On November 21, Glorious Finance reported that Shanghai Huafon Aluminium Corporation (601702.SH) is a leader in aluminum thermal transfer materials, with continuous high growth in revenue for several years. The industry's capacity expansion continues to validate its prosperity, and the company's capacity planning is ahead of its profitability. In 2023, the planned and under-construction aluminum plate, strip and foil projects in China reach a scale of 5.51 million tons, continuously validating the industry's prosperity. In the subdivided aluminum thermal industry, Grangis and innovation new material technology have reached an agreement to build a project with an annual output of 0.32 million tons; yinbang clad material will expand its production by 0.35 million tons; the company’s Chongqing phase two will expand production by 0.15 million tons. The production and sales ratio reached 98.75% in 2023; at the same time, the company's net margin for 2023 was 9.7%, leading the industry average. As a leader in domestic aluminum thermal transfer materials, the company benefits from the increase in aluminum thermal material usage in new energy fund vehicles and the prosperity transmission of traditional vehicles going abroad, with energy storage, datacenter, and air conditioner expected to empower long-term growth. First coverage, rated 'buy.'