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]

[Table_Page] 年报点评|有色金属 证券研究报告 [中Table_国Title] 铝业(601600.SH/02600.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 7.11元/4.97港元 Q4 归母净利环降 30%，期待公司资产质量改善 合理价值 9.25元/6.46港元 前次评级 买入/买入 [（Ta注ble：_Su下m文ma如ry]无 特殊说明，货币单位均为人民币，同比、环比数据均经过回溯调整） 报告日期 2024-03-29 核心观点： [相Tab对le_P市icQ场uote表] 现  公司披露2023年财报，Q4公司归母净利环比减30%，符合预期。据 公司财报，Q4公司实现营收367亿元，同比-42%，环比-33%；归母 32% 21% 净利14亿元，同比-213%，环比-30%；经营净现金流66亿元，同比 10% -21%，环比-34%；资产负债率53.3%，较22年末-5.37PCT，较23Q3 0% 03/23 05/23 07/23 09/23 11/23 01/24 03/24 末-1.04PCT。公司整体业绩符合预期，23Q4业绩环比下降的原 ...

3月27日晚，有色金属龙头中国铝业（601600.SH）发布公告称，拟将所持有的中铜矿产资源有限公司 （以下简称“中铜资源”）6.68%股权转让给中国铜业有限公司（以下简称“中国铜业”），交易对价为 3.28亿元。 若股权转让完成，中铜资源将变成中国铜业的全资子公司，中国铝业将不再持有中铜资源股权。中国铜 业为中国铝业控股股东中国铝业集团有限公司的附属公司，此次交易构成关联交易。 中国铝业参股到中铜资源还得追溯到2015年，彼时参股的主要目的是为获取铝土矿资源，但之后由于中 铜资源的发展定位调整为铜锌铅资源的勘探开发，多年来对中国铝业从中获取铝土矿资源提供的支持和 服务极其有限。 中铜资源提供的铝土矿资源较为有限，自身盈利能力也较差，且资产负债率超过70%，中国铝业作为中 铜资源的参股股东，多年未获得分红收益。 根据公告，中铜资源2023年实现营业收入1.86亿元，净利润亏损1617.27万元。 年报数据显示，中国铝业对中铜资源的长期股权投资余额逐年递减，从2019年初的2.34亿元降至2023年 末的2.04亿元，5年减少12.83%。 “本次交易有利于公司盘活低效资源，获取更多营运资金，提高资产使用效率。 ...

智通财经APP获悉，美银证券发布研究报告称，维持中国铝业(02600)“买入”评级，基于对铝价仍持正面 看法，以及其为行业领导者。基于去年业绩及公司最新指引，上调公司今明两年每股盈利预测2%至 7%，目标价由5港元上调至5.7港元。 报告中称，公司去年税后净利润同比升60%至67亿元人民币，为盈喜预告范围中位数，意味去年第四季 税后净利润按季跌30%至13.6亿元人民币。该行指，公司去年资产减值亏损7.55亿元人民币，低于2022 年的49亿元人民币，基于公司减少过时资产减值，信贷减值则由2022年的4.14亿元人民币，改善至去年 的回拨1.46亿元人民币。 该行预测，中国铝价为每吨1.9万元人民币，中铝今年每吨铝毛利料为3000元人民币，受益于供应增长 受限，以及煤炭与阳极炭块成本下降。该行料中国铝需求今年增长2%，受电网投资，以及电动车增长 良好及轻型化趋势支持，抵销房地产需求与光伏需求增长放缓影响。 ...

3月 27日，公司发布23 年年报，23年实现营收2250.71 亿元， 同比-22.65%；归母净利 67.17 亿元，同比+60.23%；扣非归母净 利66.14亿元，同比+111.27%。4Q23营收495.53亿元，环比-0.10%； 归母净利13.64 亿元，环比-29.51%；扣非归母净利16.85 亿元， 环比-17.65%。 2H23 主要板块业绩实现大幅增长。（1）自产氧化铝 23 年外销量 652 万吨，同比+24.67%，Q4外销量151 万吨，环比-4.43%。2H23 氧化铝均价环比+1.79%至 2944.31 元/吨，氧化铝板块营收319.99 亿元，环比+48.65%。全年氧化铝板块税前利润 9.85 亿元，同比 增长7.73 亿元，主因资产减值事项减少。23 年公司氧化铝制造成 本2203 元/吨，同比+5.05%。（2）自产原铝（含合金）23年外销 量680 万吨，同比-0.15%，Q4 外销量186 万吨，环比-1.06%。2H23 原铝板块营收 687.19 亿元，环比+21.43%，主因自产原铝（含合 金）外销量环比+22.22%至 374 万吨，同期长江有色铝均价环 ...

