东方证券研报指出，华峰铝业短期扰动业绩承压，多项经营指标环比改善。25H1受铝材出口退税政策与国际贸易摩擦影响，铝加工行业业绩短期承压，1-4月规上企业营收同比+6.3%，利润同比-7.9%。公司在行业总体竞争加剧背景下，收入仍同比增长20.87%，并有多项经营指标环比改善。净利润方面，25Q2归母净利润3.04亿元同比-0.22%基本持平，环比25Q1的2.66亿元+14.24%；经营活动现金流方面，销售商品收到现金25.25亿元环比+35.97%，购买商品支付现金20.44亿元环比+5.31%，经营活动现金流净额2.72亿元，25Q1为-3.02亿元；净利率方面，25Q2净利率9.94%环比+0.77PCT；盈利质量方面，25Q2ROE为5.24%环比+0.54PCT。从资产负债表来看，公司应收款与待抵扣进项税额减少，存货与预付款增加，同步印证经营性现金流持续改善。根据可比公司2025年市盈率估值情况，给予公司2025年17倍市盈率，目标价22.95元，维持“买入”评级。
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