Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.80 HKD, indicating an expected upside from the current price of 8.38 HKD [4][12]. Core Insights - The company reported a revenue of 133.62 billion RMB for 2023, a year-on-year increase of 1.5%, and a net profit of 11.46 billion RMB, up 31.7% year-on-year [2][3]. - The increase in profit is attributed to higher sales volumes and a decrease in raw material prices, with a gross profit margin of 15.7%, an increase of 1.8 percentage points year-on-year [3]. - For 2024, the company expects continued growth driven by rising alumina prices and further declines in raw material costs, projecting a net profit of 16 billion RMB [3][7]. Summary by Sections Financial Performance - In 2023, the company achieved an alumina production of approximately 19.5 million tons, with sales of 10.37 million tons, a 25% increase year-on-year. Electrolytic aluminum production was 6.27 million tons, with sales of 5.75 million tons, reflecting a 3.7% and 5% increase respectively [3]. - The average price of alumina was 2,919 RMB/ton, down 1% year-on-year, while the average price of electrolytic aluminum was 18,700 RMB/ton, down 6.2% [3]. Future Projections - For 2024, the company anticipates alumina production to remain at full capacity, with expected sales of 10.67 million tons. Electrolytic aluminum production is projected at 6.3 million tons, with sales of 5.61 million tons [3]. - The report forecasts an increase in alumina prices to 3,200 RMB/ton due to ore shortages, while electrolytic aluminum prices are expected to average 19,000 RMB/ton, a 1.6% increase year-on-year [3]. Dividend Policy - The company announced a cash dividend of 0.29 HKD per share for 2023, with a total dividend payout of 0.63 HKD per share, representing a 23.5% increase year-on-year [3].
2023年年报点评：23年业绩超预期，24年量价齐升持续增厚公司业绩