Investment Rating - The investment rating for the company is "Buy" (maintained) as of October 29, 2024 [2]. Core Views - The company has fully released its primary aluminum production, which contributes to profit elasticity. The green aluminum production demonstrates investment value [2][4]. - The company achieved a net profit attributable to shareholders of 3.82 billion yuan in Q3 2024, reflecting a year-on-year increase of 31.67% [1][2]. - The average market price of electrolytic aluminum in Q3 2024 was approximately 19,600 yuan per ton, a decrease of 975 yuan per ton compared to the previous quarter [3]. Production and Financial Performance - In the first three quarters of 2024, the company produced 214.8 million tons of primary aluminum, a year-on-year increase of 26.32% [3]. - The company’s revenue for the first three quarters of 2024 was 39.186 billion yuan, a year-on-year increase of 52.49% [2]. - The company’s net profit for 2024 is projected to be 4.944 billion yuan, with a year-on-year growth of 25.0% [5]. Production Capacity and Green Energy - The company has a large-scale green aluminum production capacity of 3.05 million tons, with approximately 80% of its electricity sourced from green energy [4]. - The carbon emissions from green aluminum production are about 20% of those from coal-powered aluminum production, highlighting its competitive advantage [4]. Financial Projections - The projected earnings per share (EPS) for 2024 is 1.43 yuan, with estimates of 1.63 yuan and 1.69 yuan for 2025 and 2026 respectively [5]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 8.8 in 2024 to 7.4 in 2026, indicating potential undervaluation [5].

我们是非常荣幸的邀请到了云锐股份的领导现在王总来跟大家分享一下公司三季度的经营情况包括公司近期的一些变化那下面我们有请王总王总您这边可以发言了好的感谢咱们明升正剑感谢咱们这个线上参加我们这个云锐股份单机报这个交流会的各位投资者这个这个我们是从晚披露的这个单机报 昨晚披露的三级暴雨就是我们在整个的一个工作的情况 整个的这个三季度的情况就是还是就是我们也今年前三季度我还是抓住了这个副产的这个这个契机嘛就是这个供电形式好转的契机然后召开了副产竞争整个的这个在三季度实现了满负荷增产然后我们的整个的也同时的话我们也抓好了这个啊全数对标和这个降就是降本身上的各项措施和各项的这个各项的生产经营的各个过程然后包括各方面费用的控制的话都起到了 较好的作用然后整体的经营情况就持续向好包括经济技术的指标持续的优化持续的优化对我们的工作也起到了很好的促进作用大体就是这个情况然后嘛未来的话我们也会这个继续继续这个思路然后按照年度规定的生产经营计划确保我们完成年初规定的生产经营计划然后以有有较好的这个较好的经营业绩合法度是怎么大体这个情况 好 谢谢 感谢王总非常简要的介绍王总我先问两个因为昨天两个的三级报出来过以后很多投资关心的问题第一 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][17]. Core Views - The company has demonstrated strong financial performance with a 31% year-on-year increase in net profit for Q3 2024. Revenue for the first three quarters of 2024 reached 39.19 billion yuan, up 31.7% year-on-year, while net profit attributable to the parent company was 3.82 billion yuan, reflecting a 52.5% increase [1][5]. - The company benefits from a stable power supply and full production capacity in the aluminum sector, with Q3 2024 aluminum production increasing by 9.8% year-on-year to 797,000 tons [1][5]. - The company is recognized as the largest green low-carbon aluminum supplier in China, with over 80% of its electricity sourced from green energy in the first half of 2024, significantly reducing carbon emissions compared to coal-powered aluminum [2][6]. Financial Performance Summary - For Q3 2024, the company reported a single-quarter revenue of 14.54 billion yuan, a 20.2% increase year-on-year, and a net profit of 1.3 billion yuan, up 31.4% year-on-year [1][5]. - The average spot price for electrolytic aluminum in Q3 2024 was 19,440 yuan per ton, a decrease of 1,000 yuan per ton from the previous quarter, while the price of alumina increased by 220 yuan per ton to 3,950 yuan [2][6]. - The company expects revenues of 52.5 billion yuan in 2024, with a year-on-year growth rate of 23.1%, and net profits of 4.71 billion yuan, reflecting a growth rate of 19.1% [2][15]. Production and Capacity - The company has maintained a stable annual production capacity of 1.4 million tons for alumina, with steady production levels [1][5]. - The company has achieved a production surplus of approximately 3% in Q3 2024 due to favorable water supply conditions in Yunnan [1][5]. Future Projections - The company projects aluminum spot prices of 19,900 yuan per ton for 2024, with expected revenues of 54.5 billion yuan in 2025 and 55.4 billion yuan in 2026, indicating a gradual growth trend [2][15]. - The diluted EPS is expected to be 1.36 yuan in 2024, increasing to 1.73 yuan in 2025 and 1.81 yuan in 2026, with corresponding PE ratios of 7.0x, 5.8x, and 5.6x respectively [2][15].

