证券研究报告 | 2024年09月03日 中国铝业（601600.SH） 优于大市 上半年受益商品价格提升，归母净利润同增 105% 公司 24H1 营收同比下滑 17.4%，归母净利润同比增长 105.4%。公司 2024 年 上半年实现营收 1107.18 亿元，同比下滑 17.41%；实现归母净利润 70.16 亿 元，同比增长 105.36%；实现扣非归母净利润 68.57 亿元，同比增长 137.76%。 其中二季度单季实现营收 617.62 亿元，同比下滑 8.88%，环比增长 26.16%； 实现归母净利润 47.86 亿元，同比增长 198.45%，环比增长 114.60%；实现 扣非归母净利润 46.74 亿元，同比增长 266.78%，环比增长 114.14%。 公司业绩大幅增长主要得益于商品价格提升。公司归母净利润同比实现翻 倍，主要由于电原铝和氧化铝市场价均有上涨。2024H1，长江有色市场 A00 铝含税均价为 1.98 万元/吨，同比+7.1%；国内氧化铝含税均价为 3511 元/ 吨，同比+21.4%。2024Q2，长江有色市场 A00 铝含税均价为 2.05 万元/吨， 同比+ ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a projected PE of 9, 8, and 7 times for the years 2024, 2025, and 2026 respectively [2][26]. Core Views - The company's integrated layout shows significant advantages, with expectations for asset consolidation in the electrolytic aluminum sector. The self-sufficiency rates for bauxite and alumina are approximately 70% and 100% respectively, indicating a robust integrated structure [2][18]. - The report anticipates a revaluation of the company's value under the "China Special Valuation" framework, as the company is a leader in the aluminum industry and is expected to benefit from national reforms aimed at improving efficiency [2][18]. - The company's performance in H1 2024 exceeded expectations, with a net profit of 7.016 billion yuan, a year-on-year increase of 105% [1][7]. Summary by Sections 1. Event: Company Releases H1 2024 Report - The company reported a net profit of 7.016 billion yuan for H1 2024, a 105% increase year-on-year. The net profit for Q2 2024 was 4.786 billion yuan, showing a 198% year-on-year increase and a 115% quarter-on-quarter increase [1][7]. 2. H1 2024 Performance: Electrolytic Aluminum and Alumina Profitability - The company produced 8.2 million tons of metallurgical-grade alumina in H1 2024, a 2% increase year-on-year, and 3.63 million tons of primary aluminum, a 19% increase year-on-year. The average aluminum price was 19,798 yuan/ton, up 1,310 yuan/ton year-on-year [8][10]. 3. Q2 2024 Performance: Significant Year-on-Year and Quarter-on-Quarter Growth - In Q2 2024, the company produced 1.85 million tons of electrolytic aluminum, a 7% increase quarter-on-quarter and a 32% increase year-on-year. The average market aluminum price increased by 1,490 yuan/ton quarter-on-quarter [15][16]. 4. Integrated Layout Advantages - The company has established a complete industrial layout from upstream (bauxite, alumina, prebaked anodes, coal, electricity) to downstream (electrolytic aluminum), enhancing its risk resistance [18][23]. 5. Profit Forecast and Investment Suggestions - The company is expected to achieve net profits of 13.428 billion yuan, 15.393 billion yuan, and 17.345 billion yuan for the years 2024, 2025, and 2026 respectively, indicating strong growth potential [2][26].

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8月31日 狀態: 新提交 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 呈交日期: 2024年9月2日 | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02600 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 3,943,965,968 | | 0 | | 3,943,965,968 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 3,943,965,968 | | 0 | | 3,943,965,968 | 第 2 頁 共 10 頁 v 1.1.0 FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A ...

