Investment Rating - The report maintains an "Outperform" rating for Chalco (601600 SH) [1][3][14] Core Views - Chalco's Q3 2024 net profit declined QoQ due to cost increases, while main business production showed steady growth [1] - The company's revenue for the first three quarters of 2024 decreased by 7 76% YoY, but net profit attributable to shareholders increased by 68 46% YoY [1][4] - Chalco's profitability adjusted QoQ, with continuous optimization of debt-to-asset ratio [1][7] - Aluminum and alumina production increased QoQ in Q3 2024 [1][10] Financial Performance Revenue and Profit - Q1-Q3 2024 revenue reached 173 78 billion yuan, down 7 76% YoY [1][4] - Net profit attributable to shareholders was 9 017 billion yuan, up 68 46% YoY [1][4] - Q3 2024 revenue was 63 06 billion yuan, up 16 04% YoY and 2 10% QoQ [1][4] - Q3 2024 net profit attributable to shareholders was 2 billion yuan, up 3 34% YoY but down 58 21% QoQ [1][4] Profitability - Q1-Q3 2024 gross margin was 15 23%, up 5 70 percentage points YoY [1][7] - Q1-Q3 2024 net margin was 8 65%, up 4 48 percentage points YoY [1][7] - Q3 2024 gross margin was 11 67%, down 4 11 percentage points YoY and 7 11 percentage points QoQ [1][7] - Q3 2024 net margin was 5 93%, down 0 73 percentage points YoY and 5 80 percentage points QoQ [1][7] Production and Sales Alumina - Q1-Q3 2024 metallurgical alumina production was 12 57 million tons, up 0 88% YoY [1][10] - Q1-Q3 2024 fine alumina production was 3 25 million tons, up 14 84% YoY [1][10] - Q3 2024 metallurgical alumina production was 4 37 million tons, up 3 3% YoY and 10 6% QoQ [1][10] - Q3 2024 fine alumina production was 1 18 million tons, up 24 2% YoY and 9 3% QoQ [1][10] Aluminum - Q1-Q3 2024 primary aluminum production was 5 62 million tons, up 14 00% YoY [1][10] - Q1-Q3 2024 primary aluminum sales volume was 5 60 million tons, up 13 36% YoY [1][10] - Q3 2024 primary aluminum production was 1 99 million tons, up 6 4% YoY and 7 6% QoQ [1][10] - Q3 2024 primary aluminum sales volume was 2 01 million tons, up 6 9% YoY and 9 8% QoQ [1][10] Coal - Q1-Q3 2024 coal production was 9 74 million tons, up 0 52% YoY [1][10] - Q3 2024 coal production was 3 36 million tons, down 3 2% YoY and 4 0% QoQ [1][10] Subsidiaries Performance - Chalco New Materials (100% owned) achieved 695 million yuan net profit in Q3 2024 [1][7] - Yunnan Aluminium (29 1% owned) achieved 1 301 billion yuan net profit in Q3 2024 [1][7] - Combined net profit contribution from these subsidiaries was approximately 1 07 billion yuan in Q3 2024 [1][7][9] Financial Forecast - 2024-2026 revenue forecast: 203 503/204 020/204 732 billion yuan [1][14] - 2024-2026 net profit forecast: 11 803/13 795/15 513 billion yuan [1][14] - 2024-2026 EPS forecast: 0 69/0 80/0 90 yuan [1][14] - Current PE ratio: 11 2x/9 6x/8 5x for 2024-2026 [1][14] Industry Position - Chalco is a leading state-owned enterprise in the non-ferrous metals industry with a complete aluminum industry chain [14] - The company maintains certain capacity expansion capabilities despite industry capacity ceilings [14]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 7.69 yuan [4]. Core Views - The company's net profit attributable to shareholders for the first three quarters of 2024 reached 9.017 billion yuan, a year-on-year increase of 68.46%, while the net profit for Q3 2024 was 2 billion yuan, a year-on-year increase of 3.34% but a quarter-on-quarter decrease of 58.21% [2]. - The production of electrolytic aluminum