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 | --- | --- | --- | |-----------------------------|-------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □特定对象调研 | □分析师会议 | | 投资者关系活动 | | □媒体采访 □业绩说明会 | | 类别 ...

复产助推盈利扩张，分红比例与财务质量持续提升 云铝股份（000807.SZ）/有色金属 证券研究报告/公司点评 2024 年 9 月 4 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][29]. Core Views - The company achieved a net profit of 2.52 billion yuan in H1 2024, representing a year-on-year increase of 66.3%. The net profit for Q2 2024 was 1.36 billion yuan, up 115% year-on-year and 16.5% quarter-on-quarter [2][7]. - The production of electrolytic aluminum significantly increased in H1 2024, with a total output of 1.351 million tons, a rise of 37.7% year-on-year. The average aluminum price was 19,798 yuan per ton, up 1,310 yuan per ton year-on-year [2][12]. - The company is expected to benefit from the growing value of green aluminum under the "dual carbon" goals, with a projected net profit of 4.845 billion yuan, 5.477 billion yuan, and 6.094 billion yuan for 2024, 2025, and 2026 respectively [2][29]. Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 24.65 billion yuan, with a significant contribution from electrolytic aluminum, which accounted for 56.2% of total revenue [8][10]. - The gross profit from electrolytic aluminum was 2.14 billion yuan, a 51.4% increase year-on-year, while the gross profit margin for H1 2024 was 15.3% [11][13]. Production and Pricing - The company set production targets for 2024, aiming for 1.4 million tons of alumina and 2.7 million tons of electrolytic aluminum [12]. - The average price of alumina was 3,506 yuan per ton, an increase of 397 yuan per ton year-on-year, while the price of prebaked anodes decreased by 1,478 yuan per ton [12][18]. Future Outlook - The company is expected to have significant earnings elasticity due to its large electrolytic aluminum production capacity and low costs [2][21]. - The report highlights the potential for green aluminum to gain value as carbon trading mechanisms develop, particularly with the implementation of carbon tariffs in Europe [24][27]. Dividend Distribution - The company announced a cash dividend of 0.23 yuan per share, totaling 798 million yuan, with a payout ratio of 32% [2].

云南铝业股份有限公司 关于"质量回报双提升"行动方案的公告 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、误导性陈述或重 大遗漏。 云南铝业股份有限公司（以下简称"云铝股份"或"公司"）深入贯彻党的二十大和二 十届三中全会精神，落实《国务院关于进一步提高上市公司质量的意见》、《国务院关于加 强监管防范风险推动资本市场高质量发展的若干意见》（以下简称"新国九条"）的决策部 署，积极响应深圳证券交易所（以下简称"深交所"）关于上市公司开展"质量回报双提升" 专项行动的倡议，践行"以投资者为本"的上市公司发展理念，进一步推动公司高质量发展 和投资价值提升，云铝股份结合自身实际，制定了"质量回报双提升"专项行动方案。具体 内容如下： 一、践行绿色发展，持续打造绿色铝一流企业标杆 云铝股份深入贯彻落实国家"双碳"战略，聚焦绿色发展，以绿色低碳赋能，引领高质 量发展，全力打造绿色铝一体化产业发展模式，做中国"绿色低碳铝"发展的践行者。围绕 价值创造，做强做专氧化铝、绿色铝、铝合金核心主业，做优做精阳极炭素、石墨化阴极配 套产业，做细做实赤泥利用、铝灰利用、电解铝危废利用、再生铝等资源综合利用产业 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [4][7]. Core Insights - The significant profit growth in the first half of 2024 is primarily attributed to the increase in both the volume and price of aluminum products, with revenue reaching 24.648 billion yuan, a year-on-year increase of 39.49%, and net profit attributable to shareholders of 2.519 billion yuan, up 66.26% [3][4]. Summary by Sections Financial Performance - In H1 2024, the company produced 1.3507 million tons of primary aluminum, a year-on-year increase of 38.68%, while the average price of A00 aluminum in the market was 19,781 yuan per ton, up 6.99% year-on-year [4]. - The company’s production of alumina was 723,000 tons, down 1.39% year-on-year, and aluminum alloy and processed aluminum products reached 587,700 tons, up 1.94% year-on-year [4]. Production and Capacity - The second quarter of 2024 saw a significant increase in primary aluminum production, with 713,800 tons produced, a quarter-on-quarter increase of 12.07% [4]. - The company has strengthened its resource security by increasing the development of bauxite resources in Yunnan, achieving an annual production capacity of 1.4 million tons of alumina [5]. Market Outlook - Revenue forecasts for 2024 to 2026 are projected at 48.765 billion yuan, 49.592 billion yuan, and 50.419 billion yuan respectively, with net profits expected to be 5.046 billion yuan, 5.418 billion yuan, and 5.791 billion yuan [7][9]. - The current price-to-earnings ratio (PE) is projected to be 8.2, 7.6, and 7.1 for the years 2024 to 2026 [7].