1 证券代码：000807 证券简称：云铝股份 云南铝业股份有限公司投资者关系活动记录表 | --- | --- | |------------------------|-------------------------------------------------------------------------------------------------------| | 投资者关 \n系活动类 别 | □特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□路演活动 \n√其他:电话会议 | | | 长江证劵、民生证劵、浙商证券、大成基金、高毅资产、中金资管、泓德基金、 | | 参与单位 名称 | 嘉实基金、易方达基金、招商基金、中银资管、国泰基金、东兴基金、太平基金、 平安基金、长城基金等投资者。 | | 时 间 | 日、 2024 年 10 月 28 日 | | 地 点 | | | 上市公司 接待人员 | 王冀奭 | | 姓名 | | | | 一、公司证券事务代表王冀奭先生介绍 2024 年前三季度生产经营情况。 | | | 二、投资者主要问题及公司回复 公司前三季度生产经营情况如何？ ...

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported significant growth in revenue and net profit for the first three quarters of 2024, with revenue reaching 39.186 billion yuan, a year-on-year increase of 31.67%, and net profit attributable to shareholders at 3.82 billion yuan, up 52.49% year-on-year [1]. - The company has optimized its balance sheet, reducing long-term loans and achieving a debt-to-asset ratio of 25% [1]. - The report highlights the long-term value of green aluminum, especially under the "dual carbon" goals, which could enhance the company's valuation [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 14.538 billion yuan, a year-on-year increase of 20.24% and a quarter-on-quarter increase of 9.39% [1]. - The net profit for Q3 2024 was 1.3 billion yuan, reflecting a year-on-year increase of 31.42% but a slight quarter-on-quarter decrease of 3.99% [1]. - The company produced 214.8 million tons of electrolytic aluminum in the first three quarters of 2024, with a significant increase in production capacity utilization [1]. Future Earnings Forecast - The company is expected to achieve net profits of 4.969 billion yuan, 5.477 billion yuan, and 6.095 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 10, 9, and 8 times [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company reported significant year-on-year growth in revenue and net profit for the first three quarters of 2024, with revenue reaching 39.186 billion yuan, up 31.67% year-on-year, and net profit attributable to shareholders at 3.820 billion yuan, up 52.49% year-on-year [2][3]. - The production of alumina remained stable with an increase in prices, while primary aluminum production operated at full capacity, contributing to the overall performance improvement [3]. - The company is enhancing its resource security by acquiring bauxite resources and has established a production capacity of 1.4 million tons of alumina annually [4]. - The hydropower situation in Yunnan is favorable, which is expected to support continued full production of primary aluminum in Q4 2024, with the potential for green aluminum premiums to gradually materialize [4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a net profit of 1.301 billion yuan, a decrease of 3.99% quarter-on-quarter but an increase of 31.42% year-on-year [2]. - The average price of alumina in Q3 was 3,939 yuan per ton, up 7.5% quarter-on-quarter, while the average price of aluminum was 19,600 yuan per ton, down 4.7% quarter-on-quarter [3]. Production and Sales - In Q3 2024, the company produced 350,200 tons of alumina, maintaining production levels, while primary aluminum production increased by 12% to 797,300 tons [3]. - The company’s sales and pricing of aluminum products increased year-on-year, leading to a significant improvement in operating cash flow [4]. Future Outlook - Revenue projections for 2024-2026 are estimated at 51.5 billion, 50.7 billion, and 51.9 billion yuan, respectively, with net profits expected to be 5.169 billion, 5.586 billion, and 6.246 billion yuan [5]. - The report anticipates that the company will benefit from favorable hydropower conditions and the increasing demand for green aluminum, which may enhance profitability in the coming quarters [4].

云南铝业股份有限公司监事会 关于 2024 年第三季度报告的审核意见 云南铝业股份有限公司监事会对公司 2024 年第三季度报告进行审核后认为：董事会编制 和审议公司 2024 年第三季度报告的程序符合法律、行政法规及中国证监会的规定，报告内容 真实、准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重 大遗漏。 监事签字： 梁鸣鸿 皇甫智伟 李昌浩 王 琳 骆灵芝 云南铝业股份有限公司监事会 2024 年 10 月 25 日 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-051 云南铝业股份有限公司 第九届董事会第七次会议决议公告 根据《公司法》、《证券法》、《深圳证券交易所股票上市规则》、《深圳证券交易 所上市公司自律监管指南第 2 号——公告格式》等相关要求，结合公司实际生产经营情况， 公司编制了《云南铝业股份有限公司 2024 年第三季度报告》。本议案在提交董事会审议 前已经公司董事会审计委员会审议通过。具体内容详见公司在指定信息披露媒体上披露的 《云南铝业股份有限公司 2024 年第三季度报告》（公告编号：2024-052）。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 一、董事会会议召开情况 （一）云南铝业股份有限公司（以下简称"云铝股份"或"公司"）第九届董事会第 七次会议通知于 2024 年 10 月 15 日（星期二）以书面、传真或电子邮件的方式发出。 （二）会议于 2024 年 10 月 25 日（星期五）以通讯方式召开。 （三）会议应出席董事 11 人，实际出席董事 11 人。 （四）公司第九届董事会第七次会议的召开符合《公司法》 ...