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - In the first half of 2024, the company experienced significant profit growth, benefiting from rising prices of electrolytic aluminum and alumina [1] - The company's operating revenue for H1 2024 was CNY 110.718 billion, a year-on-year decrease of 17.41%, while the net profit attributable to shareholders was CNY 7.016 billion, an increase of 105.36% year-on-year [1][2] - The company is optimizing its industrial layout and advancing key projects, including the 420,000-ton electrolytic aluminum project in Inner Mongolia [3][7] Summary by Sections Financial Performance - In H1 2024, the company achieved alumina production of 10.27 million tons, a year-on-year increase of 1.58%, and electrolytic aluminum production of 3.63 million tons, a year-on-year increase of 18.63% [2] - The average price of A00 aluminum in the Chinese market was CNY 19,781 per ton, up 6.99% year-on-year, and the average price of alumina was CNY 3,505 per ton, up 12.76% year-on-year [2] Cash Flow and Dividends - The company reported a net cash flow from operating activities of CNY 13.549 billion, an increase of 31.45% year-on-year, and proposed a mid-year dividend of CNY 0.82 per share, totaling approximately CNY 1.407 billion [3] Future Outlook - The company plans to continue optimizing its industrial layout, focusing on acquiring bauxite resources in Guinea and Indonesia, and enhancing its alumina production capacity along the coast [7] - Revenue forecasts for 2024-2026 are CNY 230.462 billion, CNY 236.887 billion, and CNY 243.021 billion, with net profits of CNY 14.107 billion, CNY 14.665 billion, and CNY 15.608 billion respectively [8][12]

[Table_Profit] 中国铝业（ [Table_StockNameRptType] 601600） 公司点评 铝链一体化优势凸显，上调盈利预期 | --- | --- | --- | |-------------------------------------|------------|-----------| | | | | | [Table_Rank] 投资评级：买入（维持） | | | | 报告日期： | 2024-08-29 | | | [Table_BaseData] 收盘价（元） | | 6.84 | | 近 12 个月最高 / | 最低（元） | 8.77/4.90 | | 总股本（百万股） | | 17,158 | | 流通股本（百万股） | | 17,067 | | 流通股比例（ % ） | | 99.47 | | 总市值（亿元） | | 1,174 | | 流通市值（亿元） | | 1,168 | [公司价格与沪深 Table_Chart] 300 走势比较 -26% -7% 13% 33% 52% 8/23 11/23 2/24 5/24 中国铝业 沪深300 [Table_Au ...

中国铝业 (601600.SH) 事件 8 月 28 日，公司发布 24 年中报，1H24 实现营收 1107.18 亿元， 同比-17.41%；归母净利 70.16 亿元，同比+105.36%；扣非归母净 利 68.57 亿元，同比+137.76%。2Q24 实现归母净利 47.86 亿元， 环比+114.6%，同比+198.45%。 点评 铝产品量价齐升，Q2 业绩环比大增。2Q24 公司实现自产冶金级氧 化铝外销销量 169 万吨，环比+13%,精细氧化铝产量 108 万吨，环 比+9%，自产原铝外销量 183 万吨，环比+4%，主要铝产品环比均 实现增长。2Q24 国内铝锭均价为 2.05 万元/吨，环比+7.82%，氧 化铝均价为 3652 元/吨，环比+8.8%。二季度公司铝产品产销量环 比增长，在氧化铝和电解铝价格上涨的背景下，公司业绩实现同 环比大幅增长。电解铝产量环比增长主因 5 月以来公司华云三期 逐步投产以及 3 月以来云南产能的逐步复产。 资本结构持续优化，资产负债率创十年新低。截止 2024 年 6 月末， 公司资产负债率为 49.97%，近十年来首次降至 50%以下，资产质 量更加 ...