and alumina saw significant growth in Q3 2024, with electrolytic aluminum production at 1.99 million tons, a quarter-on-quarter increase of 140,000 tons and a year-on-year increase of 120,000 tons [2]. - The report highlights the company's integrated supply chain advantages, with alumina self-sufficiency at 100% and bauxite self-sufficiency at approximately 60%, which enhances cost advantages as alumina prices rise [2]. - The report suggests that the value of bauxite resources is expected to be reassessed due to rising prices and geopolitical factors, positioning the company favorably as a leader in the bauxite, alumina, and electrolytic aluminum sectors [2]. Financial Summary - The company's total revenue for 2023 is projected at 225.071 billion yuan, with a net profit of 12.584 billion yuan, and an expected growth rate of 60.23% for net profit in 2024 [5]. - The report forecasts net profits for 2024, 2025, and 2026 to be 11.631 billion yuan, 13.824 billion yuan, and 15.508 billion yuan respectively, corresponding to price-earnings ratios of 11, 10, and 9 times [2][5]. - The company's debt ratio decreased to 48.7% in Q3 2024, down 4.6 percentage points from the end of 2023, indicating improved financial stability [2].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q3 performance was impacted by a significant increase in costs, with Q3 operating costs rising by 5.54 billion yuan [3] - Despite the cost increase, the company's alumina and primary aluminum production and sales have improved, with alumina production increasing by 0.88% YoY and primary aluminum production increasing by 14% YoY in the first three quarters of 2024 [3] - The company's Q4 performance is expected to improve due to a rebound in aluminum and alumina prices, with aluminum prices increasing by 1,174 yuan/ton and alumina prices increasing by 615 yuan/ton compared to Q3 [3] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 173.8 billion yuan, a decrease of 7.76% YoY, but net profit attributable to shareholders increased by 68.46% YoY to 9.02 billion yuan [3] - Q3 revenue was 63.06 billion yuan, up 16.04% YoY, but net profit attributable to shareholders decreased by 58.21% QoQ to 2.0 billion yuan [3] Production and Sales Data - In Q3 2024, metallurgical alumina production was 4.37 million tons, up 10.63% QoQ, while primary aluminum production was 1.99 million tons, up 7.57% QoQ [3] - The company's coal production in Q3 was 3.36 million tons, down 4.00% QoQ, and power generation for external sales was 11.9 billion kWh, down 2.5% YoY [3] Market Data - The company's total market capitalization is 143.26 billion yuan, with a circulating market capitalization of 109.58 billion yuan [3] - The average daily trading volume in the past month was 1.42 billion yuan, with a turnover rate of 2.07% [3] Profit Forecast and Valuation - The company's revenue is expected to be 225.6 billion yuan in 2024, 236.9 billion yuan in 2025, and 245.4 billion yuan in 2026 [4] - Net profit attributable to shareholders is forecasted to be 13.12 billion yuan in 2024, 14.72 billion yuan in 2025, and 15.75 billion yuan in 2026, with EPS of 0.76 yuan, 0.86 yuan, and 0.92 yuan respectively [6] - The company's P/E ratio is expected to be 10.92x in 2024, 9.73x in 2025, and 9.09x in 2026 [6] Industry Position - The company is a leading player in the domestic electrolytic aluminum industry, with significant advantages in integrated industrial chains [6] - Future growth is expected from new projects in electrolytic aluminum, alumina, and new energy sectors [6]