2024 年 08 月 28 日 云铝股份(000807.SZ) 提升 公司发布 2024 年中报 电解铝 Q2 产量环比上升，铝价上涨增厚利润 公司主要生产经营目标不变 2024 年公司主要生产经营目标为，氧化铝产量约 140 万吨（已完成 51.6%），电解铝产量约 270 万吨（已完成 50%），铝合金及加工产品 产量约 126 万吨（已完成 46.6%），炭素制品产量约 80 万吨（已完 成 49.7%）。 拟派发中期分红回馈股东 公司经第九届董事会第六次会议审议通过的 2024 年中期利润分配预 案为以总股本 34.68 亿股为基数，向全体股东每 10 股派发现金红利 | --- | --- | |-------------------|--------------------| | | 公司快报 | | | | | | 证券研究报告 | | | 铝 | | 投资评级 | 买入-A | | | 维持评级 | | 6 个月目标价 | 13.8 元 | | 股价 (2024-08-27) | 12.01 元 | | 交易数据 | | | 总市值(百万元 | ) 41,650.17 | | 流通市值 | ...

Investment Rating - The report maintains a "Buy" rating for Yun Aluminum Co., Ltd. (000807) as of August 28, 2024 [1]. Core Insights - The significant increase in production and favorable power supply conditions in Yunnan have led to a substantial rise in net profit, with a year-on-year increase of 115% in Q2 [2][3]. - The company's revenue for the first half of 2024 reached 24.65 billion yuan, a 39% increase year-on-year, while the net profit attributable to shareholders was 2.52 billion yuan, up 66% year-on-year [2]. - The report highlights the recovery of aluminum production capacity and the rise in aluminum prices as key factors driving performance improvements [3]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 13.29 billion yuan, a 62% increase year-on-year, and a net profit of 1.36 billion yuan, reflecting a 115% year-on-year growth [2]. - The total aluminum production for the first half of 2024 was 1.3507 million tons, a 38.7% increase year-on-year [3]. Revenue and Costs - The revenue from electrolytic aluminum reached 13.84 billion yuan, an 80.3% increase year-on-year, while the cost of sales was 11.70 billion yuan, a 46.5% increase year-on-year [3]. - The average aluminum price during the first half of 2024 was 19,801 yuan per ton, a 7.1% increase year-on-year [3]. Dividend Information - The company announced a mid-term dividend of 31.67%, proposing a cash dividend of 2.3 yuan per 10 shares, totaling 798 million yuan [3]. Earnings Forecast and Valuation - The report adjusts the profit forecast for 2024-2026, estimating net profits of 4.907 billion yuan, 5.531 billion yuan, and 6.160 billion yuan respectively, with corresponding EPS of 1.42 yuan, 1.60 yuan, and 1.78 yuan [4][5]. - The current P/E ratios are projected at 8.49, 7.53, and 6.76 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation based on increased production and long-term advantages in green aluminum [5].

