Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Views - The company has established a comprehensive aluminum industry chain, enhancing its competitive advantage and resource utilization [1][22]. - The company is positioned to benefit from the transition to green energy and lower production costs, particularly through its operations in Yunnan [1][22]. - The domestic supply of electrolytic aluminum is becoming rigid, and improvements in demand structure are expected to drive aluminum prices higher [1][22]. Summary by Sections Section 1: Company Overview - The company has over 20 years of experience in the aluminum industry and has a complete industry chain from bauxite to aluminum products, with significant production capacities [1][22]. - As of the end of 2023, the company has an annual production capacity of 2.226 million tons of alumina and 7.46 million tons of electrolytic aluminum, making it a global leader [1][22]. - The company has achieved a 100% self-sufficiency rate in alumina and a 70% self-sufficiency rate in bauxite [1][22]. Section 2: Market Dynamics - The supply-side reforms and macroeconomic benefits are expected to support aluminum prices, with a shift towards marginal cost pricing [1][22]. - The demand for electrolytic aluminum is expected to grow due to structural changes in downstream industries, particularly in construction and transportation [1][22]. Section 3: Green Development - The company is actively pursuing green development initiatives, leveraging its acquisition of Yunnan Aluminum to enhance its green energy capabilities [1][22]. - The company aims to increase its green electricity usage, which is currently at 22%, through new energy projects [1][22]. Section 4: Financial Projections and Valuation - The report forecasts the company's net profit to reach 12.3 billion, 15.4 billion, and 16.5 billion yuan for the years 2024, 2025, and 2026, respectively [2]. - The projected P/E ratios for the same years are 11.9, 9.4, and 8.8 times [2].

Summary of the Conference Call Company and Industry Overview - The conference call pertains to China Liyuan's Q3 2024 earnings report, focusing on the electrolytic aluminum and alumina industries [1][2]. Key Points and Arguments Market Conditions - Global electrolytic aluminum capacity reached 79.02 million tons, a year-on-year increase of 0.3% [2]. - Production was 18.41 million tons, up 1.2% year-on-year, while demand rose by 3.8% to 18.51 million tons [2]. - The average LME spot price for aluminum was $2,382 per ton, reflecting a 4.6% increase year-on-year [2]. - Domestic electrolytic aluminum capacity was 44.62 million tons, with production at 11.03 million tons, marking a 2.1% increase [3]. Financial Performance - For the first nine months of 2024, the company reported revenue of 173.8 billion yuan, a decrease of 7.76% from the previous year [4]. - Profit before tax was 17.5 billion yuan, up 58.6% year-on-year, while net profit reached 15 billion yuan, a 63% increase [4][5]. - The scale net profit was 9 billion yuan, reflecting a 68% increase compared to the same period last year [5]. Production and Sales - Alumina production for the first nine months was 12.57 million tons, with electrolytic aluminum production at 5.62 million tons, both showing increases from the previous year [5][6]. - The company exported 1.74 million tons of aluminum in the first three quarters, a 15.3% year-on-year increase [3]. Cost and Pricing Dynamics - The average spot price for alumina was $436.9, a significant increase of 25.5% year-on-year [2]. - The total cost of domestic electrolytic aluminum was approximately 17,500 yuan per ton [3]. - The company faced challenges with trade-related business reductions impacting revenue [4]. Strategic Initiatives - The company plans to enhance its strategic focus on key projects and technological innovation to improve competitiveness [9][10]. - Emphasis on risk management and sustainable development practices to ensure long-term growth [10]. Research and Development - R&D expenditure for the first nine months was approximately 4 billion yuan, representing 3.7% of revenue [20][36]. - Future R&D efforts will focus on improving the efficiency of alumina extraction and exploring new technologies [20][21]. Challenges and Risks - The company acknowledged potential risks related to market fluctuations and regulatory changes impacting operational costs [10][12]. - There were discussions about one-time factors affecting Q3 profits, including depreciation and environmental compliance costs [14][16]. Future Outlook - The company aims to complete key projects and enhance production capabilities by 2025, with a focus on maintaining high-quality output [9][23]. - Plans to optimize resource allocation and improve operational efficiency in response to market demands [10][26]. Additional Important Information - The company is actively managing its debt levels, with a reduction in interest-bearing liabilities by 13 billion yuan since the beginning of the year [8]. - The asset-liability ratio decreased to 48.68%, down from 53.3% at the start of the year [8]. - The management team is committed to transparent communication with investors regarding financial performance and strategic direction [11][19].

