Investment Rating - The investment rating for the company is "Outperform the Market" [6][25]. Core Views - The company's net profit attributable to shareholders is expected to increase by 85% year-on-year in 2024, with revenue projected at 237.07 billion yuan, a 5.21% increase [1][10]. - The significant growth in net profit is primarily driven by rising prices of aluminum and alumina, with the average price of A00 aluminum increasing by 6.5% and alumina by 39.7% year-on-year [2][11]. - The company plans to distribute a cash dividend of 0.217 yuan per share, totaling approximately 3.72 billion yuan, which represents 30.02% of the projected net profit for 2024 [1][10]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 237.07 billion yuan, a year-on-year increase of 5.21%, and a net profit of 12.40 billion yuan, up 85.38% [1][10]. - The fourth quarter alone saw a revenue of 63.29 billion yuan, a 71.44% increase year-on-year, and a net profit of 3.38 billion yuan, reflecting a 153.13% increase [1][10]. - The company reported a significant increase in asset impairment losses, totaling 2.75 billion yuan in 2024, compared to 755 million yuan in 2023, due to the update of old equipment [2][11]. Production and Sales - The company’s production of primary aluminum (including alloys) increased by 12% year-on-year in 2024, with total alumina production reaching 21.18 million tons [3][24]. - The company’s alumina segment achieved a pre-tax profit of 11.69 billion yuan, while the primary aluminum segment reported a pre-tax profit of 8.97 billion yuan [3][24]. Future Projections - The company’s revenue is projected to reach 269.71 billion yuan in 2025, with a year-on-year growth rate of 13.77%, and net profit is expected to be 14.71 billion yuan, reflecting an 18.62% increase [4][25]. - The diluted EPS is forecasted to be 0.86 yuan in 2025, with a corresponding PE ratio of 8.9 [4][25].

Core Points - The China Securities Index for Global Materials has shown a significant increase, with a 4.60% rise over the past month, 7.22% over the past three months, and 9.69% year-to-date [1] - The index is designed to reflect the overall performance of different industry securities from mainland Chinese enterprises, categorized according to the China Securities Industry Classification Standard [1] - The index's base date is December 31, 2004, with a base point of 1000.0 [1] Holdings Overview - The top ten holdings in the China Securities Index for Global Materials include Zijin Mining (6.04%), Wanhua Chemical (2.58%), Baosteel (1.32%), and others, indicating a concentration in mining and chemical sectors [1] - The market distribution shows that the Shanghai Stock Exchange accounts for 49.14%, Shenzhen Stock Exchange for 42.72%, and Hong Kong Stock Exchange for 7.59% [2] - In terms of industry composition, non-ferrous metals represent 41.03%, chemicals 38.05%, and steel 7.76%, highlighting a strong focus on materials [2] Index Adjustment Mechanism - The index samples are adjusted biannually, specifically on the next trading day after the second Friday of June and December [3] - Temporary adjustments may occur due to special circumstances affecting the index samples, such as changes in industry classification or delisting [3] - Events like mergers, acquisitions, or suspensions of sample companies will be handled according to established calculation and maintenance guidelines [3]

Core Viewpoint - China Aluminum achieved record-high operating performance in 2024, with significant increases in revenue and net profit, reflecting effective operational management and cost control [1][2][5]. Financial Performance - The company reported operating revenue of 237.066 billion yuan, a year-on-year increase of 5.21% from 225.319 billion yuan [4]. - The net profit attributable to shareholders reached 12.4 billion yuan, up 85.38% from 6.689 billion yuan in the previous year [5][11]. - Operating cash flow exceeded 30 billion yuan, marking a historical high for the company [3]. Cost Management - Operating costs for 2024 were 199.721 billion yuan, a slight increase of 1.74% from 196.311 billion yuan, primarily due to rising raw material prices [4]. - The company effectively managed costs despite the increase in operating revenue, maintaining a stable cost structure [4]. Dividend Distribution - China Aluminum plans to distribute cash dividends of 3.723 billion yuan, the highest since its listing in 2007 [2][11]. Debt and Financial Health - The company's debt-to-asset ratio improved to 48.10%, the lowest level in nearly a decade, with total debt reduced by approximately 12.4 billion yuan [3][11]. - The company reported a significant increase in investment income, reaching 996 million yuan, up 260.87% from 276 million yuan [7]. Strategic Goals - China Aluminum aims to become a world-class aluminum company, focusing on high-quality development, technological innovation, and green low-carbon initiatives [9][10]. - The company holds the top global capacity for various aluminum products and actively seeks overseas bauxite resources [9]. Research and Development - R&D investment for 2024 was 5.7 billion yuan, with total R&D spending from 2022 to 2024 amounting to 17.81 billion yuan [11]. - The company has established a robust technological framework, including 13 national-level research platforms [10].

