FF301 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3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4月8日 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 | 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 (-) | | | | | | | RMB | | | | 本月底結存 | | | 13,214,415,260 | RMB | | | 1 RMB | | 13,214,415,260 | | 2. 股份 ...

Stock Code: 601600 Stock Short Name: Chalco Announcement No.: Lin 2024-018 ALUMINUM CORPORATION OF CHINA LIMITED ANNOUNCEMENT ON THE SPECIAL ACTION PLAN TO "IMPROVE QUALITY AND EFFICIENCY AND INCREASE RETURNS" FOR 2024 The board of directors and all directors of the Company warrant that there are no false representations or misleading statements contained in, or material omissions from the contents of this announcement, and jointly and severally accept responsibilities for the truthfulness, accuracy and com ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2024-018 中国铝业股份有限公司 关于 2024 年度"提质增效重回报"专项行动方案的公告 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个别及连带责任。 近年来，在各方的大力支持下，中国铝业股份有限公司（以下简称中国铝业或公 司）锚定打造"四个特强"、建设世界一流战略目标，持续深化提质增效，提升价值 创造能力，经营质量和经营业绩稳步提升。为深入落实上海证券交易所关于上市公司 开展"提质增效重回报"专项行动公开倡议，践行以"投资者为中心"的发展理念， 进一步提高上市公司质量，树立良好的资本市场形象，中国铝业聚焦生产经营管理、 科技创新发展、价值创造提升、信息披露和投资者关系管理等方面，制定"提质增效 重回报"专项行动方案。 一、强化战略引领，持续优化产业布局 战略引领把舵定向，中国铝业围绕建设具有全球竞争力的世界一流铝业公司战 略目标，坚定打造矿产资源特强的压舱石、科技创新特强的主力军、高端先进材料特 强的顶梁柱、绿色低碳低成本数智化特强的引领者，不断做优铝土矿、氧化铝、电 ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2024-017 中国铝业股份有限公司 关于召开 2023 年度业绩暨现金分红说明会的公告 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个别及连带责任。 三、出席会议人员 董事长：董建雄先生 执行董事、总裁：朱润洲先生 财务总监兼董事会秘书：葛小雷先生 独立非执行董事：陈远秀女士 重要内容提示： 一、说明会类型 中国铝业股份有限公司（以下简称"公司"）已于 2024 年 3 月 28 日在上海证 券交易所网站（www.sse.com.cn）和《证券日报》披露《中国铝业股份有限公司 2023 年度报告》及摘要和《中国铝业关于 2023 年度利润分配方案的公告》。 为方便广大投资者更加全面深入地了解公司 2023 年度业绩、生产经营情况及利 润分配方案，公司定于 2024 年 4 月 15 日（星期一）15：00-16:30 在上海证券交易 所上证路演中心（网址：http://roadshow.sseinfo.com/）通过视频直播和网络互 动方式召开 2023 年度业绩暨现金分红 ...

公司快报 2024 年 04 月 01 日 中 国铝业(601600.SH) 证券研究报告 23 年业绩符合预告，分红比例显著提 铝 投资评级 买入-A 升 上调评级 事件：公司发布 2023 年年报，公司实现营业收入 2250.71 亿 6个月目标价 8.67元 元，同比下降 22.65%；实现归母净利润 67.17 亿元，同比上升 股价 (2024-03-29) 7.40元 60.23%；实现扣非归母净利润 66.14 亿元，同比上升 111.27%。 交易数据 第四季度公司实现营业收入 495.53 亿元，环比-1.00%；实现归母 总市值(百万元) 126,972.02 净利润 13.64亿元，环比减少29.51%；实现扣非归母净利润 16.85 流通市值(百万元) 96,782.43 亿元，环比减少 17.65%。 总股本(百万股) 17,158.38 业绩符合此前业绩预告。此前业绩预告预计 2023 年实现归母净 流通股本(百万股) 13,078.71 利润为人民币 63 亿元至人民币 73亿元，中值 68 亿元；扣非归 12个月价格区间 5.01/7.4元 母净利润为 66 亿元至 76 亿元， ...

