Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 17.37 yuan [5]. Core Viewpoints - 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% [9]. - The electrolytic aluminum production significantly increased in 2024, with a total output of 2.9383 million tons, up by 538,000 tons year-on-year, primarily due to reduced production restrictions [18]. - The report highlights the long-term value of green aluminum under the dual carbon goals, with the company positioned to benefit from carbon trading initiatives [43][44]. Summary by Sections 1. Event - The company released its 2024 annual report, showing a net profit of 4.412 billion yuan, with a quarterly net profit of 592 million yuan in Q4 2024, down 59.21% year-on-year [9][11]. 2. 2024 Performance - The company's revenue from electrolytic aluminum reached 30.975 billion yuan, a year-on-year increase of 43.43%, contributing 56.89% to total revenue [16]. - The average aluminum price in 2024 was 19,922 yuan per ton, up by 1,222 yuan per ton year-on-year, while the average alumina price was 4,034 yuan per ton, up by 1,134 yuan per ton [18]. 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 strong production capacity and operational efficiency [40]. - The report emphasizes the potential for green aluminum value to increase as carbon trading becomes more prevalent in the industry [43]. 4. Profit Forecast and Financial Indicators - The company is expected to achieve net profits of 8.08 billion yuan, 9.07 billion yuan, and 9.98 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 7, 7, and 6 [49]. - The company's asset-liability ratio decreased to 23.28% in 2024, down by 2.32 percentage points year-on-year, indicating improved financial stability [24][26].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 54.45 billion yuan, up 27.6% year-on-year, and net profit attributable to shareholders at 4.41 billion yuan, up 11.5% year-on-year. However, Q4 performance was under pressure, with revenue of 15.27 billion yuan, up 18.3% year-on-year, but net profit down 60.5% year-on-year and 55.5% quarter-on-quarter [8] - The aluminum segment experienced both volume and price increases, with production of primary aluminum at 2.938 million tons, up 22.5% year-on-year, and an expected high capacity utilization rate for 2025 [8] - The report highlights the impact of rising alumina prices on costs, with Q4 alumina prices reaching an average of 5,004 yuan per ton, up 67.5% year-on-year, but anticipates a recovery in profit margins for 2025 as alumina prices have since decreased [8] - The company is positioned well within the green aluminum supply chain, benefiting from long-term cost advantages and expected demand growth in the renewable energy sector [8] - Profit forecasts have been adjusted upwards for 2025-2026, with net profit estimates of 7.558 billion yuan and 8.684 billion yuan respectively, reflecting a positive outlook for the company's profitability [8] Summary by Sections Financial Performance - Total revenue for 2024 is projected at 54.45 billion yuan, with a year-on-year growth of 27.61% for 2025 and 9.01% for 2026 [1] - Net profit attributable to shareholders is expected to reach 7.558 billion yuan in 2025, reflecting a significant increase of 71.32% year-on-year [1] - The latest diluted EPS is forecasted to be 2.18 yuan in 2025, with a P/E ratio of 7.97 [1] Production and Pricing - The company produced 2.938 million tons of primary aluminum in 2024, with a significant increase in production capacity utilization due to improved power supply conditions [8] - The average price of primary aluminum in 2024 was 19,922 yuan per ton, up 6.5% year-on-year, driven by increased demand in the renewable energy sector [8] Cost and Profitability - The report notes that alumina prices have surged, impacting costs negatively, but anticipates a recovery in profit margins as prices decline [8] - The company’s profitability is expected to benefit from supply-side reforms in the aluminum industry, which limit new capacity additions [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][24] Core Views - The company is expected to achieve a 12% year-on-year growth in net profit attributable to shareholders in 2024, with revenue projected at 54.45 billion yuan, representing a 27.6% increase [1][6] - The company has significantly reduced its financial burden, with cash flow remaining strong, and is benefiting from a high profitability elasticity to aluminum prices [2][20] - The company is positioned as a leading green low-carbon aluminum supplier in China, leveraging its abundant green electricity resources [20] Financial Performance Summary - In 2024, the company is projected to generate operating revenue of 54.45 billion yuan, a 27.6% increase from the previous year, and a net profit of 4.41 billion yuan, up 11.5% year-on-year [4][6] - The operating cash flow for 2024 is expected to reach 6.95 billion yuan, reflecting an 18.3% increase [2][6] - The company plans to distribute a total cash dividend of 1.42 billion yuan in 2024, which accounts for 32.2% of the net profit [1][6] Production and Capacity - The company has achieved a historical high in primary aluminum production, with an output of 2.94 million tons in 2024, marking a 23% increase year-on-year [1][6] - The electrolytic aluminum capacity stands at 3.05 million tons, with production consistently reaching over 790,000 tons in the latter half of 2024 [1][6] Financial Metrics and Projections - The company’s financial metrics indicate a reduction in debt, with interest-bearing debt decreasing to 2.9 billion yuan by the end of 2024, down 1.5 billion yuan from 2023 [2][18] - The projected net profit for 2025-2027 is estimated at 6.87 billion yuan, 7.71 billion yuan, and 7.80 billion yuan respectively, with corresponding year-on-year growth rates of 55.8%, 12.2%, and 1.1% [3][21]