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company achieved a record high net profit since its establishment in 2024, with a revenue of 237.07 billion yuan, up 5.2% year-on-year, and a net profit attributable to shareholders of 12.4 billion yuan, up 85.4% year-on-year [1][5] - The company maintains its leading position in the aluminum industry, with significant production increases in both alumina and electrolytic aluminum, and a historical high capacity utilization rate [3][4] Financial Performance - In 2024, the company reported a net cash flow from operations growth of 21.37%, and a return on equity (ROE) increase of 7.33 percentage points [1] - The company's revenue for Q4 2024 reached 63.29 billion yuan, a year-on-year increase of 71.4%, with a net profit of 3.38 billion yuan, up 153.1% year-on-year [1][2] Production and Pricing - The alumina production for 2024 was 16.87 million tons, a year-on-year increase of 1.2%, while electrolytic aluminum production was 7.61 million tons, up 12.1% year-on-year [2] - The average price of alumina in 2024 was 4,071 yuan per ton, up 39% year-on-year, and the average price of electrolytic aluminum was 19,900 yuan per ton, up 7% year-on-year [2] Capacity Expansion - The company is advancing its capacity expansion projects, with new alumina and electrolytic aluminum projects expected to come online in 2024 and 2025, further solidifying its market position [4] - By mid-2025, the company's alumina capacity is projected to increase to 24.26 million tons, and electrolytic aluminum capacity to 7.73 million tons [4] Future Projections - The company is expected to achieve net profits of 11.8 billion yuan, 14 billion yuan, and 16.4 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 11.1, 9.4, and 8.1 [5][6]

Investment Rating - The investment rating for the company is maintained as "Buy" [6][7] Core Views - The company's performance in 2024 showed significant growth, with revenue reaching 237.066 billion RMB (up 5.21% year-on-year) and net profit attributable to shareholders at 12.4 billion RMB (up 85.38% year-on-year) [1][2] - The increase in alumina prices has positively impacted the company's performance, particularly in Q4 2024, where revenue was 63.288 billion RMB (up 71.44% year-on-year) and net profit was 3.383 billion RMB (up 153.13% year-on-year) [1][2] - The company is expected to continue benefiting from strong aluminum prices, which may support ongoing high growth in performance [1][3] Summary by Sections Financial Performance - In 2024, the company produced 7.61 million tons of electrolytic aluminum, with sales increasing by 12.08% year-on-year, while alumina sales were 6.35 million tons, down 2.61% year-on-year [2] - The overall gross margin for 2024 was 15.75%, with Q4 gross margin at 17.19%, reflecting a 5.52 percentage point increase quarter-on-quarter due to rising alumina prices [2] Price Trends and Market Outlook - Alumina prices have shown volatility, dropping from a peak of 5,769 RMB/ton in December to 3,305 RMB/ton by mid-March, indicating a potential continued weak trend [3] - Despite the decline in alumina prices, the electrolytic aluminum segment is expected to maintain profitability due to limited supply growth, which may help stabilize the company's performance [3] Project Developments - The company has ongoing projects, including the second phase of the Huasheng alumina project and the full production of the Baotou Huayun electrolytic aluminum project, which are expected to contribute to volume growth [4] - A significant asset impairment of 2.751 billion RMB was recorded in 2024, allowing the company to refresh its old equipment and potentially improve operational efficiency moving forward [4] Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been adjusted upwards, with expected net profits of 14.718 billion RMB, 15.637 billion RMB, and 18.615 billion RMB respectively [5] - The target price for the company's stock is set at 10.32 RMB, with a corresponding PE ratio of 12.0 times for 2025, reflecting its leading position in the industry [5][6]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company achieved a record high net profit since its establishment in 2024, with a revenue of 237.07 billion yuan, up 5.2% year-on-year, and a net profit attributable to shareholders of 12.4 billion yuan, up 85.4% year-on-year [1][5] - The company maintains its leading position in the aluminum industry, with strong production growth and operational efficiency [2][3][4] Financial Performance - In 2024, the company reported a net cash flow from operations that increased by 21.37% year-on-year, and the return on equity improved by 7.33 percentage points [1] - The company's revenue for Q4 2024 reached 63.29 billion yuan, a year-on-year increase of 71.4%, with a net profit of 3.38 billion yuan, up 153.1% year-on-year [1][2] Production and Pricing - The company produced 16.87 million tons of alumina in 2024, a year-on-year increase of 1.2%, and 7.61 million tons of electrolytic aluminum, up 12.1% year-on-year [2][3] - The average price of alumina in 2024 was 4,071 yuan per ton, up 39% year-on-year, while the average price of electrolytic aluminum was 19,900 yuan per ton, up 7% year-on-year [2] Capacity Expansion - The company is advancing its capacity expansion projects, with new alumina and electrolytic aluminum projects expected to come online in 2024 and 2025, further solidifying its market position [4][5] - The total alumina capacity is projected to increase to 24.26 million tons, while electrolytic aluminum capacity will reach 7.73 million tons upon completion of ongoing projects [4] Future Profitability Estimates - The company is expected to achieve net profits of 11.8 billion yuan, 14 billion yuan, and 16.4 billion yuan for the years 2025 to 2027, with corresponding P/E ratios of 11.1, 9.4, and 8.1 [5][6]