中国铝业股份有限公司 2024 年第一次临时股东会 中国铝业股份有限公司 2024 年第一次临时股东会会议资料 会议资料 2024 年 11 月 1 中国铝业股份有限公司 2024 年第一次临时股东会会议资料 会议议程 参加人：股东及股东代表、董事、监事、高级管理人员、律师等 四、会议议程： 1 一、会议时间：2024 年 11 月 19 日下午 2:00 二、会议地点：北京市海淀区西直门北大街 62 号中国铝业股份有限公 司总部办公楼 1606 会议室 三、主持人：董事长史志荣先生 （一）通过监票人、记票人名单； （二）审议如下议案： 1. 关于公司 2024 年中期利润分配方案的议案 2. 关于公司拟增加与中国铝业集团有限公司在《产品和服务互供 总协议》项下支出交易 2024 年和 2025 年年度上限的议案 3. 关于公司拟变更会计师事务所的议案 4. 关于选举李谢华先生为公司第八届董事会非执行董事的议案 5. 关于选举丁超先生为公司第八届监事会股东代表监事的议案 （三）统计并宣布表决结果； （四）律师发表见证意见。 中国铝业股份有限公司 2024 年第一次临时股东会会议资料 https://stati ...

致：香港交易及結算所有限公司 公司名稱: 中國鋁業股份有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601600 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 13,214,415,260 | RMB | | 1 RMB | | 13,214,415,260 | | 增加 / 減少 (-) | | | -1,882,319 | | | RMB | | -1,882,319 | | 本月底結存 | | | 13,212,532,941 | RMB | | 1 RMB | | 13,212,532,941 | | 2. 股份分類 | 普通股 | ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2024-061 中国铝业股份有限公司 关于 2024 年第一次临时股东会增加临时提案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、股东会有关情况 1. 股东大会的类型和届次：2024 年第一次临时股东会 2. 股东会召开日期：2024 年 11 月 19 日 3. 股权登记日 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 601600 | 中国铝业 | 2024/10/23 | 二、增加临时提案的情况说明 1. 提案人：中国铝业集团有限公司 2. 提案程序说明 公司已于 2024 年 9 月 13 日披露了《中国铝业股份有限公司关于召开 2024 年第一次 临时股东会的通知》（公告编号：临 2024-047），并于 2024 年 10 月 25 日披露了《中 国铝业股份有限公司关于2024年第一次临时股东会延期的公告》（公告编号：临2024- 054），单独持有公司 29. ...

Investment Rating - The report maintains an "Outperform" rating for Chalco (601600 SH) [1][3][14] Core Views - Chalco's Q3 2024 net profit declined QoQ due to cost increases, while main business production showed steady growth [1] - The company's revenue for the first three quarters of 2024 decreased by 7 76% YoY, but net profit attributable to shareholders increased by 68 46% YoY [1][4] - Chalco's profitability adjusted QoQ, with continuous optimization of debt-to-asset ratio [1][7] - Aluminum and alumina production increased QoQ in Q3 2024 [1][10] Financial Performance Revenue and Profit - Q1-Q3 2024 revenue reached 173 78 billion yuan, down 7 76% YoY [1][4] - Net profit attributable to shareholders was 9 017 billion yuan, up 68 46% YoY [1][4] - Q3 2024 revenue was 63 06 billion yuan, up 16 04% YoY and 2 10% QoQ [1][4] - Q3 2024 net profit attributable to shareholders was 2 billion yuan, up 3 34% YoY but down 58 21% QoQ [1][4] Profitability - Q1-Q3 2024 gross margin was 15 23%, up 5 70 percentage points YoY [1][7] - Q1-Q3 2024 net margin was 8 65%, up 4 48 percentage points YoY [1][7] - Q3 2024 gross margin was 11 67%, down 4 11 percentage points YoY and 7 11 percentage points QoQ [1][7] - Q3 2024 net margin was 5 93%, down 0 73 percentage points YoY and 5 80 percentage points QoQ [1][7] Production and Sales Alumina - Q1-Q3 2024 metallurgical alumina production was 12 57 million tons, up 0 88% YoY [1][10] - Q1-Q3 2024 fine alumina production was 3 25 million tons, up 14 84% YoY [1][10] - Q3 2024 metallurgical alumina production was 4 37 million tons, up 3 3% YoY and 10 6% QoQ [1][10] - Q3 2024 fine alumina production was 1 18 million tons, up 24 2% YoY and 9 3% QoQ [1][10] Aluminum - Q1-Q3 2024 primary aluminum production was 5 62 million tons, up 14 00% YoY [1][10] - Q1-Q3 2024 primary aluminum sales volume was 5 60 million tons, up 13 36% YoY [1][10] - Q3 2024 primary aluminum production was 1 99 million tons, up 6 4% YoY and 7 6% QoQ [1][10] - Q3 2024 primary aluminum sales volume was 2 01 million tons, up 6 9% YoY and 9 8% QoQ [1][10] Coal - Q1-Q3 2024 coal production was 9 74 million tons, up 0 52% YoY [1][10] - Q3 2024 coal production was 3 36 million tons, down 3 2% YoY and 4 0% QoQ [1][10] Subsidiaries Performance - Chalco New Materials (100% owned) achieved 695 million yuan net profit in Q3 2024 [1][7] - Yunnan Aluminium (29 1% owned) achieved 1 301 billion yuan net profit in Q3 2024 [1][7] - Combined net profit contribution from these subsidiaries was approximately 1 07 billion yuan in Q3 2024 [1][7][9] Financial Forecast - 2024-2026 revenue forecast: 203 503/204 020/204 732 billion yuan [1][14] - 2024-2026 net profit forecast: 11 803/13 795/15 513 billion yuan [1][14] - 2024-2026 EPS forecast: 0 69/0 80/0 90 yuan [1][14] - Current PE ratio: 11 2x/9 6x/8 5x for 2024-2026 [1][14] Industry Position - Chalco is a leading state-owned enterprise in the non-ferrous metals industry with a complete aluminum industry chain [14] - The company maintains certain capacity expansion capabilities despite industry capacity ceilings [14]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 7.69 yuan [4]. Core Views - The company's net profit attributable to shareholders for the first three quarters of 2024 reached 9.017 billion yuan, a year-on-year increase of 68.46%, while the net profit for Q3 2024 was 2 billion yuan, a year-on-year increase of 3.34% but a quarter-on-quarter decrease of 58.21% [2]. - The production of electrolytic aluminum and alumina saw significant growth in Q3 2024, with electrolytic aluminum production at 1.99 million tons, a quarter-on-quarter increase of 140,000 tons and a year-on-year increase of 120,000 tons [2]. - The report highlights the company's integrated supply chain advantages, with alumina self-sufficiency at 100% and bauxite self-sufficiency at approximately 60%, which enhances cost advantages as alumina prices rise [2]. - The report suggests that the value of bauxite resources is expected to be reassessed due to rising prices and geopolitical factors, positioning the company favorably as a leader in the bauxite, alumina, and electrolytic aluminum sectors [2]. Financial Summary - The company's total revenue for 2023 is projected at 225.071 billion yuan, with a net profit of 12.584 billion yuan, and an expected growth rate of 60.23% for net profit in 2024 [5]. - The report forecasts net profits for 2024, 2025, and 2026 to be 11.631 billion yuan, 13.824 billion yuan, and 15.508 billion yuan respectively, corresponding to price-earnings ratios of 11, 10, and 9 times [2][5]. - The company's debt ratio decreased to 48.7% in Q3 2024, down 4.6 percentage points from the end of 2023, indicating improved financial stability [2].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q3 performance was impacted by a significant increase in costs, with Q3 operating costs rising by 5.54 billion yuan [3] - Despite the cost increase, the company's alumina and primary aluminum production and sales have improved, with alumina production increasing by 0.88% YoY and primary aluminum production increasing by 14% YoY in the first three quarters of 2024 [3] - The company's Q4 performance is expected to improve due to a rebound in aluminum and alumina prices, with aluminum prices increasing by 1,174 yuan/ton and alumina prices increasing by 615 yuan/ton compared to Q3 [3] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 173.8 billion yuan, a decrease of 7.76% YoY, but net profit attributable to shareholders increased by 68.46% YoY to 9.02 billion yuan [3] - Q3 revenue was 63.06 billion yuan, up 16.04% YoY, but net profit attributable to shareholders decreased by 58.21% QoQ to 2.0 billion yuan [3] Production and Sales Data - In Q3 2024, metallurgical alumina production was 4.37 million tons, up 10.63% QoQ, while