Financial Performance - For the six months ending June 30, 2024, the company's revenue was RMB 110.718 billion, a decrease of 17.41% compared to the same period last year[25]. - The net profit attributable to the company's owners for the same period was RMB 7.016 billion, an increase of 105.33% year-on-year[25]. - The company's basic earnings per share for the first half of 2024 was RMB 0.409[25]. - The company achieved a total profit of RMB 12.969 billion and a net profit of RMB 11.290 billion in the first half of 2024, with operating cash flow of RMB 13.485 billion[12]. - The total comprehensive income for the period was RMB 11,284,802 thousand, compared to RMB 5,311,454 thousand in the prior year, indicating an increase of approximately 112.8%[116]. - The company reported a profit before tax of RMB 12,969,157 thousand, a significant increase from RMB 6,719,693 thousand in the same period of 2023, representing an increase of approximately 93.5%[115]. - The company's net profit for the fiscal year 2023 was approximately RMB 3.74 billion, while the consolidated net profit attributable to shareholders was about RMB 6.72 billion[91]. Production and Sales - The company’s alumina production was 8.2 million tons, fine alumina production was 2.07 million tons, and primary aluminum production was 3.63 million tons in the first half of 2024[12]. - The alumina segment's revenue for the first half of 2024 was RMB 31.454 billion, an increase of RMB 9.927 billion compared to RMB 21.527 billion in the same period last year[34]. - The primary aluminum segment achieved an operating revenue of RMB 68.206 billion, up RMB 11.613 billion from RMB 56.593 billion year-on-year, mainly driven by the increase in sales prices of electrolytic aluminum products[36]. - The primary aluminum segment's total profit reached RMB 7.595 billion, an increase of RMB 3.723 billion from RMB 3.872 billion in the previous year, attributed to higher sales prices and increased production and sales volume of electrolytic aluminum products[37]. - The marketing segment's operating revenue decreased to RMB 93.432 billion, down RMB 30.873 billion from RMB 124.305 billion year-on-year, mainly due to reduced sales of externally procured products[38]. - Revenue from product sales was RMB 109,581,715, down from RMB 132,928,500, indicating a decline of 17.5% year-over-year[130]. Market and Strategic Focus - The company is focusing on increasing the use of imported bauxite due to domestic supply shortages and poor ore quality[7]. - The company is actively monitoring market conditions and adjusting strategies accordingly to enhance operational efficiency[2]. - The management team is committed to exploring new product development and market expansion opportunities[2]. - The company plans to continue expanding its market presence and investing in new product development to sustain growth in the upcoming periods[118]. - The company is committed to ongoing research and development to support its operational segments, particularly in alumina and energy[136]. Environmental and Sustainability Initiatives - The company completed a carbon reduction of 660,000 tons in the first half of the year and restored over 3,600 acres of bauxite mining land[16]. - The intensity of nitrogen oxide emissions from alumina and electrolytic aluminum decreased by 6.4% and 14.6% year-on-year, respectively[16]. - The company has established eight national-level green mines and 13 green factories, demonstrating significant progress in green and low-carbon development[16]. - The company is committed to enhancing the utilization rate of red mud and has achieved a historical high in comprehensive utilization[16]. Corporate Governance and Leadership Changes - The company has undergone a leadership change, with Shi Zhirong appointed as the new executive director and chairman following the resignation of Dong Jianxiong[5]. - The company appointed Mr. Lu Dong as the new Deputy General Manager effective August 28, 2024[60]. - The company’s board of directors underwent significant changes, with Mr. Shi Zhirong appointed as the new Chairman on June 25, 2024, following the resignation of Mr. Dong Jianxiong[56]. - The company’s board of supervisors saw changes with Ms. Lin Ni elected as the new Chairperson on August 28, 2024, following the resignation of Mr. Ye Guohua[58]. Shareholder and Stock Information - The company proposed an interim dividend of RMB 0.082 per share, totaling approximately RMB 1.407 billion, which accounts for 20.05% of the net profit attributable to shareholders for the first half of 2024[26]. - The company’s largest shareholder, Chalco Group, directly holds 5,139,204,916 A shares, accounting for about 29.95% of the total issued share capital as of June 30, 2024[62]. - The company has implemented a restricted stock incentive plan in 2022, granting approximately 139 million shares to 1,206 individuals, linking performance and personal evaluations to incentive realization[61]. - The company has approved the repurchase and cancellation of 3,210,323 restricted shares at adjusted prices of RMB 3.01 per share and RMB 2.17 per share, totaling RMB 9,552,922.17 paid to all 43 incentive recipients[74]. Financial Position and Assets - As of June 30, 2024, total assets amounted to RMB 217.09 billion, an increase from RMB 211.76 billion as of December 31, 2023[110]. - The company reported a significant increase in cash and cash equivalents, reaching RMB 24.46 billion, up from RMB 19.04 billion[110]. - The company’s total equity increased to RMB 108.62 billion as of June 30, 2024, compared to RMB 98.89 billion at the end of 2023[111]. - The company's asset-liability ratio decreased to 49.97%, the first time below 50% in a decade, indicating improved asset quality[12]. Research and Development - Research and development expenses for the first half of 2024 were RMB 1.693 billion, remaining stable compared to RMB 1.692 billion in the previous year[30]. - The company has made major breakthroughs in new magnesium smelting research and is advancing high-end fine alumina projects[15]. - The company has appointed three top industry experts as technical advisors and has strengthened collaboration with universities for advanced materials research[15]. Risk Management and Compliance - The company is focused on enhancing risk management and compliance systems to ensure high-quality development and mitigate potential risks[24]. - The company has revised its governance and regulatory compliance systems in accordance with the latest laws and regulations, enhancing its internal control framework[90].

