Group 1: Company Strategy and Goals - The company's 2025 work theme focuses on "Standard Leading, Reform Empowering, Strengthening Resources, and Optimizing Assets" [1][2] - "Standard Leading" aims to enhance production, equipment, and management standardization to stabilize operations [2] - "Reform Empowering" involves deepening management reforms to improve efficiency through centralized management of various business functions [2] - "Strengthening Resources" emphasizes stabilizing self-mined ore volumes and acquiring exploration rights for bauxite resources in Yunnan and surrounding areas [2] - "Optimizing Assets" focuses on improving the industrial chain and increasing capital operations to enhance structural optimization [2] Group 2: Future Performance and Innovations - The company plans to leverage its green low-carbon competitive advantage to enhance the value chain of green aluminum and increase brand influence [2] - New technologies in the aluminum industry, such as zero-carbon anodes and high-purity aluminum, are expected to drive energy savings, cost reduction, and industry upgrades [2][3] - The company aims to increase its self-sufficiency in bauxite by intensifying development efforts in Yunnan and surrounding Southeast Asian countries [3] Group 3: Financial Performance and Investor Relations - The company has implemented a mid-term dividend of approximately 7.98 million, with a projected total dividend of around 14.22 million for 2024, representing 32.23% of the net profit, the highest since its listing [3] - The company emphasizes a commitment to investor interests and plans to steadily increase dividend payouts in line with its operational performance [3] - The electricity supply in Yunnan has improved, with market reforms allowing for negotiated pricing between the company and local power producers [3]

Group 1 - In 2024, Yun Aluminum achieved operating revenue of 54.45 billion yuan, a year-on-year increase of 27.61%, marking the first time it surpassed 50 billion yuan [1] - The net profit attributable to shareholders for the same period was 4.412 billion yuan, reflecting a year-on-year growth of 11.52% [1] - The company reported an electrolytic aluminum production capacity utilization rate close to 100% for 2025, indicating the best level in recent years [1] Group 2 - In 2024, the company produced 2.9383 million tons of primary aluminum, a year-on-year increase of 22.45%, with production lines operating at full capacity [1] - Yun Aluminum has established a green aluminum production capacity of 3.05 million tons, making it the largest green aluminum supplier in China [1] - The company plans to produce approximately 1.41 million tons of alumina, 3.01 million tons of electrolytic aluminum, 1.28 million tons of aluminum alloys and processed products, and 780,000 tons of carbon products in 2025 [1] Group 3 - The company benefits from Yunnan's abundant green resources, with over 85% of installed capacity coming from renewable energy sources [2] - Yun Aluminum is expected to receive quality asset injections due to its control by China Aluminum and indirect participation from Yunnan State-owned Assets Supervision and Administration Commission [2] - The company is enhancing production efficiency through technological upgrades and stable operations of electrolytic cells, which is expected to improve capacity utilization [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the impairment impact on Q4 2024 performance is expected to recover in 2025, with a significant increase in revenue and net profit year-on-year [2][3] - The company achieved a revenue of 54.45 billion yuan in 2024, representing a year-on-year growth of 27.6%, and a net profit of 4.41 billion yuan, up 11.5% year-on-year [2] - The report indicates that the decline in Q4 2024 net profit was primarily due to a significant increase in alumina prices and a provision for impairment losses of 330 million yuan [6] Revenue and Profit Forecast - The forecast for 2025-2027 projects revenues of 57.73 billion yuan, 60.02 billion yuan, and 61.81 billion yuan respectively, with corresponding net profits of 7.51 billion yuan, 8.62 billion yuan, and 9.36 billion yuan [8][9] - The expected growth rates for revenue are 6%, 4%, and 3% for the years 2025, 2026, and 2027 respectively, while net profit is expected to grow by 70%, 15%, and 9% in the same years [8][9] Production and Pricing Insights - The company reported an aluminum production of 2.9383 million tons in 2024, a year-on-year increase of 22.45%, while alumina production decreased by 1.37% [6] - The average price of alumina increased significantly in Q4 2024, impacting the company's performance despite rising aluminum prices [6] Dividend Information - The company plans to distribute a final dividend of 0.18 yuan per share, leading to a total cash dividend of 0.41 yuan per share for the year, with a total payout of 1.422 billion yuan, resulting in a dividend payout ratio of 32.2% [6]

