Investment Rating - The report initiates coverage with a "Buy" rating for the company, citing its leading position in green aluminum production and expected cost reductions in the alumina sector [3]. Core Insights - The company is expected to benefit from improved utilization rates in aluminum production due to favorable water conditions in Yunnan, alongside a gradual realization of its long-term value as carbon taxes increase and aluminum is included in carbon trading markets [3]. - The company plans to distribute its first interim dividend in 2024, with a steadily increasing payout ratio, highlighting its long-term investment value [3]. - Forecasted net profits for 2024, 2025, and 2026 are projected at CNY 45.3 billion, CNY 58.6 billion, and CNY 64.2 billion, respectively, with corresponding P/E ratios of 11x, 9x, and 8x [3]. Company Overview - The company is a leading integrated green aluminum producer, with annual capacities of 1.4 million tons for alumina, 3.05 million tons for electrolytic aluminum, 1.6 million tons for aluminum processing, and 820,000 tons for carbon products, with over 80% of its power sourced from clean energy [18]. - In the first three quarters of 2024, the company achieved revenue of CNY 391.9 billion, a year-on-year increase of 31.7%, and a net profit of CNY 38.2 billion, up 52.5% year-on-year, primarily due to increased utilization rates in electrolytic aluminum production [18][56]. Production and Cost Analysis - The company anticipates that improved water conditions in Yunnan will alleviate electricity shortages during dry seasons, enhancing electrolytic aluminum production capacity utilization, with projected production volumes of 2.8 million tons, 2.85 million tons, and 2.85 million tons for 2024, 2025, and 2026, respectively [5]. - The expected selling prices for electrolytic aluminum (excluding tax) are CNY 17,876, CNY 18,142, and CNY 18,230 per ton for 2024, 2025, and 2026, respectively [5]. - The production costs for electrolytic aluminum are projected to decrease to CNY 15,328, CNY 15,002, and CNY 14,855 per ton over the same period [5]. Market Dynamics - The report suggests that while there are concerns about potential declines in electrolytic aluminum prices due to falling alumina prices, the overall supply-demand balance remains favorable, supported by growth in demand from the electric vehicle and power sectors [6]. - The company’s relatively low self-sufficiency in alumina compared to peers positions it to benefit from declining external alumina costs, enhancing its profit margins [6]. Financial Performance and Forecast - The company’s financial health has improved significantly, with a reduction in debt-to-asset ratio from 75.4% in 2018 to 25.6% in 2023, and a substantial increase in cash reserves, reaching CNY 82 billion by the third quarter of 2024 [33][56]. - The report indicates that the company’s net profit margin and return on equity (ROE) are expected to improve, with projected ROE of 15.4%, 17.3%, and 16.8% for 2024, 2025, and 2026, respectively [19].

Core Viewpoint - The aluminum industry in China is undergoing a significant green revolution driven by carbon peak and carbon neutrality goals, with Yun Aluminum Co., Ltd. emerging as a leading green low-carbon aluminum supplier through continuous technological innovation and green development strategies [1][3]. Group 1: Company Overview - Yun Aluminum Co., Ltd. was established in 1970 and has evolved into a pioneer in China's aluminum industry, becoming the largest green aluminum supplier domestically and second globally in green aluminum production capacity [2][3]. - The company has a total production capacity of 1.4 million tons of alumina, 3.05 million tons of green aluminum, 1.6 million tons of aluminum alloys and processed products, and 820,000 tons of carbon products [2][3]. Group 2: Innovation and Competitive Advantage - The core competitive advantage of the company lies in its green low-carbon development model, integrated green aluminum production, and continuous independent technological innovation [3][4]. - In 2023, the company invested 1.527 billion yuan in research and development, with a research and development intensity of 3.58% [3]. Group 3: Capital Market Support - Since its listing in 1998, the company has raised approximately 14.2 billion yuan through IPO and seven rounds of refinancing, significantly enhancing its production capacity [5][6]. - The company has implemented various incentive mechanisms, such as employee stock ownership plans, to boost employee motivation and creativity [6]. Group 4: Commitment to Green Development - The company utilizes over 80% green electricity in its production, resulting in carbon emissions that are only 20% of those from coal-powered aluminum production [8]. - Yun Aluminum is one of the first companies in China to obtain product carbon footprint certification, with its main products achieving globally leading carbon footprint levels [8][9]. Group 5: Sustainable Practices - The company has pioneered the development of domestic resource utilization technologies, including the first domestic aluminum ash resource utilization production line [9]. - Yun Aluminum is committed to responding to national carbon peak and carbon neutrality goals by expanding green aluminum production capacity and enhancing technological innovation [10].

