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1、 See the last page for disclaimer Page 1 of 19 中中外外运运输输 Equity Research Equity Research Report Company Report 股股票票研研究究 公公司司报报告告 证证券券研研究究报报告告 有色金属行业有色金属行业 Nonferrous Metals Sector 兴发铝业兴发铝业 Xingfa Aluminium(00098 HK)Company Report:Xingfa Aluminium(00098 HK)Kevin Guo 郭勇(86755)2397 6671 公司报告：兴发铝业(00098

2、HK).hk 5 December 2022 A Leading Aluminum Product Manufacturer With Great Potential,Initiate With Buy 一家极具潜力的铝材制造龙头企业，首予“买入”评级 We initiate coverage on Xingfa Aluminium(the Company)with a TP of HK$11.73 and an investment rating of Buy.The TP corresponds to 5.0 x/3.9x/3.1x 2022-2024 PER.We expect Xing

3、fa Aluminiums sales of aluminum extrusion products for new energy vehicles to benefit greatly from the fast development of the new energy vehicle industry and it to be the main source of growth for the Company in the next 3 years.The Automobile industry is the single largest industrial user of alumi

4、num products.Demand growth for aluminum will be driven by two aspects:higher penetration rate of new energy vehicles and higher demand for aluminum products in the new energy vehicle industry.Xingfa Aluminium holds significant competitive advantages in the development and production of aluminum extr

5、usion products for new energy vehicles.Xingfa Aluminium has significant competitive advantages in the field of aluminum alloy material research,the development of aluminum extrusion products for vehicles,the design and manufacture of extrusion molds and the production of aluminum extrusion products.

6、Xingfa Aluminium has developed aluminum extrusion products for new energy vehicles and has entered into development of aluminum for vehicle enterprises.Catalysts:Fast sales growth of new energy vehicles;recovery of domestic property market.Key risks:Development of aluminum extrusion products for veh