云南铝业股份有限公司投资者关系活动记录表 | --- | --- | |--------------|------------------------------------------------------------------------| | 投资者关 | | | 系活动类 | | | 别 | □路演活动 | | | √其他:电话会议 | | | 长江证劵、民生证劵、中信证券、招商证券、高毅资产、嘉实基金、中银资管、 | | 参与单位名称 | 平安基金、招商基金、长城基金、中邮证券、景林资产、银河基金等百余名投资 | | | | | 时 间 | | | | | | 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年半年度生产经营情况。 | | | 二、投资者主要问题及公司回复 | | | 公司实施中期分红的考虑和未来的分红计划？ | | | 回复：公司一直高度重视和维护投资者利益，近年来公司的现金分红比例稳 | | | 步提升。同时，为进一步落实好国务院及国资委的相关工作部署，践行"以投资 | | | 者为本"的上市公司发展理念，推 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company benefits from rising aluminum prices, with a 66% year-on-year growth in net profit for the first half of 2024 [4] - The company achieved a revenue of 24.65 billion yuan, a year-on-year increase of 39.49% [4] - The gross profit margin for electrolytic aluminum products decreased by 2.94 percentage points to 15.43% due to rising raw material costs [4] - The company plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 798 million yuan, with a payout ratio of 31.67% [4] Financial Performance - In Q2 2024, the company reported a revenue of 13.29 billion yuan, a year-on-year increase of 61.5% and a quarter-on-quarter increase of 17.0% [4] - The net profit for Q2 2024 was 1.36 billion yuan, reflecting a year-on-year growth of 115.0% and a quarter-on-quarter growth of 16.5% [4] - The average aluminum price in the Chinese market for H1 2024 was 19,798 yuan per ton, up 7.1% year-on-year [4] - The company produced 1.351 million tons of primary aluminum in H1 2024, a significant increase of 38.7% year-on-year [4] Production and Operational Goals - The company aims to produce approximately 1.4 million tons of alumina, 2.7 million tons of electrolytic aluminum, and 1.26 million tons of aluminum alloys and processed products in 2024 [4] - The production of alumina in H1 2024 was 723,000 tons, while carbon products and aluminum processing products were 398,000 tons and 588,000 tons, respectively [4] Earnings Forecast - Revenue forecasts for 2024-2026 are adjusted to 49.8 billion yuan, 53.7 billion yuan, and 57.5 billion yuan, respectively, with net profits of 4.44 billion yuan, 4.64 billion yuan, and 4.91 billion yuan [5] - The expected year-on-year growth rates for net profit are 12.2%, 4.4%, and 5.9% for 2024, 2025, and 2026, respectively [5] - The price-to-earnings ratio (P/E) for 2024 is projected at 9.13x, with subsequent years showing a decreasing trend [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][16]. Core Views - The company has shown significant growth in revenue and net profit, with a 39.5% year-on-year increase in revenue to 24.65 billion yuan and a 66.3% increase in net profit to 2.52 billion yuan for the first half of 2024 [1][5]. - The company is benefiting from a favorable power supply situation in Yunnan, which has allowed it to increase its aluminum production significantly [1][12]. - The company has a strong financial position, with a declining debt ratio of 23.4% and significantly reduced financial expenses, enhancing its profitability [1][12]. - The company is recognized as the largest green low-carbon aluminum supplier in China, with over 80% of its production electricity sourced from green energy [1][12]. Summary by Relevant Sections Financial Performance - In the first half of 2024, the company reported a revenue of 24.65 billion yuan, a 39.5% increase year-on-year, and a net profit of 2.52 billion yuan, reflecting a 66.3% growth [1][5]. - The operating cash flow reached 2.75 billion yuan, up 32.9% year-on-year [1][5]. - The company plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 798 million yuan, which is 31.67% of the net profit for the period [1][5]. Production and Capacity - The company produced 1.37 million tons of primary aluminum in the first half of 2024, a 39% increase compared to the same period in 2023 [1][5]. - The production plan for electrolytic aluminum in 2024 is set at 2.7 million tons, with expectations to meet or exceed this target if power supply remains stable in the fourth quarter [1][12]. Financial Health - The company's debt ratio has decreased to 23.4%, with financial expenses dropping to 20 million yuan, a significant reduction from previous years [1][12]. - The financial expense ratio has decreased from 6.3% in 2015 to 0.1% in the first half of 2024, indicating improved profitability [1][12]. Market Position - The company is positioned as the leading green low-carbon aluminum supplier in China, leveraging Yunnan's abundant green electricity resources [1][12]. - The carbon emissions from the company's green aluminum production are approximately 20% of those from coal-powered aluminum production [1][12].