Yunnan Aluminium (000807) 东吴证券·2024-10-31 12:01Investment 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].