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研報掘金丨西部證券:首予南山鋁業“買入”評級,目標價5.22元

西部證券研報指出,市場認為南山鋁業(600219.SH)是純β品種,而該行認為公司研發費用領先全行業,重點產品汽車板和航空板都具備高技術壁壘;2023 年首次將穩定股東回報寫進年報,資本開支高峯已過+賬上現金儲備充足,分紅+回購齊發力。公司持續推進印尼中長期100 萬噸電解鋁建設規劃,建設完成後有望為公司貢獻業績。在研發費用方面,公司領先全行業,2020-2023年研發費用分別是行業平均的454%、265%、261%、223%。給予2024年1.21倍PB,目標價為5.22元/股,首次覆蓋,給予“買入”評級。

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