股票代码：601600 股票简称：中国铝业 公告编号：临2024-041 中国铝业股份有限公司 第八届董事会第二十五次会议决议公告 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个别及连带责任。 2024年8月28日，中国铝业股份有限公司（以下简称"公司"）召开第八届董事 会第二十五次会议。本次会议应出席董事9人，实际出席董事9人，有效表决人数9人。 会议由公司董事长史志荣先生主持。公司部分监事、高级管理人员列席了会议。本 次会议的召集、召开和表决程序符合《中华人民共和国公司法》等有关法律、法规 及《中国铝业股份有限公司章程》（以下简称"《公司章程》"）的规定。会议审 议并一致通过了以下5项议案： 一、关于公司2024年半年度报告的议案 经审议，董事会通过公司2024年半年度报告全文及摘要。 本议案在提交董事会审议前已经公司董事会审核委员会审议通过。 根据公司与控股股东中国铝业集团有限公司之附属公司中铝财务有限责任公司 （以下简称"中铝财务公司"）签订的《金融服务协议》，公司在中铝财务公司进 行存款、贷款等业务。根据《上海证券交易所上市 ...

Financial Performance - In the first half of 2024, the net profit of the parent company was approximately CNY 3.347 billion, while the consolidated net profit attributable to shareholders was approximately CNY 7.016 billion[4]. - The net profit attributable to shareholders of the listed company reached CNY 7,016,492, representing a significant increase of 105.36% year-on-year from CNY 3,416,724[19]. - The net profit after deducting non-recurring gains and losses was CNY 6,856,812, up 137.76% from CNY 2,883,981 in the previous year[19]. - The company's operating revenue for the first half of 2024 was 110.718 billion yuan, a decrease of 23.345 billion yuan from 134.063 billion yuan in the same period last year, influenced by a decline in trade volume and an increase in sales prices of alumina and primary aluminum[57]. - The total profit from the alumina segment reached 4.271 billion yuan, an increase of 29.49 billion yuan from 1.322 billion yuan year-on-year, driven by higher sales prices[69]. - The total profit from the primary aluminum segment was 7.595 billion yuan, up by 37.23 billion yuan from 3.872 billion yuan last year, attributed to increased sales prices and volumes[70]. - The company's total revenue for the first half of 2024 was approximately 110.72 billion yuan, a decrease of 17.41% from 134.06 billion yuan in the same period last year[77]. - The company reported a total comprehensive income of CNY 11,284,802 for the first half of 2024, compared to CNY 5,311,454 in the same period of 2023[190]. Dividend Distribution - The company plans to distribute a cash dividend of CNY 0.82 per share, totaling approximately CNY 1.407 billion, which accounts for about 20.05% of the consolidated net profit for the first half of 2024[4]. - The company plans to distribute a mid-term dividend of 0.82 yuan per 10 shares, totaling approximately 14.07 million yuan, which accounts for 20.05% of the net profit attributable to shareholders for the first half of 2024[105]. - The company distributed dividends totaling CNY 695,744 thousand, compared to CNY 891,590 thousand in the first half of 2023, a decrease of 21.9%[197]. Production and Sales - The production of alumina reached 1,027,000 tons, a slight increase of 1.58% from 1,011,000 tons in the same period last year[22]. - The production of metallurgical-grade alumina was 820,000 tons, showing a slight decrease of 0.36% from 823,000 tons in the previous year[22]. - The production of refined alumina reached 2.07 million tons, an increase of 10.11% compared to the previous year[23]. - The production of primary aluminum (including alloys) increased by 18.63% to 3.63 million tons[23]. - The external sales volume of self-produced primary aluminum (including alloys) rose by 17.32% to 3.59 million tons[23]. - The external sales volume of self-produced metallurgical alumina decreased by 7.00% to 3.19 million tons[23]. - The external sales volume of electricity from power plants reached 7.5 billion kWh, up 7.14% year-on-year[23]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 217,091,927, reflecting a 2.52% increase from CNY 211,755,809 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company increased by 9.85% to CNY 66,413,217 from CNY 60,457,735 at the end of the previous year[19]. - The company's asset-liability ratio decreased to 49.97%, the first time below 50% in a decade, indicating improved asset quality[33]. - The company's asset-liability ratio improved to 49.97% as of June 30, 2024, down from 53.30% at the end of the previous year, reflecting effective debt repayment strategies[75]. - The company's interest-bearing debt balance decreased from 38.515 billion RMB at the