2023年年度报告 公司代码：601600 公司简称：中国铝业 中国铝业股份有限公司 2023 年年度报告 ...

证券研究报告 公 2024年02月21日 司 报 告 中国铝业(601600) 行 业： 有色金属/工业金属 │ 公 投资评级： 买入（维持） 司 当前价格： 5.90元 国内铝土矿龙头，未来业绩弹性大 点 目标价格： 6.82元 评 研 究 事件： 基本数据 总股本/流通股本(百万股) 17,158.38/17,022.67 公司发布2023年业绩预增公告，2023年公司预计实现归母净利润63-73亿 元，同比增加 50%-74%；扣非后归母净利润 66-76 亿元，同比增加 113%- 流通A股市值(百万元) 77,164.37 145%。业绩增长原因主要与公司加强生产计划和过程管控、提升有效产能 每股净资产(元) 3.33 利用率、持续深化全要素对标等措施有关。 资产负债率(%) 54.34 ➢ 产品售价下降，公司加强成本及生产管控提升业绩 一年内最高/最低(元) 6.87/4.90 从价格端看：2023年国内氧化铝现货均价 2919 元/吨、同比下降 0.95%， 股价相对走势 电解铝现货均价18711元/吨、同比下降6.24%；从成本端看：2023年国内 中国铝业 沪深300 阳极均价4685元/吨 ...

Revenue and Profit Performance - Revenue for Q3 2023 was RMB 54.34 billion, a decrease of 20.85% compared to the same period last year[4] - Net profit attributable to shareholders of the listed company for Q3 2023 was RMB 1.94 billion, an increase of 105.35% year-on-year[4] - Total operating revenue for the first three quarters of 2023 was 188.4 billion yuan, a decrease of 17.2% compared to 227.6 billion yuan in the same period of 2022[15] - Net profit attributable to the parent company's shareholders was 5.35 billion yuan, a slight decrease of 0.9% compared to 5.40 billion yuan in the same period of 2022[15] - Total revenue for the first three quarters of 2023 reached 20,102,716 thousand yuan, a slight increase from 19,648,534 thousand yuan in the same period last year[23] - Net profit for the first three quarters of 2023 was 2,816,198 thousand yuan, significantly higher than 129,829 thousand yuan in the same period last year[23] Production and Operational Metrics - Metallurgical alumina production in the first nine months of 2023 was 12.46 million tons, a decrease of 7.35% compared to the same period last year[8] - Primary aluminum (including alloy) production in the first nine months of 2023 was 4.93 million tons, a decrease of 3.78% year-on-year[8] - Coal production in the first nine months of 2023 was 9.69 million tons, an increase of 19.19% compared to the same period last year[8] Financial Position and Assets - The company's total assets at the end of Q3 2023 were RMB 210.34 billion, a decrease of 0.95% compared to the end of the previous year[4] - Total assets decreased to 210,340,335 thousand yuan from 212,347,896 thousand yuan compared to the end of 2022[13][14] - Current assets increased to 55,596,471 thousand yuan from 54,535,973 thousand yuan, driven by growth in receivables and inventory[13] - Non-current assets decreased to 154,743,864 thousand yuan from 157,811,923 thousand yuan, mainly due to a reduction in fixed assets[13] - Total assets as of September 30, 2023, were 124,089,350 thousand yuan, slightly down from 125,587,206 thousand yuan at the end of 2022[20] Liabilities and Equity - Total liabilities decreased to 114,299,175 thousand yuan from 124,593,412 thousand yuan, with a significant reduction in current liabilities[14] - Shareholders' equity increased to 96,041,160 thousand yuan from 87,754,484 thousand yuan, reflecting improved retained earnings[14] - Total liabilities decreased to 71,955,115 thousand yuan as of September 30, 2023, from 75,663,980 thousand yuan at the end of 2022[21] - Shareholders' equity increased to 52,134,235 thousand yuan as of September 30, 2023, up from 49,923,226 thousand yuan at the end of 2022[21] Cash Flow and Financing - Net cash flow from operating activities was 20.40 billion yuan, a decrease of 15.5% compared to 24.14 billion yuan in the same period of 2022[17] - Net cash flow from investing activities was -5.88 billion yuan, an improvement from -7.27 billion yuan in the same period of 2022[17] - Net cash flow from financing activities was -14.87 billion yuan, compared to -13.23 billion yuan in the same period of 2022[18] - Operating cash flow for the first three quarters of 2023 was 2,765,880 thousand yuan, up from 2,151,292 thousand yuan in the same period last year[24] - Investment cash flow for the first three quarters of 2023 was 7,237,571 thousand yuan, a significant improvement from -546,674 thousand yuan in the same period last year[24] - Repayment of debt cash payment: 18,272,096[25] - Dividend, profit distribution, or interest payment cash: 1,830,587[25] - Other financing-related cash payments: 294,766[25] - Total cash outflow from financing activities: 20,397,449[25] - Net cash flow from financing activities: -10,649,147[25] - Effect of exchange rate changes on cash and cash equivalents: 181[25] - Net increase in cash and cash equivalents: -645,515[25] - Beginning cash and cash equivalents balance: 6,545,759[25] - Ending cash and cash equivalents balance: 5,900,244[25] R&D and Innovation - R&D expenses increased by 22.6% to 3.33 billion yuan in the first three quarters of 2023, compared to 2.72 billion yuan in the same period of 2022[15] - R&D expenses increased to 558,518 thousand yuan in the first three quarters of 2023, up from 360,807 thousand yuan in the same period last year[23] Earnings and Shareholder Metrics - The weighted average return on equity for Q3 2023 was 3.41%, an increase of 1.84 percentage points year-on-year[4] - The company's equity attributable to shareholders of the listed company at the end of Q3 2023 was RMB 59.10 billion, an increase of 8.63% compared to the end of the previous year[4] - The company's basic earnings per share for Q3 2023 was RMB 0.111, an increase of 113.46% year-on-year[4] - Basic earnings per share remained stable at 0.309 yuan per share, compared to 0.310 yuan per share in the same period of 2022[16] - Total comprehensive income for the first three quarters of 2023 was 8.98 billion yuan, a decrease of 13.1% compared to 10.33 billion yuan in the same period of 2022[16] Non-Recurring Items - The company's non-recurring gains and losses for Q3 2023 amounted to a net loss of RMB 109.84 million[6] Inventory and Fixed Assets - Inventory remained high at 24,093,746 thousand yuan, slightly down from 24,712,322 thousand yuan at the end of 2022[13] - Fixed assets decreased to 101,409,841 thousand yuan from 106,996,858 thousand yuan, indicating depreciation and disposals[13] Short-Term Borrowings and Receivables - Short-term borrowings increased to 7,581,028 thousand yuan from 6,461,103 thousand yuan, reflecting higher short-term financing needs[14] - Accounts receivable increased to 4,962,460 thousand yuan from 4,106,396 thousand yuan, indicating higher sales on credit[13] - Short-term borrowings increased to 5,166,254 thousand yuan as of September 30, 2023, up from 3,790,711 thousand yuan at the end of 2022[20] Retained Earnings and Profitability - Retained earnings rose to 14,873,779 thousand yuan from 10,181,050 thousand yuan, showing improved profitability[14] Cash and Cash Equivalents - Cash and cash equivalents at the end of the period were 16.48 billion yuan, a decrease of 29.2% compared to 23.27 billion yuan at the end of the same period in 2022[18] - Cash and cash equivalents decreased to 5,227,660 thousand yuan as of September 30, 2023, from 6,663,880 thousand yuan at the end of 2022[20]

