Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 18.4 CNY per share [3]. Core Views - The company achieved its best quarterly performance in Q4 2023, with a revenue of 12.91 billion CNY, a year-on-year increase of 18.27% and a quarter-on-quarter increase of 6.76%. The net profit for Q4 was 1.45 billion CNY, a year-on-year increase of 80.25% and a quarter-on-quarter increase of 46.54% [1]. - The company is expected to benefit from the upcoming flood season, which will likely enhance production capacity. The company has a low debt ratio of 25.6% as of the end of 2023, down 9.9 percentage points year-on-year, and a high return on equity (ROE) of 15.37% [7]. - Revenue forecasts for 2024-2026 are estimated at 47.34 billion CNY, 49.27 billion CNY, and 50.92 billion CNY, with corresponding net profits of 4.61 billion CNY, 4.97 billion CNY, and 5.06 billion CNY [8]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 42.67 billion CNY, a year-on-year decrease of 11.96%, and a net profit of 3.96 billion CNY, down 13.41% year-on-year. The adjusted net profit was 3.93 billion CNY, a decrease of 9.69% year-on-year [1][2]. - The overall gross margin for 2023 was 15.81%, an increase of 0.87 percentage points year-on-year, while the net profit margin was 9.21%, up 0.24 percentage points year-on-year [2]. Production and Pricing - The company produced 1.43 million tons of alumina, 0.79 million tons of carbon products, 2.40 million tons of primary aluminum, and 1.23 million tons of aluminum alloys and processed products in 2023 [1]. - The average aluminum price on the Shanghai Futures Exchange (SHFE) for 2023 was 18,624.9 CNY per ton, a decrease of 6.5% year-on-year [1]. Dividend Policy - The profit distribution plan for 2023 proposes a cash dividend of 2.3 CNY per 10 shares, totaling 798 million CNY, which accounts for 20.31% of the net profit [2].

[Table_Page] 年报点评|有色金属 证券研究报告 [云Table_铝Title] 股份（000807.SZ） [公Tab司le_I评nves级t] 买入 当前价格 13.62元 Q4 业绩超预期，期待 24 年增产 合理价值 17.16元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-29  公司披露23年年报，23Q4归母净利环增47%，优于预期。据公司财 [相Tab对le_P市icQ场uote表] 现 报、Wind，Q4公司实现营收129亿元，同比+18%，环比+7%；归母 净利润15亿元，同比+80%，环比+47%；经营净现金流13亿元，同 22% 比-40%，环比-47%，资产负债率25.6%，较23Q3末-3.85PCT，公司 13% 4% 业绩整体优于预期。业绩同环比均实现增长，主要原因是：1. Q4，SHFE -4%03/23 05/23 07/23 09/23 11/23 01/24 03/24 铝均价环比涨281 元/吨，氧化铝、阳极均价分别环比+4%、-2%，估 -13% 测吨原材料成本环比增 186 元/吨，吨铝毛利环比增95 ...

证 券 2024 年 03 月 31 日 研 究 铝价下跌影响公司盈利，看好公司长期绿电铝价 报 值 告 —云铝股份（000807.SZ）公司事件点评报告 买入(维持) 事件 分析师：傅鸿浩 S1050521120004 云铝股份发布 2023 年年报：2023 年公司营业收入为 426.69 fuhh@cfsc.com.cn 亿元，同比-11.96%；归母净利润为 39.56 亿元，同比- 分析师：杜飞 S1050523070001 13.41%；扣除非经常性损益后的归母净利润为 39.30 亿元， dufei2@cfsc.com.cn 同比-9.69%。 基本数据 2024-03-29 投资要点 当前股价（元） 13.8 总市值（亿元） 479 ▌ 减产+价格下跌致公司盈利下降，氧化铝原料价 总股本（百万股） 3468 格波动系短期影响 流通股本（百万股） 3468 52周价格范围（元） 9.99-16.21 量：云南限电减产致公司主要产品产量下降。2023 年公司生 产原铝 239.95 万吨，同比-7.59%；氧化铝 142.83 万吨，同 日均成交额（百万元） 489.14 比+1.93%；铝合金及 ...