云铝股份 1.预计全年主要日常关联交易的基本情况 云南铝业股份有限公司（以下简称"云铝股份"或"公司"）2025 年度日常关联交易主 要涉及采购原材料、燃料和动力，销售产品和商品，提供劳务和接受劳务等交易。根据公司 运营需要，2025 年公司及所属企业将与中国铝业集团有限公司（以下简称"中铝集团"）及 其控股的企业和其他关联方之间发生业务往来，构成日常关联交易，预计日常关联交易金额 约为人民币 5,629,371.45 万元（不含税），其中向关联人采购原材料约为人民币 2,805,905.01 万元，向关联人采购燃料和动力约为人民币 83,663.99 万元，向关联人销售产 品、商品约为人民币 2,536,918.96 万元，向关联人提供劳务约为人民币 17,115.23 万元，接 受关联人提供的劳务约为人民币 185,768.26 万元。2024 年 1-11 月公司及下属企业与中铝集 团及其实际控制的企业和其他关联方实际发生的日常关联交易金额为人民币 3,633,752.80 万元（不含税），其中向关联人采购原材料为人民币 1,901,242.53 万元，向关联人采购燃料 和动力为人民币 69,355.9 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-059 云南铝业股份有限公司 关于召开 2024 年第三次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或者重大遗漏。 一、召开会议的基本情况 （一）股东大会届次：2024 年第三次临时股东大会 （二）股东大会的召集人：云南铝业股份有限公司（以下简称"云铝股份"或"公司"） 董事会。 2024 年 12 月 12 日召开的第九届董事会第八次会议审议通过了《关于召开 2024 年第三 次临时股东大会的议案》。 （三）会议召开的合法、合规性：本次股东大会会议的召集、召开符合《公司法》、《证 券法》及中国证监会、深圳证券交易所相关规章、指引及云铝股份《公司章程》的规定和要 求。 （四）会议召开的日期、时间： 1.现场会议召开时间为：2024 年 12 月 30 日（星期一）上午 10:00 2.网络投票时间为：2024 年 12 月 30 日上午 09:15-下午 15:00 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2024 年 12 月 30 日上 午 09:15- ...

1.拟聘任的会计师事务所名称：安永华明会计师事务所（特殊普通合伙）（以下简称"安 永华明"）。 2.原聘任的会计师事务所名称：普华永道中天会计师事务所（特殊普通合伙）（以下简称 "普华永道中天"）。 3.变更会计师事务所的原因：云南铝业股份有限公司（以下简称"云铝股份"或"公司"） 综合考虑未来业务发展以及审计服务的需要，拟改聘安永华明为公司 2024 年度财务审计机构 和内部控制审计机构。 4.公司本次变更会计师事务所事项符合财政部、国务院国资委、证监会印发的《国有企业、 上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-057 云南铝业股份有限公司 关于拟变更会计师事务所的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或者重 大遗漏。 特别提示： 云铝股份于 2024 年 12 月 12 日召开第九届董事会第八次会议，会议审议通过了《关于变 更会计师事务所的预案》，拟改聘安永华明为公司 2024 年度财务审计机构和内部控制审计机 构。现将有关事项公告如下： 一、拟变更会计 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-056 云南铝业股份有限公司 第九届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 一、董事会会议召开情况 （一）云南铝业股份有限公司（以下简称"云铝股份"或"公司"）第九届董事会第 八次会议通知于 2024 年 12 月 2 日（星期一）以书面、传真或电子邮件的方式发出。 （二）会议于 2024 年 12 月 12 日（星期四）以通讯方式召开。 （三）会议应出席董事 10 人，实际出席董事 10 人。 （四）公司第九届董事会第八次会议的召开符合《公司法》、《证券法》、《深圳证 券交易所股票上市规则》和云铝股份《公司章程》等有关规定。 二、董事会会议审议情况 会议以通讯表决方式审议通过了以下议案： （一）《关于补选王际清先生为公司董事的预案》 鉴于焦云先生已辞去公司董事职务，根据工作需要，经公司董事会提名委员会进行资 格审查，公司董事会同意提名王际清先生为公司第九届董事会非独立董事候选人，并同意 提交公司股东大会选举，任期自股东大会选举通过之日起至第九届董事会届 ...

