焦作万方 2024 年营收增 4.5% 至 64.65 亿元净利润微降 0.73% 铝业龙头承压前行

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

焦作万方 2024 年营收增 4.5% 至 64.65 亿元净利润微降 0.73% 铝业龙头承压前行

2025-04-01 09:13:59 来源：北方有色网责任编辑：管理员

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3 月 29 日，铝业龙头焦作万方披露 2024 年年度报告。报告期内，公司实现营业总收入 64.65 亿元，同比增长 4.50%；归母净利润 5.89 亿元，较上年同期微降 0.73%，扣非净利润则同比增长 4.62% 至 6.18 亿元。尽管营收规模再创新高，但净利润增速放缓折射出行业竞争加剧与成本压力凸显的双重挑战。

量价齐升难掩利润压力

年报数据显示，公司铝冶炼及压延加工业务持续保持稳定增长，全年铝锭及铝合金制品销量同比提升 2.3%，带动营收规模突破 64 亿元。分季度来看，第四季度单季营收达 16.77 亿元，同比增幅近 10%，但归母净利润仅 6071 万元，同比大幅下滑 74.67%，成为全年利润承压的主要因素。

作为河南省电解铝骨干企业，焦作万方依托 "煤电铝一体化" 产业链优势，通过自备电厂满足近 90% 用电需求，并持有煤炭、碳素企业股权对冲成本波动。但 2024 年煤炭价格高位震荡叠加铝价波动，导致公司综合毛利率虽同比提升 0.98 个百分点至 10.71%，但财务费用同比下降 153%、管理费用增长 63% 等结构性变化仍对利润产生扰动。值得注意的是，公司研发投入同比激增 153 倍，显示其加速向高端铝合金材料领域转型的战略意图。

战略调整与资本运作并行

报告期内，公司股权结构发生重大变化。浙江安晟及其一致行动人通过二级市场增持成为第一大股东，持股比例达 19.31%。同时，公司拟通过发行股份收购资产，进一步延伸铝加工产业链。在巩固传统建筑、交通领域市场的同时，公司积极布局新能源汽车、光伏等新兴领域，注册成立新材料公司专攻高附加值合金产品开发。

面对行业周期性调整，公司通过优化债务结构、加强资金管理，实现经营活动现金流同比增长 12.23% 至 9.56 亿元，资产负债率维持在 22.64% 的健康水平。年度利润分配方案拟每 10 股派现 1.3 元，延续了稳定的股东回报政策。

市场反应与未来挑战

年报披露后，公司股价短期内出现波动，3 月 31 日收盘价较前一日下跌 7.33%，成交量显著放大。市场分析指出，尽管公司在行业内保持技术领先地位，但电解铝产能整合、原材料价格波动及下游需求分化等因素仍构成长期挑战。未来，随着中润二期等行业重大项目推进，焦作万方需在成本控制与技术创新间寻求新平衡，以巩固其在全国铝镁新材料产业中的竞争优势。

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基本文件流程错误 SQL 调试

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[ SQL ] SELECT * FROM `tb_index_cate` WHERE `cate_aid` = 1 ORDER BY `sortid` ASC [ RunTime:0.000467s ]
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焦作万方 2024 年营收增 4.5% 至 64.65 亿元 净利润微降 0.73% 铝业龙头承压前行

量价齐升难掩利润压力

战略调整与资本运作并行

市场反应与未来挑战

有色金属报告推荐

焦作万方 2024 年营收增 4.5% 至 64.65 亿元净利润微降 0.73% 铝业龙头承压前行