in 1997 and is a large-scale modern aluminum processing enterprise integrating scientific research, processing and manufacturing. It is mainly engaged in the production and sale of aluminum plate and foil, and is a well-known private aluminum plate, strip and foil processing manufacturer in China.

Currently, the company's products cover 8 specification series, including 1 series, 2 series, 3 series, 4 series, 5 series, 6 series, 7 series, and 8 series aluminum alloys. The main products include CTP/PS plates, aluminum foils for electrolytic capacitors, single zero foil, double zero foil blanks, electronic foils, alloys, deep drawing materials, brazing plates, and medium and heavy plates. The products are widely used in various industries such as aerospace, printing and plate making, transportation, automobile manufacturing, packaging containers, building decoration, mechanical appliances, electronic communications, petrochemicals, energy and power.

In the first three quarters of 2023, the company's weighted return on net assets was 8.99%, significantly higher than the average of its peers. The company has increased investment in R&D in recent years. The R&D cost rate for the first three quarters of 2023 was over 5%, which is at a high level in the same industry. Mingtai Aluminum has a high reputation in aluminum processing technology.

With the advancement of technology, aluminum alloys are being used more and more widely in the field of new materials. With its technical strength and R&D capabilities, Mingtai Aluminum is expected to achieve more breakthroughs and applications in the field of new materials.

The company's 2023-2025 EPS is expected to be 1.39, 1.63, and 1.88, respectively, and the corresponding PE (calculated at the closing price of November 29, 2023) is 8.67, 7.39, and 6.41, respectively. The relative valuation method was used to evaluate enterprise value, and selected domestic listed companies similar to the company's business, Dingsheng Xincai, Zhongfu Industrial, and Nanshan Aluminum for horizontal comparison of domestic aluminum plate and foil processing companies. Combining the above comparable company valuations, the company was given an 11 times valuation in 2023, with a target price of 15.29 yuan. Coverage for the first time, it was given a “recommended” rating.

Risk warning: The company's production fell short of expectations; the price of electrolytic aluminum fell short of expectations; the company's sales volume fell short of expectations; major adverse changes in the pattern of the aluminum processing industry; major adverse changes in company management; systematic downturn in A-share market valuation; the domestic and foreign economic situation continued to deteriorate; systemic risks in domestic and foreign markets; the escalation of geopolitical conflicts; major adjustments in the Fed's monetary policy; the US dollar exchange rate continued to depreciate; global inflation continued to increase; the US trade policy with China experienced major adverse changes.