beginning of the reporting period to 35.229 billion RMB at the end[173]. Cash Flow - The net cash flow from operating activities was CNY 13,549,315, an increase of 31.45% compared to CNY 10,307,915 in the same period last year[19]. - Cash flow from operating activities generated CNY 13,549,315, an increase from CNY 10,307,915 in the first half of 2023[194]. - The net cash flow from financing activities was negative CNY 5,574,357 thousand, an improvement from negative CNY 7,074,748 thousand in the first half of 2023, indicating a reduction in cash outflow by 21.2%[198]. - Cash and cash equivalents at the end of the period increased to CNY 8,260,885 thousand, compared to CNY 2,023,289 thousand at the end of the first half of 2023, reflecting a growth of 308.5%[198]. Strategic Initiatives - The company aims to enhance core competitiveness and achieve high-quality development, targeting world-class strategic goals[32]. - The company is focusing on technological innovation, with major breakthroughs in new magnesium refining methods and the establishment of advanced material laboratories in collaboration with universities[36]. - The company aims to accelerate the development of new energy and high-purity aluminum projects, enhancing its green competitive advantage[42]. - The company is committed to deepening reforms to improve governance capabilities and enhance core competitiveness, aiming to build a world-class aluminum company[44]. - The company is advancing key projects, including a 2 million ton alumina project in Guangxi and a 1,200 MW renewable energy project, optimizing its industrial layout[34]. Environmental and Social Responsibility - The company completed a carbon reduction of 660,000 tons and established 8 national-level green mines and 13 green factories, demonstrating significant progress in green and low-carbon development[38]. - The company has initiated a 1200MW renewable energy project in Daqiao Banner and is conducting preliminary research on projects in Qinghai and Gansu[120]. - A total investment of approximately 48.4965 million yuan was made in poverty alleviation and rural revitalization projects during the first half of 2024[122]. - The company has established a three-year action plan for ecological and environmental issues, focusing on five key modules including pollution prevention and control[119]. Governance and Management Changes - The company has appointed Shi Zhirong as the new chairman and executive director following the resignation of Dong Jianxiong, effective June 25, 2024[101]. - The company has elected Lin Ni as the new chairman of the supervisory board after the resignation of Ye Guohua, effective August 28, 2024[101]. - The company has appointed Lu Dong as the new deputy general manager, effective August 28, 2024[102]. - The company held its annual general meeting on June 25, 2024, where all proposed resolutions were approved[98]. Risks and Challenges - The company faces resource acquisition risks due to the declining quality and quantity of domestic bauxite resources, which may impact production capabilities[88]. - Safety and environmental risks are significant, with the company committing to improve safety management and environmental performance through enhanced monitoring and technology upgrades[89]. - The company faces risks from fluctuations in the prices of alumina and electrolytic aluminum due to macroeconomic conditions and market competition, which could impact profit levels[91]. - The energy structure for producing electrolytic aluminum and alumina relies heavily on fossil fuels, leading to significant carbon emissions and limited space for reduction[92].

一、中铝财务公司基本情况 中铝财务公司是经原中国银行业监督管理委员会（现为国家金融监 督管理总局，以下简称"金融监管总局"）批准于2011年6月27日成立 的非银行金融机构。持有国家金融监督管理总局北京监管局颁发的金融 许可证，机构编码为：L0127H211000001，持有北京市市场监督管理 局 核 准 颁 发 的 企 业 法 人 营 业 执 照 ， 统 一 社 会 信 用 代 码 ： 91110000717829780G。法定代表人为吕哲龙；住所：北京市西城区 文兴街1号院1号楼C座2层201-204、3层、4层2区、5层、6层、7层 701-708。 主要经营范围：企业集团财务公司服务。（依法须经批准的项目， 经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文 件或许可证件为准）（不得从事国家和本市产业政策禁止和限制类项目 的经营活动）。 二、中铝财务公司风险管理的基本情况 （一）内部控制环境 中铝财务公司已按照《中铝财务有限责任公司章程》中的规定建立 1 中国铝业股份有限公司关于中铝财务有限责任公司 2024年半年度风险持续评估报告 按照《上海证券交易所上市公司自律监管指引第5号—交易与关 ...