Yunnan Aluminium (000807) 申万宏源证券·2025-03-28 06:14Investment 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]