2023年半年度报告 公司代码：601600 公司简称：中国铝业 中国铝业股份有限公司 2023 年半年度报告 ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2023-020 中国铝业股份有限公司 关于接待投资者调研情况的公告 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。 中国铝业股份有限公司（以下简称"中国铝业"或"公司"）于 2023 年 6 月 6 日通过现场交流的形式接待了境内外投资者调研，现将情况公告如下： 一、调研情况 调研时间：2023 年 6 月 6 日 调研地点：中国铝业总部大楼（北京市海淀区西直门北大街 62 号） 调研方式：现场交流 公司接待人员：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 生以及相关部门负责人 调研机构名称（排名不分先后）：摩根资产管理有限公司、东方汇理资产管理 公司、韩国未来资产证券股份有限公司北京代表处、中国银河国际控股有限公司、 开域资本（新加坡）有限公司、国泰君安证券股份有限公司、行健资产管理有限公 司、瑞银证券有限责任公司、Strategic Vision Investment Limited 等。 二、调研的主要问题及公司回复概要 问题 1：目前氧化铝市 ...

2023年第一季度报告 证券代码：601600 证券简称：中国铝业 中国铝业股份有限公司 2023 年第一季度报告 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。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一）主要会计数据和财务指标 单位：千元 币种：人民币 本报告期比 ...

2022年年度报告 公司代码：601600 公司简称：中国铝业 中国铝业股份有限公司 2022 年年度报告 ...

公司代码：601600 公司简称：中国铝业 2022 年半年度报告 中国铝业股份有限公司 2022 年半年度报告 1 2022 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人刘建平、主管会计工作负责人葛小雷及会计机构负责人（会计主管人员）高立东 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告包括前瞻性陈述。除历史事实陈述外，所有本公司预计或期待未来可能或即将发生 的业务活动、事件或发展动态的陈述（包括但不限于预测、目标、储量及其他估计以及营业计划 ）都属于前瞻性陈述，不构成本公司对投资者的实质承诺，请投资者注意投资风险。受诸多可变 因素的影响，未来的实际结果或发展趋势可能会与这些前瞻性陈述出现重大差异。本报告中的前 瞻性陈述为本公司于2022年8月23日作出 ...

2022 年第一季度报告 (一)主要会计数据和财务指标 单位：千元 币种：人民币 证券代码：601600 证券简称：中国铝业 中国铝业股份有限公司 2022 年第一季度报告 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。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务报表 信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 | --- | --- | --- | --- | --- | |------------------------------------------------|------------|-------------------|------------|-----------------------------------------------| | 项目 | 本报告期 ...