股票代码：601600 股票简称：中国铝业 公告编号：临 2024-060 本次调整原因：根据中国铝业股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日披露的《中国铝业股份有限公司关于股权激励部分限制性股票回购注销实 施公告》（公告编号：临 2024-053），公司于 2024 年 10 月 28 日收到中国证券登记结 算有限责任公司上海分公司（以下简称"中国结算上海分公司"）出具的《证券变更 登记证明》，公司回购注销的 1,882,319 股限制性股票已于 2024 年 10 月 25 日在中 国结算上海分公司完成注销手续，公司总股本由 17,158,381,228 股变更为 17,156,498,909 股。公司按照每股分配比例不变的原则，对 2024 年中期利润分配总 额进行相应调整。 一、2024 年中期利润分配方案概述 公司于 2024 年 8 月 28 日召开的第八届董事会第二十五次会议及第八届监事会 第十三次会议分别审议通过了《关于公司 2024 年中期利润分配方案的议案》，尚待 公司于 2024 年 11 月 19 日召开的 2024 年第一次临时股东会审议批准。根据公司 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 173.78 billion RMB for the first three quarters of 2024, a year-on-year decrease of 7.76%, while the net profit attributable to shareholders increased by 68.46% to 9.017 billion RMB [2][3]. - The performance of aluminum products showed significant year-on-year growth, although Q3 profits were impacted by rising costs [3]. - The company is set to benefit from the integration of its operations and the release of production capacity, which is expected to enhance profitability [4]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a net profit of 2.00 billion RMB, a decrease of 58.21% quarter-on-quarter but an increase of 3.34% year-on-year [2]. - The average price of alumina in Q3 was 3,939 RMB/ton, up 7.5% quarter-on-quarter, while the average price of primary aluminum was 19,600 RMB/ton, down 4.7% [3]. - The company’s revenue for Q3 was 63.06 billion RMB, a 2% increase from the previous quarter, with costs rising to 59.11 billion RMB, a 9.05% increase [3]. Strategic Developments - The company plans to acquire 100% equity of China Aluminum Shandong and Zhongzhou Aluminum from China Aluminum New Materials, which is expected to improve management efficiency and enhance specialized control over fine alumina [3]. - A capital reduction of 1 billion RMB in Inner Mongolia Huayun New Materials is aimed at optimizing its capital structure and improving capital efficiency [4]. Profit Forecast - The company is projected to achieve revenues of 248.2 billion RMB, 266.8 billion RMB, and 268.6 billion RMB for 2024, 2025, and 2026 respectively, with net profits of 12.13 billion RMB, 15.48 billion RMB, and 17.59 billion RMB [4]. - The expected EPS for the same years is 0.71 RMB, 0.90 RMB, and 1.03 RMB, with corresponding P/E ratios of 11.81, 9.25, and 8.14 [4].

Financial Performance - Revenue for the third quarter reached RMB 63,060,133 thousand, an increase of 16.04% year-on-year[3] - Net profit attributable to shareholders was RMB 2,000,316 thousand, reflecting a growth of 3.34% compared to the same period last year[3] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1,859,089 thousand, a decrease of 9.12% year-on-year[3] - Basic earnings per share for the period was RMB 0.116, up 4.50% from the previous year[3] - Total revenue for the first three quarters of 2024 was RMB 173.78 billion, a decrease of 7.75% compared to RMB 188.40 billion in the same period of 2023[15] - Operating profit for the first three quarters of 2024 increased to RMB 17.41 billion, up 55.5% from RMB 11.20 billion in 2023[16] - Net profit attributable to shareholders for the first three quarters of 2024 was RMB 9.02 billion, a significant increase of 68.8% compared to RMB 5.35 billion in 2023[17] - The company reported a basic earnings per share of RMB 0.525 for the first three quarters of 2024, compared to RMB 0.309 in 2023[17] - Net