Investment Rating - The report maintains a "Buy" rating for Yun Aluminum Co., Ltd. (000807) [1][8] Core Views - The company has demonstrated steady revenue growth, with a significant increase in electrolytic aluminum production [1][8] - The report highlights the company's integrated green aluminum development trend, which is expected to support long-term growth [8] Financial Performance Summary - For the year 2024, the company achieved 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][9] - In Q4 2024, the company reported revenue of 15.27 billion yuan, an increase of 18.3% year-on-year, but a decline in net profit to 590 million yuan, down 59.2% year-on-year due to rising costs [4][6] - The company's production volumes for 2024 included 1.409 million tons of alumina, 2.938 million tons of primary aluminum, 1.254 million tons of aluminum alloys and processing products, and 806,000 tons of carbon products, with notable growth in primary aluminum production [5][6] Cost and Profitability Metrics - The overall expense ratio decreased year-on-year to 1.91% in 2024, while the gross margin and net margin were 13.2% and 8.1%, respectively [6][9] - The report indicates that the average prices for aluminum and alumina in Q4 2024 were 20,600 yuan/ton and 5,300 yuan/ton, respectively, with a significant increase in costs observed [6][9] Balance Sheet and Financial Ratios - By the end of 2024, the company's debt-to-asset ratio was 23.2%, a decrease of 2.3 percentage points year-on-year, indicating improved financial stability [7][9] - The return on equity (ROE) for the year was 15.6%, reflecting a slight increase from the previous year [7][9] Future Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be 5.41 billion yuan, 5.84 billion yuan, and 6.05 billion yuan, respectively, with corresponding growth rates of 22.5%, 7.9%, and 3.6% [7][9]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a total revenue of 54.45 billion yuan for 2024, representing 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 [6] - The increase in revenue is primarily driven by higher production volumes of key products, with primary aluminum production reaching 2.9383 million tons, a 22.45% increase year-on-year [6] - The report highlights that the cost of alumina is expected to decline significantly due to new capacity coming online and improved supply conditions, which will alleviate cost pressures for the company [6] - The company is positioned to benefit from a favorable supply-demand balance in the aluminum market, with limited new capacity expected to come online domestically and abroad [6] - The report emphasizes the long-term value of green aluminum production, with the company having a leading capacity of 3.05 million tons and a clean energy usage rate exceeding 80% in its production [6] Financial Data and Profit Forecast - The company’s projected total revenue for 2025 is 59.28 billion yuan, with a net profit forecast of 6.69 billion yuan, reflecting a significant increase of 51.6% year-on-year [5][7] - The gross profit margin is expected to improve from 13.2% in 2024 to 17.1% in 2025, indicating enhanced profitability [5] - The report projects a return on equity (ROE) of 19.4% for 2025, up from 15.6% in 2024, showcasing improved efficiency in generating profits from equity [5]

云铝股份发布年报，2024 年实现营收544.50 亿元（yoy+27.61%），归母净利44.12 亿元 （yoy+11.52%）。其中Q4 实现营收152.65 亿元（yoy+18.26%，qoq+5.00%），归母净利5.92 亿元 （yoy-59.21%，qoq-54.52%）。公司24年全年归母净利润低于我们此前52.23 亿元预期，主因24Q4 氧化 铝价格上涨幅度较大对公司成本造成较大影响。展望2025 年氧化铝价格有望走弱，铝价表现强势或带 动公司净利实现明显修复，我们维持买入评级。 24Q4 氧化铝价格上涨造成公司四季度净利承压根据年报披露，公司24 年原铝产量293.83 万吨，同比增 长22.45%。24年公司综合毛利率为13.23%，其中24Q4 毛利率为9.60%，四季度毛利率环比-3.98pct，主 因 24Q4 国内氧化铝均价为5330.02 元/吨，qoq+35.64%，氧化铝价格上涨对公司成本造成较大压力。费 用方面，公司24 年合计期间费用率1.91%，同比-0.38pct。 基于氧化铝25-27 年供给过剩格局下，价格偏弱，我们上调公司净利预期，预计公司2025-2027 ...

