JiaoZuo WanFang Aluminum Manufacturing Co., Ltd
000612.SZ · SHZ
Company research
JiaoZuo WanFang Aluminum Manufacturing Co., Ltd (000612.SZ) is a large publicly listed enterprise headquartered in Jiaozuo, Henan Province, China, specializing in the smelting, rolling, and processing of aluminum products, including electrolytic aluminum liquid, aluminum ingots, and aluminum alloy materials. Founded in 1966 as the Jiaozuo Aluminum Plant and restructured into a joint-stock company in 1993 before listing on the Shenzhen Stock Exchange in September 1996, the company is a key electrolytic aluminum enterprise in Henan Province and a recognized backbone of China's nonferrous metals industry. Its products serve a broad range of end-use sectors, including construction, transportation, packaging, electronics, and cables, while the company also operates supporting thermal power generation and engages in commodity trading and metal materials sales. Aluminum Corporation of China (Chalco) is the company's largest shareholder, holding a 29% stake, and the company is actively expanding its capacity with a planned investment of up to RMB 3.8 billion in a 400,000-ton-per-year recycled aluminum project to be implemented in three phases.
Research reports
This valuation note applies a multi‑model intrinsic value framework and concludes that Jiaozuo Wanfang is modestly overvalued by about 4.8%, with a base‑case DCF value of 11.66 CNY versus a market price of 12.24 CNY, implying negative fundamental upside at current levels despite a wide valuation range across alternative cash‑flow and multiple‑based scenarios.
Gpiaocc.com · May 12, 2026焦作万方（000612）深度分析报告This deep fundamental report portrays Jiaozuo Wanfang as a major beneficiary of the upcycle in electrolytic aluminum and of a change in control, highlighting record 2025 revenue of 64.95 billion CNY and net profit of 10.71 billion CNY alongside a planned 319‑billion‑CNY share‑financed acquisition of Cayman Aluminum that could create a large integrated alumina and smelting group, while stressing approval, valuation, dilution and industry‑capacity ceiling risks that may constrain long‑term earnings sustainability.
ValueInvesting.io · September 29, 2025000612.SZ DCF ValuationThis DCF‑focused analysis estimates a fair value of 8.60 CNY for Jiaozuo Wanfang versus a then market price of 10.38 CNY, recommending a sell stance with roughly −17% downside based on an 11.7% discount rate and 3% long‑term growth, and showing that across the implied fair‑price range the shares still look overvalued on discounted cash‑flow metrics.
豆豆炒股日记 (ddgp.net) · September 15, 2025焦作万方(000612.SZ)深度量化分析：风险与投资价值评估This quantitative report compares about 241 days of Jiaozuo Wanfang trading with the CSI 300, finding cumulative and annualized returns and alpha far above the benchmark, a Sharpe ratio of 1.97 and an ‘卓越’ rating that together suggest strong upside potential, but also highlighting a beta of 1.55, maximum drawdown of 29.54%, fat‑tailed return distribution and high downside‑capture ratios that make the stock a high‑risk, high‑reward investment.