profit for the first three quarters of 2024 was RMB 5,059,702 thousand, significantly up from RMB 2,816,198 thousand in the same period of 2023, representing an increase of 79.3%[26] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 214,250,471 thousand, an increase of 1.18% from the previous year[3] - Total assets as of September 30, 2024, amounted to RMB 214.25 billion, compared to RMB 211.76 billion at the end of 2023[14] - Total liabilities decreased to RMB 104.29 billion as of September 30, 2024, down from RMB 112.87 billion at the end of 2023[14] - The company's total liabilities decreased to RMB 69,302,913 thousand as of September 30, 2024, down from RMB 75,017,311 thousand at the end of 2023[23] - The company's total liabilities and equity decreased to RMB 124,909,323 thousand as of September 30, 2024, from RMB 127,785,183 thousand at the end of 2023, a reduction of 2.2%[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 333,361[8] - China Aluminum Group Co., Ltd. holds 5,139,204,916 shares, accounting for 29.95% of the total shares[8] - Hong Kong Central Clearing Limited (H shares) holds 3,935,273,789 shares, representing 22.93% of the total shares[8] - The total shares held by China Aluminum Group and its subsidiaries amount to 5,563,312,965 shares, representing approximately 32.42% of the total issued shares[11] - The top ten shareholders include various state-owned and foreign entities, with significant stakes held by China Aluminum Group and Hong Kong Central Clearing[10] Cash Flow - The company reported a net cash flow from operating activities of RMB 10,069,118 thousand, a decrease of 0.25% compared to the previous year[3] - Operating cash flow for the first three quarters of 2024 was RMB 23,618,433 thousand, an increase of 10.8% compared to RMB 20,402,359 thousand in the same period of 2023[18] - Cash inflow from investment activities increased to RMB 8,668,710 thousand in 2024 from RMB 4,418,006 thousand in 2023, representing a growth of 96.5%[19] - Net cash flow from financing activities showed a significant decline, with a net outflow of RMB 19,265,520 thousand in 2024 compared to RMB 14,870,742 thousand in 2023[20] - Cash flow from operating activities generated a net amount of RMB 4,702,706 thousand in the first three quarters of 2024, compared to RMB 2,765,880 thousand in the same period of 2023, indicating a 70.0% increase[27] Production and Operations - Alumina production for the first nine months of 2024 was 1,257 thousand tons, a slight increase of 0.88% compared to 2023[7] - The production of primary aluminum (including alloys) reached 562 thousand tons, marking a 14.00% increase year-on-year[7] - The company expects continued growth in production and sales volumes for the upcoming quarters, driven by increased demand in the market[3] Research and Development - Research and development expenses for the first three quarters of 2024 were RMB 2.49 billion, down 25.5% from RMB 3.33 billion in 2023[15] - Research and development expenses for the first three quarters of 2024 were RMB 108,920 thousand, significantly lower than RMB 558,518 thousand in the same period of 2023, indicating a decrease of 80.5%[25] - The company reported an increase in investment income to RMB 3,764,595 thousand in the first three quarters of 2024, compared to RMB 1,456,963 thousand in the same period of 2023, representing a growth of 158.1%[25] Cash and Current Assets - The total current assets as of September 30, 2024, amount to 