证券研究报告 云铝股份发布年报，2024 年实现营收 544.50 亿元（yoy+27.61%），归母净 利 44.12 亿元（yoy+11.52%）。其中 Q4 实现营收 152.65 亿元（yoy+18.26%， qoq+5.00%），归母净利 5.92 亿元（yoy-59.21%，qoq-54.52%）。公司 24 年全年归母净利润低于我们此前 52.23 亿元预期，主因 24Q4 氧化铝价格上 涨幅度较大对公司成本造成较大影响。展望 2025 年氧化铝价格有望走弱， 铝价表现强势或带动公司净利实现明显修复，我们维持买入评级。 24Q4 氧化铝价格上涨造成公司四季度净利承压 根据年报披露，公司 24 年原铝产量 293.83 万吨，同比增长 22.45%。24 年公司综合毛利率为 13.23%，其中 24Q4 毛利率为 9.60%，四季度毛利率 环比-3.98pct，主因 24Q4 国内氧化铝均价为 5330.02 元/吨，qoq+35.64%， 氧化铝价格上涨对公司成本造成较大压力。费用方面，公司 24 年合计期间 费用率 1.91%，同比-0.38pct。 铝价维持高位，电解铝环节利润或仍有上升空间 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a significant year-on-year revenue growth of 27.6% in 2024, reaching CNY 54.45 billion, with a net profit of CNY 4.41 billion, up 11.5% year-on-year. However, Q4 2024 showed a decline in net profit due to asset impairment [1][2] - The growth in performance is attributed to the increase in both volume and price in the electrolytic aluminum segment, with a notable rise in the average price of alumina by 39% year-on-year [2][3] - The company is enhancing its resource security and competitive advantage through integrated operations, focusing on the development of alumina resources in Yunnan province [2] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of CNY 54.45 billion, a 27.6% increase from the previous year. The net profit was CNY 4.41 billion, reflecting an 11.5% growth. The fourth quarter saw a revenue of CNY 15.27 billion, an 18.3% increase year-on-year, but a significant drop in net profit by 59.2% year-on-year due to asset impairment [1][4] - The production figures for 2024 included alumina output of 1.409 million tons (down 1.4% year-on-year), electrolytic aluminum output of 2.938 million tons (up 22.5% year-on-year), and aluminum processing products output of 1.254 million tons (up 1.8% year-on-year) [2] Market Dynamics - The domestic electrolytic aluminum supply is nearing its capacity limit of 44 million tons, while demand is shifting towards high-end markets, indicating a potential for price increases in the future [3] - The report anticipates that the average prices for electrolytic aluminum and alumina will gradually rise from 2025 to 2027, with projected net profits of CNY 6.81 billion, CNY 8.10 billion, and CNY 9.02 billion for those years [3][4] Strategic Positioning - The company is positioned as a leader in the green aluminum industry, leveraging its integrated supply chain to enhance resource and cost advantages. The focus on alumina and carbon resources is expected to mitigate risks associated with raw material price fluctuations [2][3]

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 27 年 月 日 云铝股份（000807.SZ） Q4 减值影响业绩表现，电解铝"量价齐升"带动全年业绩增长 事件：公司披露 2024 年度报告，2024 年实现营收 544.5 亿元，同比 +27.6%；归母净利润 44.1 亿元，同比+11.5%；扣非归母净利润 42.6 亿 元，同比+8.3%。单季度看，2024Q4 实现营收 152.7 亿元，同比+18.3%， 环比+5%；归母净利润 5.92 亿元，同比-59.2%，环比-54.5%；扣非归母 净利润 5.8 亿元，同比-60.5%，环比-55.5%。 电解铝板块"量价齐升"，24 年公司业绩表现亮眼，24Q4 资产减值影响 业绩表现。2024 年全年：1）量，氧化铝产量 140.9 万吨，同比-1.4%； 电解铝产量 293.8 万吨，同比+22.5%，主要系 Q4 云南水电充足，未减 产；铝加工产品产量 125.4 万吨，同比+1.8%。2）价：氧化铝均价 4071 元/吨，同比+39%；24 年电解铝均价 1.99 万元/吨，同比+7%。2024 年 第四季度：1）量， ...

云铝股份: 年度募集资金使用鉴证报告 云南铝业股份有限公司 募集资金存放与实际使用情况鉴证报告 目 录 页 次 一、募集资金存放与实际使用情况鉴证报告 1 - 2 二、云南铝业股份有限公司 2024 年度募集资金存放与实际使 用情况的专项报告 3 - 12 募集资金存放与实际使用情况鉴证报告 安永华明（2025）专字第 80006958_A03号 云南铝业股份有限公司 云南铝业股份有限公司董事会： 我们接受委托，对后附的云南铝业股份有限公司2024年度募集资金存放与实际使 用情况的专项报告（"募集资金专项报告"）进行了鉴证。按照《上市公司监管指引 第2号——上市公司募集资金管理和使用的监管要求》、《深圳证券交易所上市公司 律监管指引第1号——主板上市公司规范运作》及相关格式指南编制募集资金专项报 告，并保证其内容真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏是 我们按照《中国注册会计师其他鉴证业务准则第3101号——历史财务信息审计或 审阅以外的鉴证业务》的规定执行了鉴证业务。该准则要求我们计划和 执行鉴证工 作，以对募集资金专项报告是否不存在重大错报获取合理保证。在鉴证过程中，我 实施了包括了解、抽 ...