Financial Performance - The net profit of the parent company for 2023 is approximately CNY 3.74 billion, while the consolidated net profit attributable to shareholders is about CNY 6.72 billion[4]. - The company plans to allocate 10% of the parent company's net profit, amounting to CNY 374 million, to statutory reserves and distribute a cash dividend of CNY 1.6 per 10 shares, totaling approximately CNY 1.373 billion, which represents 20.44% of the consolidated net profit[4]. - The company's operating revenue for 2023 was CNY 225,070,880, a decrease of 22.65% compared to CNY 290,987,942 in 2022[18]. - Net profit attributable to shareholders for 2023 reached CNY 6,716,945, representing a 60.23% increase from CNY 4,192,068 in 2022[18]. - The net profit after deducting non-recurring gains and losses was CNY 6,614,183, up 111.27% from CNY 3,130,693 in 2022[18]. - The company's total assets at the end of 2023 were CNY 211,755,809, a slight decrease of 0.28% from CNY 212,347,896 at the end of 2022[18]. - The net assets attributable to shareholders increased by 11.13% to CNY 60,457,735 from CNY 54,401,529 in 2022[18]. - Basic earnings per share for 2023 were CNY 0.391, a 63.60% increase compared to CNY 0.239 in 2022[19]. - The weighted average return on net assets for 2023 was 12.02%, an increase of 5.12 percentage points from 6.90% in 2022[19]. Operational Highlights - The company's alumina production was 1,667,000 tons in 2023, down 5.50% from 1,764,000 tons in 2022, while fine alumina production increased by 16.32% to 499,000 tons[25]. - The total imported bauxite reached 14,165,000 tons in 2023, marking a 12.7% year-on-year increase, with Guinea accounting for 70.1% of imports, up 40.9%[28]. - The company's coal production reached 1,305,000 tons in 2023, reflecting a 21.51% increase from 1,074,000 tons in 2022[25]. - The company's electricity generation was 162 billion kWh in 2023, a decrease of 2.99% from 167 billion kWh in 2022[25]. - In 2023, the company produced 30.42 million tons of bauxite, 16.67 million tons of metallurgical-grade alumina, and 6.79 million tons of primary aluminum (including alloys), with a total coal output of 13.05 million tons, marking a year-on-year increase of 21.51%[34]. Market and Industry Trends - The global alumina production was approximately 13,909,000 tons in 2023, with China's production at about 8,227,000 tons, representing a 3.1% increase year-on-year[30]. - The average price of LME three-month aluminum in 2023 was USD 2,288 per ton, a decrease of 15.7% compared to 2022, while the average price of SHFE three-month aluminum was CNY 18,473 per ton, down 6.9% year-on-year[31]. - The overall aluminum market is expected to maintain a basic balance, with traditional construction aluminum demand declining while demand from transportation, electronics, and renewable energy sectors is increasing[117]. - The demand for alumina is expected to remain tight in 2024, primarily driven by the operating rates of electrolytic aluminum capacity, which is nearing its ceiling[116]. Corporate Governance and Compliance - The audit report issued by PwC Zhong Tian is a standard unqualified opinion, ensuring the accuracy and completeness of the financial statements[3]. - The board of directors has confirmed that more than half of the directors can guarantee the authenticity, accuracy, and completeness of the annual report[6]. - The company is focused on enhancing its compliance management system, which includes the development of a comprehensive compliance guidance document and the appointment of a chief compliance officer[42]. - The company has implemented a comprehensive internal control system and governance structure in compliance with relevant laws and regulations[135]. - The company is committed to a clear governance structure, ensuring the protection of shareholders' legal rights and interests[135]. Environmental and Social Responsibility - The company’s carbon emissions were reduced by 1.25 million tons in 2023, reflecting its commitment to green development[38]. - The company completed the reclamation of 7,990 acres of mined land in 2023, achieving a 100% reclamation rate[38]. - The company is committed to ecological protection and high-quality development, focusing on addressing environmental issues in the Yangtze and Yellow River basins[195]. - The company has established a social responsibility committee to advance specific ESG initiatives and tasks[154]. Research and Development - Research and development expenses for 2023 amounted to CNY 3.729 billion, a decrease of CNY 1.076 billion or 22.39% from CNY 4.805 billion last year[64]. - The company established four major technology innovation platforms and formed 21 innovation teams, resulting in 485 patent authorizations in 2023, a 36% increase year-on-year[39]. - The company is committed to strengthening its innovation system, enhancing R&D investment intensity, and improving the overall efficiency of its innovation framework[123]. Strategic Initiatives - The company plans to continue expanding its market presence and invest in new product development to drive future growth[18]. - The company aims to enhance its competitiveness by focusing on resource acquisition, green aluminum smelting, and the development of high-purity aluminum-based new materials[118]. - The company is actively pursuing opportunities for mergers and acquisitions to bolster its market position and expand its operational capabilities[168]. - The company plans to enhance its digital transformation strategy, allocating 200 million for technology upgrades[170]. Employee and Workforce Management - The company’s average employee income increased by 5% year-on-year, with labor productivity rising by 6.3%[41]. - The total number of employees in the company is 64,504, with 162 in the headquarters and 64,342 in major subsidiaries[197]. - A total of 255 employees participated in various training programs in 2023, with over 3,000 training instances completed across 31 projects[199]. - The company emphasizes a performance-based salary system linked to economic benefits, implementing quarterly assessments and differentiated incentives[198].