60,642,395,000 RMB, an increase from 58,440,534,000 RMB in the previous year[12] - Cash and cash equivalents increased to 22,953,843,000 RMB from 21,103,581,000 RMB year-over-year[12] - Accounts receivable rose to 5,759,112,000 RMB from 4,024,325,000 RMB in the previous year[12] - Inventory increased to 24,465,704,000 RMB from 22,847,135,000 RMB year-over-year[12] - Cash and cash equivalents at the end of Q3 2024 were RMB 21,537,883 thousand, up from RMB 16,477,565 thousand in the same period of 2023[21] - The company's cash and cash equivalents decreased to RMB 3.60 billion as of September 30, 2024, from RMB 7.97 billion at the end of 2023[13] - The cash and cash equivalents at the end of the third quarter of 2024 were RMB 6,457,235 thousand, slightly down from RMB 5,900,244 thousand at the end of the same period in 2023[30] Borrowings - The company reported a decrease in short-term borrowings to RMB 504,761 thousand in 2024 from RMB 4,502,718 thousand in 2023, indicating a reduction in short-term debt[23] - Long-term borrowings increased to RMB 22,796,375 thousand in 2024 from RMB 20,603,000 thousand in 2023, reflecting a strategy to secure long-term financing[23] Board of Directors - The board of directors includes executive directors Shi Zhi Rong, Ou Xiao Wu, and Jiang Tao, as well as non-executive director Chen Peng Jun and independent non-executive directors Qiu Guan Zhou, Yu Jing Song, and Chen Yuan Xiu[31]

中铝中州铝业有限公司 2024年1-5月财务报表审计 审 计 报 告 我们审计了中铝中州铝业有限公司(以下简称"贵公司")财务报表,包括 2024年 5 月 31 日的资产负债表,2024年1-5 月的利润表、现金流量表、股东权益变动表以及相关财 务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 贵公司 2024年5月31日的财务状况以及2024年1-5 月的经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职 业道德守则,我们独立于贵公司,并履行了职业道德方面的其他责任。我们相信,我们获取 的审计证据是充分、适当的,为发表审计意见提供了基础。 | | 起始页码 | | --- | --- | | 审计报告 | 1-2 | | 财务报表 | | | 合并资产负债表 | 3 | | 合并利润表 | રે | | 合并现金流量表 | 6 | | 合并所有者权益变动表 | 7 | | 母公司资产负债表 | ರ | | 母公司 ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2024-056 中国铝业股份有限公司 关于拟增加与中国铝业集团有限公司在《产品和服务互供总协议》 项下支出交易 2024 年和 2025 年年度上限的公告 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。 重要内容提示： 1.本事项已经中国铝业股份有限公司（以下简称"公司"）第八届董事会第二 十七次会议审议通过，尚待提交公司股东会审议、批准。 2．本次增加日常关联交易额度为公司正常生产经营所需，不存在损害公司和股 东尤其是中小股东利益的情形，不会影响公司的独立性，也不会形成对关联方的依 赖。 一、日常关联交易基本情况 公司于 2023 年 3 月 21 日召开的第八届董事会第十次会议及于 2023 年 6 月 20 日召开的 2022 年度股东大会审议通过了《关于公司拟与中国铝业集团有限公司重新 签订持续关联交易相关协议及该等交易于 2023 年-2025 年三个年度交易上限额度的 议案》，同意公司与中国铝业集团有限公司（以下简称"中铝集团"）重新签订有 关持续关 ...

中铝山东有限公司 2024年1-5月财务报表审计 审计报告 众环审字(2024)0205238号 | | | | | | 起始页码 1-2 财务报表 | 合并资产负债表 | | | --- | --- | | 合并利润表 | 5 | | 合并现金流量表 | 6 | | 合并所有者权益变动表 | | | 母公司资产负债表 | 0 | | 母公司利润表 | 11 | | 母公司现金流量表 | 12 | | 母公司所有者权益变动表 | 13 | | 财务报表附注 | ો રે | 审计报告 众坏审字(2024)0205238 号 中铝山东有限公司: 一、审计意见 我们审计了中铝山东有限公司(以下简称"贵公司")财务报表,包括 2024年5月31 日的资产负债表,2024年 1-5 月的利润表,现金流量表、股东核益变动表以及相关财务报 表附注。 治理层负责监督贵公司的财务报告过程。 四、注册会计师对财务报表审计的责任 我们的目标是对财务根表整体是否不存在由于舞弊或错误导致的重大错报获取合理保 证,并出具包含审计意见的审计报告。合理保证是高水平的保证,但并不能保证按照审计准 则执行的审计在某一重大错报存在时总能发现。错 ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2024-058 中国铝业股份有限公司 关于内蒙古华云新材料有限公司减资的公告 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。 重要内容提示： 1.中国铝业股份有限公司（以下简称"公司"）全资子公司包头铝业有限公司（以 下简称"包头铝业"）拟按持股比例对其控股子公司内蒙古华云新材料有限公司（以下 简称"内蒙古华云"）减资人民币 5 亿元。内蒙古华云另一股东方中国铝业集团有限公 司（以下简称"中铝集团"）相应按持股比例对内蒙古华云减资人民币 5 亿元。 2．由于中铝集团为公司的控股股东，根据《上海证券交易所股票上市规则》的 相关规定，本次交易构成关联交易。 3.本次交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 4．本次关联交易经公司董事会审核委员会、独立董事专门会议审议通过后，经 公司第八届董事会第二十七次会议审议批准。本次关联交易无需提交公司股东会审 议。 5.根据《上海证券交易所股票上市规则》的相关规定，截至本公告日，过去 12 个月内，除公司 ...