Yunnan Aluminium (000807) 太平洋·2025-03-28 06:25Investment 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]