primary aluminum production was 1.99 million tons, up 7.57% QoQ [3] - The company's coal production in Q3 was 3.36 million tons, down 4.00% QoQ, and power generation for external sales was 11.9 billion kWh, down 2.5% YoY [3] Market Data - The company's total market capitalization is 143.26 billion yuan, with a circulating market capitalization of 109.58 billion yuan [3] - The average daily trading volume in the past month was 1.42 billion yuan, with a turnover rate of 2.07% [3] Profit Forecast and Valuation - The company's revenue is expected to be 225.6 billion yuan in 2024, 236.9 billion yuan in 2025, and 245.4 billion yuan in 2026 [4] - Net profit attributable to shareholders is forecasted to be 13.12 billion yuan in 2024, 14.72 billion yuan in 2025, and 15.75 billion yuan in 2026, with EPS of 0.76 yuan, 0.86 yuan, and 0.92 yuan respectively [6] - The company's P/E ratio is expected to be 10.92x in 2024, 9.73x in 2025, and 9.09x in 2026 [6] Industry Position - The company is a leading player in the domestic electrolytic aluminum industry, with significant advantages in integrated industrial chains [6] - Future growth is expected from new projects in electrolytic aluminum, alumina, and new energy sectors [6]

股票代码：601600 股票简称：中国铝业 公告编号：临 2024-060 本次调整原因：根据中国铝业股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日披露的《中国铝业股份有限公司关于股权激励部分限制性股票回购注销实 施公告》（公告编号：临 2024-053），公司于 2024 年 10 月 28 日收到中国证券登记结 算有限责任公司上海分公司（以下简称"中国结算上海分公司"）出具的《证券变更 登记证明》，公司回购注销的 1,882,319 股限制性股票已于 2024 年 10 月 25 日在中 国结算上海分公司完成注销手续，公司总股本由 17,158,381,228 股变更为 17,156,498,909 股。公司按照每股分配比例不变的原则，对 2024 年中期利润分配总 额进行相应调整。 一、2024 年中期利润分配方案概述 公司于 2024 年 8 月 28 日召开的第八届董事会第二十五次会议及第八届监事会 第十三次会议分别审议通过了《关于公司 2024 年中期利润分配方案的议案》，尚待 公司于 2024 年 11 月 19 日召开的 2024 年第一次临时股东会审议批准。根据公司 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 173.78 billion RMB for the first three quarters of 2024, a year-on-year decrease of 7.76%, while the net profit attributable to shareholders increased by 68.46% to 9.017 billion RMB [2][3]. - The performance of aluminum products showed significant year-on-year growth, although Q3 profits were impacted by rising costs [3]. - The company is set to benefit from the integration of its operations and the release of production capacity, which is expected to enhance profitability [4]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a net profit of 2.00 billion RMB, a decrease of 58.21% quarter-on-quarter but an increase of 3.34% year-on-year [2]. - The average price of alumina in Q3 was 3,939 RMB/ton, up 7.5% quarter-on-quarter, while the average price of primary aluminum was 19,600 RMB/ton, down 4.7% [3]. - The company’s revenue for Q3 was 63.06 billion RMB, a 2% increase from the previous quarter, with costs rising to 59.11 billion RMB, a 9.05% increase [3]. Strategic Developments - The company plans to acquire 100% equity of China Aluminum Shandong and Zhongzhou Aluminum from China Aluminum New Materials, which is expected to improve management efficiency and enhance specialized control over fine alumina [3]. - A capital reduction of 1 billion RMB in Inner Mongolia Huayun New Materials is aimed at optimizing its capital structure and improving capital efficiency [4]. Profit Forecast - The company is projected to achieve revenues of 248.2 billion RMB, 266.8 billion RMB, and 268.6 billion RMB for 2024, 2025, and 2026 respectively, with net profits of 12.13 billion RMB, 15.48 billion RMB, and 17.59 billion RMB [4]. - The expected EPS for the same years is 0.71 RMB, 0.90 RMB, and 1.03 RMB, with corresponding P/E ratios of 11.81, 9.25, and 8.14 [4].