原铝产量有望进一步抬升，绿色价值独具优势 2024 年全年公司实现营业收入544.5 亿元，同比+27.6%，归母净利润44.12 亿元，同比+11.5%；2024Q4 公司实现营业收入152.6 亿元，同比+18.3%，环比+5.0%，实现归母净利润5.9 亿元，同比-59.2%，环 比-54.5%；主要系四季度氧化铝价格大幅上涨叠加公司进行充分资产减值所致。考虑到2025 年氧化铝 价格大幅下跌我们新增2027 年业绩预测并调整2025~2026 年业绩预测，预计2025~2027 年公司实现归母 净利润68.9、83.5、97.8 亿元（此前预计2025~2026 年分别为56.53、58.52 亿元），同比分别变动 +56.2%、+21.1%、+17.1%，EPS 分别为1.99、2.41、2.82 元/股，对应2025 年3 月28 日收盘价PE 分别为 8.9、7.3、6.3 倍，公司绿色铝α属性凸显，维持"买入"评级。 公司2024Q4 业绩承压，2025 年量增本降业绩弹性有望充分释放 2024Q4 氧化铝均价约5318.0 元/吨，同比+77.0%，环比+35.0%，叠加四季度计提资产减值和 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's primary aluminum production is expected to increase further, highlighting its unique green value proposition [1][4] - In 2024, the company achieved a revenue of 54.45 billion yuan, a year-on-year increase of 27.6%, and a net profit attributable to shareholders of 4.41 billion yuan, up 11.5% year-on-year [4][5] - The report anticipates a significant drop in alumina prices in 2025, leading to revised profit forecasts for 2025-2027, with expected net profits of 6.89 billion, 8.35 billion, and 9.78 billion yuan respectively, reflecting year-on-year changes of +56.2%, +21.1%, and +17.1% [4][5] - The company's green aluminum production, which utilizes approximately 80% green electricity, results in carbon emissions that are only 20% of those from coal-powered aluminum production, emphasizing its competitive edge in the carbon market [6] Financial Summary - In 2024 Q4, the average price of alumina was approximately 5,318.0 yuan per ton, a year-on-year increase of 77.0% and a quarter-on-quarter increase of 35.0% [5] - The company's self-sufficiency rate for alumina in 2024 was about 25%, with expectations for increased aluminum production in 2025 due to abundant power supply in Yunnan [5] - The financial projections indicate a revenue of 55.66 billion yuan for 2025, with a gross margin of 19.7% and a net margin of 12.4% [7][9] - The earnings per share (EPS) for 2025 is projected to be 1.99 yuan, with a price-to-earnings (P/E) ratio of 8.9 times based on the closing price on March 28, 2025 [4][7]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a total operating revenue of 54.45 billion yuan in 2024, representing a year-on-year growth of 27.61%. The total profit reached 5.972 billion yuan, an increase of 7.74% year-on-year, while the net profit attributable to the parent company was 4.412 billion yuan, up 11.52% year-on-year [7] - The production of electrolytic aluminum saw a significant increase, with a total output of 2.9383 million tons in 2024, marking a year-on-year growth of 22.45%, setting a historical high for the company [7] - The average price of electrolytic aluminum in 2024 was approximately 19,921.61 yuan per ton, reflecting a year-on-year increase of about 6.5%, contributing to the company's performance improvement [7] - The company anticipates continued growth in electrolytic aluminum production in 2025, with production targets set at approximately 3.01 million tons for electrolytic aluminum and 1.41 million tons for alumina [7] - The report forecasts total operating revenues of 57.4 billion yuan, 58.78 billion yuan, and 60.38 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 6.8 billion yuan, 7.3 billion yuan, and 8.07 billion yuan for the same years [7] Financial Data Summary - The company reported a total market capitalization of 60.24 billion yuan and a total asset value of 41.90 billion yuan [6] - The earnings per share (EPS) for 2024 is projected at 1.27 yuan, with expectations to rise to 1.96 yuan in 2025 and 2.11 yuan in 2026 [8] - The gross profit margin is expected to improve from 13.2% in 2024 to 19.8% by 2027 [8]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a total operating revenue of 54.45 billion yuan in 2024, representing a year-on-year increase of 27.61%. The total profit reached 5.972 billion yuan, up 7.74% year-on-year, and the net profit attributable to the parent company was 4.412 billion yuan, an increase of 11.52% year-on-year [7] - The production of electrolytic aluminum increased significantly, with a historical high of 2.9383 million tons in 2024, a year-on-year growth of 22.45%. The average price of electrolytic aluminum in 2024 was approximately 19,921.61 yuan per ton, up about 6.5% from 2023 [7] - The company is expected to continue its upward production trend in 2025, with production targets set at approximately 3.01 million tons of electrolytic aluminum and 141,000 tons of alumina [7] - The decline in alumina costs is anticipated to enhance electrolytic aluminum profits, with the average price of alumina as of March 25, 2025, being 3,160.00 yuan per ton, down about 43.6% from the beginning of the year [7] - The company forecasts total operating revenues of 57.4 billion yuan, 58.8 billion yuan, and 60.4 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 6.8 billion yuan, 7.3 billion yuan, and 8.0 billion yuan for the same years [7] Financial Data Summary - Total shares outstanding: 3,467.96 million shares [6] - Market capitalization: 60,238.42 million yuan [6] - Revenue forecast for 2024: 54,450 million yuan, with a year-on-year growth of 