Financial Performance - Revenue for Q3 2024 reached ¥14,537,941,575.49, an increase of 20.24% year-over-year[2] - Net profit attributable to shareholders was ¥1,301,080,903.78, reflecting a 31.42% increase compared to the same period last year[2] - The net profit after deducting non-recurring gains and losses was ¥1,294,390,950.16, up 31.58% year-over-year[2] - Total operating revenue for Q3 2024 reached CNY 39.19 billion, a 31.8% increase from CNY 29.76 billion in the same period last year[14] - The net profit for Q3 2024 reached CNY 4,420,334,191.03, a significant increase of 48.4% compared to CNY 2,978,985,682.55 in Q3 2023[15] - Operating profit for the quarter was CNY 5,260,833,867.84, up from CNY 3,575,828,133.27, reflecting a growth of 47.2% year-over-year[15] - The company reported a total comprehensive income of CNY 4,436,756,212.60 for Q3 2024, compared to CNY 2,983,942,264.32 in Q3 2023, indicating a growth of 48.8%[15] - Basic and diluted earnings per share for the quarter were both CNY 1.101, up from CNY 0.722 in the same quarter last year[15] Assets and Liabilities - Total assets as of September 30, 2024, amounted to ¥42,316,993,622.24, a 7.65% increase from the end of the previous year[2] - The company's total liabilities decreased by 39.64% in long-term borrowings, indicating a shift in financial strategy[5] - Non-current liabilities totaled CNY 2.51 billion, down from CNY 3.98 billion year-on-year, indicating improved financial stability[13] - The total equity attributable to shareholders rose to CNY 28.00 billion, compared to CNY 25.73 billion in the previous year, reflecting growth in shareholder value[13] Cash Flow and Liquidity - The company's cash flow from operating activities for the year-to-date was ¥5,573,257,540.15, representing a 22.43% increase[2] - Cash and cash equivalents increased by 209.64% year-over-year, driven by improved cash flow from operations[7] - The company's cash and cash equivalents increased to CNY 14.14 billion, up from CNY 9.86 billion, showing strong liquidity[12] - Cash and cash equivalents at the end of the period totaled CNY 8,124,344,578.71, compared to CNY 3,813,935,140.32 at the end of Q3 2023, reflecting a substantial increase of 112.5%[17] - The company experienced a net cash increase of CNY 3,004,851,405.33 during the quarter, compared to CNY 970,431,286.62 in the same period last year[17] Production and Sales - The company produced 1.0732 million tons of alumina in the first nine months of 2024, a decrease of 2.49% year-on-year[10] - The production of carbon products reached 598,600 tons, an increase of 3.06% year-on-year[10] - The production of primary aluminum was 2.148 million tons, reflecting a year-on-year growth of 26.32%[10] - The production of aluminum alloys and processed aluminum products was 910,000 tons, a slight decrease of 0.12% year-on-year[10] - Total revenue from sales of goods and services amounted to CNY 38,142,364,584.28, compared to CNY 28,040,351,164.17 in the same period last year, marking a growth of 36.1%[16] Shareholder Information - The top shareholder, China Aluminum Corporation, holds 29.10% of the shares[8] - Yunnan Metallurgical Group holds 13.00% of the shares, making it the second-largest shareholder[8] - The company has not disclosed any significant changes in the participation of major shareholders in margin trading activities[9] Research and Development - Research and development expenses increased significantly to CNY 78.65 million, compared to CNY 26.89 million in the previous year, reflecting a focus on innovation[14] Future Outlook - The company plans to expand its market presence and invest in new technologies to enhance production efficiency[12] - The increase in contract liabilities to CNY 689.62 million from CNY 186.94 million indicates a growing demand for the company's products[12]

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-053 云南铝业股份有限公司 关于使用自有资金开展保本型现金管理业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或者重 大遗漏。 鉴于云南铝业股份有限公司（以下简称"云铝股份"或"公司"）近年来经营业绩提升， 债务规模下降，现金流较为充裕，为进一步提高资金使用效率，盘活余量资金，公司将使用 自有资金开展保本型现金管理业务，在任一时点内用于保本型现金管理业务的资金余额不超 过人民币 30 亿元。 2024 年 10 月 25 日，公司召开第九届董事会第七次会议审议了《关于使用自有资金开展 保本型现金管理业务的议案》，会议以 11 票同意，0 票反对，0 票弃权审议通过本议案。同 时，授权公司董事长或董事长授权的其他人士具体负责办理与保本型现金管理业务相关的事 宜及签署相关文件。该议案无需提交公司股东大会审议。 一、交易情况概述 （一）业务开展目的：提高公司资金使用效率，盘活余量资金，降低财务费用。 （二）业务金额：任一时点内公司用于保本型现金管理业务的资金余额不超过人民币 30 亿元，可在该额 ...