云铝股份 2024 年 12 月 11 日，云南铝业股份有限公司（以下简称"云铝股份"或"公司"）董 事会收到焦云先生以书面形式提交的辞职报告。因工作变动，焦云先生辞去公司董事职务， 辞任后不再担任公司任何职务。根据《公司法》、云铝股份《公司章程》等有关规定，焦 云先生的辞职报告自送达董事会之日起生效。焦云先生的辞职未导致公司董事会成员人数 低于法定最低人数，其辞职不会影响公司董事会的正常运行。 截止本公告披露日，焦云先生持有公司股份 5,000 股，焦云先生承诺，将严格遵守《上 市公司董事、监事和高级管理人员所持本公司股份及其变动管理规则》以及《深圳证券交 易所上市公司自律监管指引第 18 号——股东及董事、监事、高级管理人员减持股份》等 法律法规中有关上市公司离任董事减持股份的规定。 焦云先生担任公司董事期间，恪尽职守，勤勉尽责，公司董事会对焦云先生表示衷心 感谢！ 特此公告。 云南铝业股份有限公司董事会 证券代码：000807 证券简称：云铝股份 公告编号：2024-055 云南铝业股份有限公司 关于董事辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或 重 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024- 054 云南铝业股份有限公司 关于变更持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或者重 大遗漏。 云南铝业股份有限公司（以下简称"云铝股份"或"公司"）于近日收到中信建投证券 股份有限公司（以下简称"中信建投证券"）出具的《关于变更云南铝业股份有限公司持续 督导保荐代表人的函》。 中信建投证券系公司 2021 年非公开发行股票项目的保荐机构，并承接了公司 2019 年非 公开发行股票的持续督导工作，持续督导期至 2022 年 12 月 31 日止。鉴于公司募集资金尚未 使用完毕，中信建投证券继续履行募集资金相关的持续督导职责。 中信建投证券委派保荐代表人李彦芝女士、王逐原先生负责公司持续督导工作。王逐原 先生因工作调整，不再负责公司的持续督导工作。为保证公司持续督导工作的有序进行，中 信建投证券授权王明超先生（简历详见附件）接替王逐原先生担任公司的持续督导保荐代表 人，继续履行持续督导职责。 本次保荐代表人变更后，公司负责持续督导的保荐代表人为李彦芝女士、王明超先生。 ...

Investment Rating - The report maintains a "Buy" rating for Yun Aluminum Co., Ltd. (000807) with a target price of 14.81 [1][11]. Core Insights - The company has significantly improved its capacity utilization, leading to growth in cash flow [1][3]. - For the first three quarters of 2024, the company reported revenue of 39.19 billion yuan, a year-on-year increase of 31.7%, and a net profit attributable to shareholders of 3.82 billion yuan, up 52.5% year-on-year [2][3]. - The report highlights a strong performance in the third quarter, with revenue of 14.54 billion yuan, a year-on-year increase of 20.2% and a quarter-on-quarter increase of 9.4% [2][3]. Summary by Sections Financial Performance - The company achieved a revenue of 39.19 billion yuan in the first three quarters of 2024, with a net profit of 3.82 billion yuan, reflecting a year-on-year growth of 31.7% and 52.5% respectively [2][3]. - The third quarter results showed a revenue of 14.54 billion yuan, with a net profit of 1.30 billion yuan, indicating a year-on-year increase of 31.4% [2][3]. Production and Capacity - The production volumes for the first three quarters of 2024 were as follows: alumina at 1.073 million tons, carbon products at 599,000 tons, primary aluminum at 2.148 million tons, and aluminum alloys and processed products at 910,000 tons, with primary aluminum showing a significant year-on-year increase of 26.3% [3]. - The report notes that the company has accelerated the resumption of primary aluminum production due to improved power supply conditions in Yunnan province, resulting in a noticeable increase in capacity utilization [3]. Cost and Profitability - The overall expense ratio for the first three quarters was 1.28%, a decrease of 0.18 percentage points year-on-year, maintaining a low level [3]. - The gross profit margin for the first three quarters was 14.65%, down 0.39 percentage points year-on-year, with the third quarter margin at 13.58%, reflecting a decline due to pressure on both costs and selling prices [3]. Financial Health - As of the end of the third quarter of 2024, the company reported a cash balance of 8.20 billion yuan, an increase of 4.23 billion yuan year-on-year, and a low debt-to-asset ratio of 25.0% [3]. - The company’s long-term and short-term borrowings were 2.27 billion yuan and 30 million yuan respectively, showing a decrease compared to the previous year [3]. Future Outlook - The report maintains profit forecasts for 2024-2026, expecting net profits attributable to shareholders to be 4.87 billion yuan, 5.41 billion yuan, and 5.84 billion yuan respectively [3]. - The long-term development trend of the company is viewed positively, supporting the "Buy" rating [3].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [1][5]. Core Insights - The company reported significant year-on-year growth in its Q3 2024 results, with revenue reaching 39.186 billion yuan, up 31.67%, and net profit attributable to shareholders at 3.82 billion yuan, up 52.49% [2]. - The increase in production capacity utilization for electrolytic aluminum, along with rising prices driven by demand for aluminum in new energy applications, contributed to the company's strong performance [3]. - The report anticipates a recovery in electrolytic aluminum profit margins as alumina prices are expected to decline in 2025 due to improved supply conditions [4]. - The company is well-positioned within the green aluminum supply chain, benefiting from limited new capacity in the electrolytic aluminum sector and a steady demand growth of approximately 1.5% annually [4][5]. Financial Forecasts and Valuation - Revenue projections for the company are set at 53.743 billion yuan for 2024, with a net profit forecast of 4.891 billion yuan, reflecting a year-on-year growth of 23.63% [5]. - The report provides earnings per share (EPS) estimates of 1.41 yuan for 2024, with a price-to-earnings (P/E) ratio of 8.44 [1][5]. - The company's financial metrics indicate a strong growth trajectory, with net profit expected to reach 6.620 billion yuan by 2026 [5].