27.6% [8] - Net profit forecast for 2024: 4,412 million yuan, with a year-on-year growth of 11.5% [8] - Earnings per share (EPS) for 2024: 1.27 yuan [8] - Gross margin for 2024: 13.2% [8] - Return on equity (ROE) for 2024: 15.6% [8]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 20.8 CNY per share [6]. Core Views - The report highlights a positive outlook on the company's profit improvement trend due to increased production and efficiency in electrolytic aluminum [1][9]. - The company achieved a revenue of 54.45 billion CNY in 2024, representing a year-on-year increase of 27.61%, and a net profit of 4.41 billion CNY, up 11.52% year-on-year [1]. - The report anticipates a growth in electrolytic aluminum production to approximately 3.01 million tons in 2025, an increase of 310,000 tons compared to the 2024 target [8][9]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 15.27 billion CNY, a quarter-on-quarter increase of 5.00%, but a net profit of 592 million CNY, which is a significant decrease of 59.21% quarter-on-quarter [1][2]. - The average price of aluminum in 2024 was 19,972 CNY per ton, a 6.7% increase year-on-year, while the average price of alumina rose by 39.7% to 4,053 CNY per ton [8]. Production and Efficiency - The company's aluminum production for 2024 was 2.9383 million tons, a year-on-year increase of 22.45%, with Q4 production remaining stable at 790,300 tons [8]. - The report indicates that the company is focusing on increasing production efficiency and optimizing its asset structure, having made a provision for asset impairment of 327 million CNY in 2024 [8][9]. Dividend Policy - The company plans to distribute a cash dividend of 1.8 CNY per 10 shares (including tax), totaling 624 million CNY, with an annual cumulative dividend reaching 1.42 billion CNY, resulting in a dividend payout ratio of 32% [4].

Group 1 - The company achieved a record revenue of 54.45 billion yuan in 2024, representing a year-on-year growth of 27.61% [1] - The net profit attributable to shareholders reached 4.412 billion yuan, an increase of 11.52% compared to the previous year [1] - The basic earnings per share were 1.27 yuan, reflecting a growth of 11.4% year-on-year [1] - The company plans to distribute a cash dividend of 1.8 yuan per 10 shares to all shareholders [1] Group 2 - The company focused on "increasing production, improving quality, and compliance" to enhance operational efficiency and product volume [1] - The electrolytic aluminum capacity utilization rate reached 96.7%, maximizing production scale efficiency [1] - The company maintained a competitive edge in the green aluminum market, with a leading market share in green casting aluminum alloys [2] - The company is expanding its market channels in automotive lightweighting, aerospace, power, defense, and electronics sectors [2] - The company is committed to optimizing its product structure and enhancing overall profitability through technological innovation and customized production capabilities [2]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][49]. Core Insights - The company achieved a net profit attributable to shareholders of 4.412 billion yuan in 2024, representing a year-on-year increase of 11.52%. However, the net profit for Q4 2024 saw a significant decline of 59.21% year-on-year [1][9]. - The production of electrolytic aluminum in 2024 increased significantly, with a total output of 2.9383 million tons, up by 538,000 tons year-on-year, primarily due to reduced production restrictions [1][18]. - The report highlights the long-term value of green aluminum, especially under the dual carbon goals, with the company positioned to benefit from carbon trading initiatives [3][43]. Summary by Sections 1. Company Performance - In 2024, the company reported total revenue of 54.45 billion yuan, with a notable increase in electrolytic aluminum revenue by 43.43% year-on-year, contributing significantly to overall performance [16]. - The gross profit from electrolytic aluminum was 4.101 billion yuan, reflecting a year-on-year increase of 6.41% [16]. 2. Q4 2024 Performance - The company’s Q4 2024 net profit was 0.592 billion yuan, showing a decline both year-on-year and quarter-on-quarter [2][29]. - The production figures for Q4 2024 included 790,000 tons of electrolytic aluminum, slightly down from the previous quarter, while alumina production was 336,000 tons [30]. 3. Future Outlook - The company plans to produce 3.01 million tons of electrolytic aluminum and 1.41 million tons of alumina in 2025, indicating a robust production strategy [3][40]. - The report emphasizes the potential for green aluminum, particularly as carbon trading becomes more prevalent, enhancing the company's competitive edge in the market [3][43]. 4. Financial Projections - The forecast for net profit attributable to shareholders is projected to reach 8.08 billion yuan in 2025, with continued growth expected in subsequent years [49]. - The report anticipates a PE ratio of 7 for 2025, indicating favorable valuation metrics for investors [49].