证 券 2024 年 04 月 01 日 研 究 降本增效成果显著，2023 年度利润实现大幅增 报 长 告 —中国铝业（601600.SH）公司事件点评报告 买入(维持) 事件 分析师：傅鸿浩 S1050521120004 中国铝业发布 2023 年年度报告：2023 年公司营业收入为 fuhh@cfsc.com.cn 2250.71 亿元，同比-22.65%；归母净利润为 67.17 亿元，同 分析师：杜飞 S1050523070001 比+60.23%；扣除非经常性损益后的归母净利润为 66.14 亿 dufei2@cfsc.com.cn 元，同比+111.27%。 基本数据 2024-04-01 投资要点 当前股价（元） 7.22 总市值（亿元） 1239 ▌ 公司加强生产管控规避价格波动风险，电解铝毛 总股本（百万股） 17158 利率实现增长 流通股本（百万股） 13079 52周价格范围（元） 5.01-7.4 公司降本成效显著，有效抵御市场价格波动风险，仍实现较 好业绩。2023 年虽然铝价下跌影响收入，但公司加强生产管 日均成交额（百万元） 700.57 控，提升产能利用率，产品质量保持行业 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 铝 ＃investSuggestion＃ ＃ ＃d中yCo国mpa铝ny＃业 （ 601600 ） investSug 增持 ( 维ges持tionC）h 6 减016 值00 影响减少，有望＃ 持title＃ 续受益全产业链优势 ange＃ ＃createTime1＃ 2024 年04 月02 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  业绩概要：公司发布2023年年度报告，2023年公司实现营业收入2250.70 市场数据日期 2024-04-01 亿元，同比减少22.65％；实现归母净利润67.17亿元，同比增加60.23%； 收盘价（元） 7.22 实现每股收益0.39元，同比增加63.60%。公司拟向全体股东每10股派发现 总股本（百万股） 17158.38 金红利0.8元（含税）。 流通股本（百万股） 17022.67 净资产（百万元） 60457.74  氧化铝、电解铝利润收窄，但减值拖累有所减少，业绩明显改善。从量来看， 总资产（百万元） 211755.81 2023年公司实现氧化铝产量1667万吨， ...

Investment Rating - The report maintains a "Recommend" rating for the company, with expected PE ratios of 14, 12, and 10 for 2024-2026 respectively [2][3] Core Views - The company's integrated industrial chain layout and potential for electrolytic aluminum asset integration are key future growth drivers [2] - Under the "China Special Valuation" system, the company's value is expected to be re-evaluated due to its strategic importance in the national economy [2] - The company's performance is expected to show significant elasticity with rising aluminum prices [2] Financial Performance - In 2023, the company achieved revenue of 225.07 billion yuan, a year-on-year decrease of 22.65%, while net profit attributable to the parent company increased by 60.23% to 6.717 billion yuan [1][7] - The company's electrolytic aluminum production in 2023 was 6.79 million tons, a year-on-year decrease of 1.31%, mainly due to production decline at its subsidiary Yunnan Aluminum [1] - The company's asset impairment losses significantly decreased to 755 million yuan in 2023, driving a substantial improvement in performance [14] Industry and Market Analysis - The company has a complete industrial chain layout from upstream (bauxite, alumina, prebaked anodes, coal, power) to midstream (electrolytic aluminum) and downstream [19] - The company controls approximately 2.3 billion tons of bauxite resources, with a domestic self-sufficiency rate of about 70% for bauxite and 100% for alumina [19] - As of the end of 2022, the company had an alumina production capacity of 22.26 million tons/year and an electrolytic aluminum production capacity of 7.35 million tons/year [21][23] Future Outlook - The company is expected to achieve net profits attributable to the parent company of 9.111 billion yuan, 10.907 billion yuan, and 12.288 billion yuan in 2024-2026 [2][29] - The acquisition of Yunnan Aluminum has significantly increased the company's green aluminum production capacity, with green electricity accounting for about 80% of Yunnan Aluminum's electricity consumption structure in 2023 [25][27] - The company has several ongoing projects, including the Baotou Aluminum Phase III project and the Guangxi Huasheng Phase II 2 million tons alumina project [24]