社会责任暨环境、社会与管治报告 股份代号：2600（香港联合交易所）、 601600（上海证券交易所） 2023 目录 | 董事长致辞 | 04 | 关于本报告 | 06 | 附录 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 总经理致辞 | 05 | 董事会声明 | 10 | 港交所索引 | 91 | GRI 索引 | 95 | 意见反馈表 | 96 | | 公司简介 | 14 | | --- | --- | | 核心理念 | 16 | | 荣誉奖项 | 17 | | 体系架构 | | --- | | 相关方沟通 | | 重大性判定 | | SDGs 响应 | 责任管治 护航稳健运营 | 完善公司治理 | 28 | | --- | --- | | 落实合规运营 | 31 | | 筑牢风险管理 | 33 | | 规范商业道德 | 35 | | 确保信息安全 | 38 | 01 02 03 04 05 走进中国铝业 ESG 管理 低碳环保 共筑绿色生活 42 49 应对气候变化 优化资源使用 保障生产安全 ...

关于中国铝业股份有限公司 2023 年度涉及中铝财务有限责任公司关联交易的存、贷款等金融业务 情况的专项报告 普华永道 涉及中铝财务有限责任公司关联交易的存、贷款等金融业务情况的专项报告 普华永道中天特审字(2024)第0601号 (第一页,共二页) 中国铝业股份有限公司董事会: 我们审计了中国铝业股份有限公司(以下简称"中国铝业")2023年12月31 日的合并及公司资产负债表、2023年度合并及公司利润表、合并及公司股东权 益变动表、合并及公司现金流量表和财务报表附注,并于 2024年3月27日出具 了报告号为普华永道中天审字(2024)第 10025 号的无保留意见审计报告。财务报 表的编制和公允列报是中国铝业管理层的责任,我们的责任是在按照中国注册会 计师审计准则执行审计工作的基础上对财务报表整体发表审计意见。 在对上述财务报表执行审计的基础上,我们对后附的中国铝业 2023 年度涉 及中铝财务有限责任公司关联交易的存、贷款等金融业务情况汇总表(以下简称 "关联金融业务情况汇总表")执行了有限保证的鉴证业务。 按照上海证券交易所颁布的《上海证券交易所上市公司自律监管指引第 5号- 交易与关联交易(20 ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2024-011 中国铝业股份有限公司 关于 2023 年度计提资产减值准备的公告 本公司董事会及全体董事保证本公告不存在任何虚假记载、误导性陈述或重大 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。 中国铝业股份有限公司（以下简称"公司"）于 2024 年 3 月 27 日召开的第八届 董事会第二十次会议审议通过了《关于公司 2023 年度拟计提资产减值准备的议案》， 现就具体情况说明如下： 一、公司计提资产减值准备的基本情况 根据中国企业会计准则、国际财务报告准则及公司内部控制的要求，为客观、公 允地反映公司财务状况和经营结果，公司对2023年各项资产进行了减值迹象的识别和 测试。根据识别和测试结果，除随铝价及成本波动的存贷减值外，公司合并财务报表 口径拟发生资产减值损失为人民币4.60亿元，其中：发生存货减值损失净额人民币 0.08亿元、净转回应收款项坏账准备人民币1.46亿元，计提长期资产减值准备人民币 5.98亿元。前述事项将减少公司2023年度合并财务报表税前利润人民币4.60亿元。 二、计提资产减值准备具体情况 （一）存货 ...

中国铝业股份有限公司 独立董事2023年度述职报告 (陈远秀) 本人作为中国铝业股份有限公司(以下简称"公司"或"中国铝业")的独立 董事,根据《中华人民共和国公司法》《上市公司独立董事管理办法》《上市公司 治理准则》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第1号一规范运作》等相关法律、法规、规范性文件及《中国铝业股份有限公 司章程》(以下简称"《公司章程》")《中国铝业股份有限公司独立董事工作细 则》等制度的要求,本着对全体股东负责的态度,诚信、勤勉、独立地履行职责, 审慎、客观地发表意见,有效维护了公司及全体股东,尤其是中小股东的合法权益。 现就本人在2023年度的履职情况报告如下: 一、个人基本情况 (一)工作履历、专业背景及兼职情况 陈远秀,53岁,太平绅士,现为远博顾间有限公司(一家主要从事提供业务顾 问服务的公司)董事总经理,于2020年10月获香港特区政府委任为太平绅士,以 表彰本人于公共服务方面的出色表现及对小区的贡献,并于2022年3月获颁 《ACCA倡导者奖项(中国区)》,以表扬本人对会计专业的不懈支持。本人于 2008年至2009年担任特许公认会计师公会(「A ...