东方证券研报指出，明泰铝业25Q1-Q3公司铝板带箔产量118.08万吨，销量117.47万吨。其中25Q3单季铝板带箔产量38.42万吨，销量39.69万吨。根据公司投关记录表披露，25Q1铝板带箔加工业务单吨税前利润约1300元，25Q2单吨税前利润提升至约1400元，截至25Q3单吨税前利润已超过1500元。公司坚持高端化、绿色化、智能化发展战略，高端产品良率提升驱动加工费稳中向好，智能制造降本增效，铝加工业务单吨利润有望持续稳定提升。根据可比公司2025年PE估值水平，给予公司12X估值，对应目标价19.8元，维持“买入”评级。
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