Investment Rating - The investment rating for the company is "Accumulate" [1][3]. Core Views - The company's profitability has significantly improved, with a steady decline in the debt-to-asset ratio. In 2023, the company achieved a revenue of 225.07 billion yuan, a decrease of 22.65% year-on-year, while the net profit attributable to shareholders was 6.717 billion yuan, an increase of 60.23% year-on-year [1][4][6]. - The increase in net profit is attributed to the decline in prices of raw materials such as petroleum coke and coal, which improved unit profitability. The unit net profit for electrolytic aluminum increased from 1,240 yuan/ton in 2022 to 1,379 yuan/ton in 2023, a year-on-year increase of 11.2% [1][6][9]. - The company has reduced low-margin trading businesses, leading to an increase in the profitability of the aluminum segment. The gross margin for Q4 2023 increased by 5 percentage points to 21% [1][6][9]. Financial Performance Summary - In 2023, the company reported a gross margin of 12.90%, an increase of 1.43 percentage points year-on-year, and a net margin of 5.59%, an increase of 1.86 percentage points year-on-year. The expense ratio was 5.10%, up 0.70 percentage points year-on-year [1][9]. - The company's debt-to-asset ratio at the end of 2023 was 53.30%, a decrease of 5.37 percentage points from the end of 2022, indicating a steady decline over the years [1][9]. - The production of alumina and primary aluminum remained stable in 2023, with alumina production at 21.66 million tons (down 1%) and primary aluminum production at 6.79 million tons (down 1%) [1][17]. Future Earnings Forecast - The earnings forecast for 2024-2026 is as follows: revenue of 222.97 billion yuan in 2024 (down 0.94% year-on-year), 226.59 billion yuan in 2025 (up 1.63% year-on-year), and 231.51 billion yuan in 2026 (up 2.17% year-on-year). The net profit attributable to shareholders is expected to be 8.5 billion yuan in 2024 (up 26.54% year-on-year), 10.22 billion yuan in 2025 (up 20.25% year-on-year), and 11.63 billion yuan in 2026 (up 13.75% year-on-year) [1][18].

Investment Rating - The report assigns a "Buy" rating for China Aluminum (601600) [4] Core Views - China Aluminum is a large state-owned enterprise with a fully integrated aluminum industry chain, including bauxite mining, alumina, and electrolytic aluminum production [2][12] - The company reported revenues of 225.07 billion yuan and a net profit of 6.72 billion yuan in 2023, with a year-on-year revenue decline of 22.65% and a profit increase of 60.23% [3][17] - The report highlights the ongoing supply-demand mismatch in the aluminum market, indicating potential upward pressure on aluminum prices [3][30] Summary by Sections 1. Company Overview - China Aluminum is the only international aluminum company with a complete industry chain, covering three main sectors: bauxite, alumina, and electrolytic aluminum, along with sub-industries such as high-purity aluminum and aluminum alloys [2][12] - The company has a strong focus on cost reduction and efficiency improvement, which has positively impacted profit margins [24] 2. Industry Supply and Demand - The domestic reliance on imported bauxite is increasing, with 2023 imports reaching 99.32 million tons, highlighting the need for stable raw material supply [3][30] - The electrolytic aluminum production capacity is capped at 45 million tons, with limited new capacity expected, creating a supply constraint [36] 3. Key Projects and Integration Advantages - The company has significant bauxite reserves and is expanding its overseas operations, particularly in Guinea, which enhances its integrated advantages [3][42] - Upcoming projects, including a 2 million-ton alumina project in Guangxi and a 500,000-ton electrolytic aluminum project in Qinghai, are expected to boost production and profitability [3][45] 4. Profit Forecast and Valuation - The report forecasts net profits of 8.04 billion yuan, 9.67 billion yuan, and 11.18 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 15.79, 13.13, and 11.36 [3][48]