Core Viewpoint - China Aluminum's net profit increased by over 85% year-on-year, indicating strong financial performance and operational efficiency in the aluminum industry [2][3]. Financial Performance - The company's total revenue for the year reached 237.066 billion yuan, a year-on-year increase of 5.21% [2]. - Net profit attributable to shareholders was 12.4 billion yuan, reflecting an 85.38% increase compared to the previous year [2]. - Basic earnings per share rose to 0.723 yuan, up 85.86% year-on-year [2]. - Operating net cash flow was 32.807 billion yuan, a growth of 21.37% year-on-year [3]. - The asset-liability ratio decreased to 48.10%, the lowest level in nearly a decade [3]. Production and Operational Efficiency - The company reported significant increases in production across various segments, with electrolytic aluminum, alumina, and fine alumina production rising by 12.08%, 1.20%, and 7.75% respectively [3]. - The gross profit margin for alumina was 26.40%, up 15.55 percentage points year-on-year, while the margins for primary aluminum and energy decreased to 10.31% and 28.35%, down 2.85 and 10.75 percentage points respectively [3]. Strategic Initiatives - The company is focusing on optimizing resource industries and traditional sectors while enhancing its competitive advantages across the entire industry chain [3]. - Projects such as the Guangxi Huasheng Phase II and Inner Mongolia Huayun Phase III have been completed, contributing to the green and low-carbon development of the electrolytic aluminum industry [4]. - The company aims to establish a self-controlled mineral resource supply chain and is actively pursuing domestic and international mining rights [4][5]. Industry Position and Future Plans - China Aluminum is a leading player in the aluminum industry, with its production capacities for alumina, electrolytic aluminum, fine alumina, high-purity aluminum, aluminum anodes, and metal gallium ranking first globally [5]. - The company plans to accelerate the transformation and upgrading of traditional industries while fostering the growth of emerging sectors, particularly in renewable energy [5]. - The stock price as of March 26 was 7.68 yuan per share, with a total market capitalization of 131.755 billion yuan [5].

Group 1 - China Aluminum Corporation's stock dropped by 2.41% on March 26 [1] - The company was established in 2001 and is primarily engaged in non-ferrous metal smelting and rolling [1] - The registered capital of China Aluminum is approximately 17.02 billion RMB [1] Group 2 - Huatai-PineBridge Fund's Huatai-PineBridge CSI 300 ETF is among the top ten shareholders of China Aluminum and reduced its holdings in the last quarter of the previous year [1] - The fund has a year-to-date return of 0.12%, ranking 2541 out of 3440 in its category [2] Group 3 - The fund manager of Huatai-PineBridge CSI 300 ETF is Liu Jun, who has extensive experience in fund management since joining Huatai-PineBridge in 2004 [3][4] - Liu Jun has managed various funds, including the Huatai-PineBridge CSI 300 ETF since May 2012 [4]

中国铝业股份有限公司 内部控制审计报告 内部控制审计报告 安永华明（2025）专字第70077385_A01号 中国铝业股份有限公司 中国铝业股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了中国铝业股份有限公司2024年12月31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价 指引》的规定，建立健全和有效实施内部控制，并评价其有效性是中国铝业股份有限 公司董事会的责任。 2024年度 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推到未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，中国铝业股份有限公司按照《企业内部控制基本规范》和相关规定于 2024年12月 ...

中国铝业股份有限公司 目录 中国铝业股份有限公司 已审财务报表 2024年度 | | | 页 | | 次 | | --- | --- | --- | --- | --- | | 一、 | 审计报告 | 1 | - | 6 | | 二、 | 已审财务报表 | | | | | | 合并资产负债表 | 7 | - | 9 | | | 合并利润表 | 10 | - | 11 | | | 合并所有者权益变动表 | 12 | - | 13 | | | 合并现金流量表 | 14 | - | 15 | | | 公司资产负债表 | 16 | - | 18 | | | 公司利润表 | | 19 | | | | 公司所有者权益变动表 | 20 | - | 21 | | | 公司现金流量表 | 22 | - | 23 | | | 财务报表附注 | 24 | - | 173 | | 补充资料 | | | --- | --- | | 1.非经常性损益明细表 | 174 | | 2.净资产收益率和每股收益 | 175 | | 3.境内外会计准则下会计数据差异 | 175 | 审计报告 安永华明（2025）审字第70077385_A01号 ...