2024年3月28日 公司研究 2023Q4 扣非净利接近单季历史最高值，有息债务已低于货币资金 ——云铝股份（000807.SZ）2023 年年报点评 要点 增持（维持） 当 前价：12.77元 事件：云铝股份于2024年3月27日晚发布2023年年报，实现营业收入426.7 亿元，同比下降12.0%，归母净利润39.6亿元，同比下降13.4%；归母扣非净 利润为39.3亿元，同比下降9.7%。公司拟每10股派发现金红利2.3元（含税）， 作者 分红率20%，以2024年3月27日收盘价计算公司股息率为1.8%。 分析师：王招华 执业证书编号：S0930515050001 点评： 021-52523811 2023Q4单季度净利润环比回升，电解铝成本环比下降和其他收益增加。2023Q4 分析师：方驭涛 实现归母净利润14.5亿元，同比+80.3%，环比+46.5%。1）电解铝生产成本下 执业证书编号：S0930521070003 降：2023Q4毛利率为17.6%，较2023Q3增长3.2pct，主要原因为Q3存在复 021-52523823 产启槽费用对电解铝生产成本的扰动，Q4生产成本环比下降（2023 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 铝 ＃investSuggestion＃ ＃ ＃d云yCo铝mpa股ny＃份 （ 000807 ） investSug 增持 ( 维ges持tionC）h 000807 ＃title＃ Q4 业绩环比明显提升，关注云南复产进度 ange＃ ＃createTime1＃ 2024 年03 月29 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  业绩概要：公司发布2023年年度报告，2023年公司实现营业收入426.69亿 市场数据日期 2024-03-28 元，同比减少11.96％；实现归母净利润39.56亿元，同比减少13.41%；实 收盘价（元） 13.62 现每股收益1.14元，同比减少13.64%。公司拟向全体股东每10股派发现金 总股本（百万股） 3467.96 红利2.3元（含税）。 流通股本（百万股） 3467.91 净资产（百万元） 25729.23  电解铝价格回落叠加云南电解铝限产，公司业绩同比回落。2023年公司业绩 同比有所下滑，主要受电解铝产品价格回落及云南地区电解铝产能减产影 总资产（百万元） 3 ...

云铝股份（000807.SZ）2023年报点评 产量回升驱动 Q4 业绩超预期，绿色铝长期价值可期 2024年03月29日 ➢ 事件：公司发布2023年年报。2023年，公司实现营业收入426.69亿元， 推荐 维持评级 同比下降 11.96%；归母净利润 39.56 亿元，同比下降 13.41%；扣非归母净利 当前价格： 13.62元 润 39.30 亿元，同比下降 9.69%。分季度看，2023Q4，公司实现营收 129.08 亿元，同比上升18.27%、环比上升6.75%；归母净利润14.51亿元，同比上升 80.25%、环比上升46.54%；扣非归母净利 14.56 亿元，同比上升 133.06%、 环比上升48.01%。 [Table_Author] ➢ 2023 年电解铝产量下滑。量：2023 年原铝产量 239.95 万吨，同比下降 7.59%，主要因为2023年2月云南再次限产电解铝，叠加复产时间相对较晚； 铝合金及铝加工产品产量123.25万吨，同比下降11.68%。2024年，公司生产 经营目标：氧化铝产量 140 万吨，电解铝产量 270 万吨，碳素产量 80 万吨。 价：2023年铝价 ...

Investment Rating - The report maintains a "Buy" rating for Yun Aluminum Co., Ltd. with a target price of 18.61 CNY, indicating an expected increase of over 20% in the stock price within the next six months [3][12]. Core Insights - The company reported a total revenue of 42.67 billion CNY for 2023, a decrease of 12.0% year-on-year, and a net profit attributable to shareholders of 3.96 billion CNY, down 13.4% year-on-year. The fourth quarter of 2023 saw a revenue of 12.91 billion CNY, an increase of 6.8% quarter-on-quarter, and a net profit of 1.45 billion CNY, up 46.6% quarter-on-quarter [1][2]. - The decline in performance for 2023 was attributed to reduced production during the dry season, impacting electrolytic aluminum output. The average selling price of electrolytic aluminum was 18,700 CNY per ton, down 6.2% year-on-year [1][2]. - The report forecasts a recovery in aluminum prices for 2024-2026, with expected prices of 19,000 CNY, 20,000 CNY, and 21,000 CNY per ton respectively, leading to projected net profits of 4.0 billion CNY, 5.5 billion CNY, and 7.0 billion CNY for those years [1][2]. Financial Summary - For 2023, the company achieved a revenue of 42.67 billion CNY, with a projected revenue growth of 6% in 2024, followed by 5% in 2025 and 2026 [2][8]. - The net profit for 2023 was 3.96 billion CNY, with a slight increase expected to 4.03 billion CNY in 2024, and significant growth projected in subsequent years [2][8]. - The earnings per share (EPS) for 2023 was 1.14 CNY, with forecasts of 1.16 CNY in 2024, 1.59 CNY in 2025, and 2.01 CNY in 2026 [2][8]. Market Data - The current stock price is 13.62 CNY, with a market capitalization of approximately 47.23 billion CNY [3][4]. - The company has a total share capital of 3,468 million shares and a debt-to-equity ratio of 25.60% [3][4].

3月 27日，公司发布23年年报，23年实现营收426.69 亿元，同 比-11.96%；归母净利 39.56 亿元，同比-13.41%；扣非归母净利 39.30 元，同比-9.69%。4Q23 营收129.08 亿元，环比+6.75%，同 比+18.27%；归母净利14.51 亿元，环比+46.54%，同比+80.25%； 扣非归母净利14.56 亿元，环比+48.01%，同比+133.06%。 2H23原铝产量大幅上涨。23年原铝产量239.95万吨，同比-7.59%， 铝液水及铝锭销量 130 万吨，平均售价 1.66 万元/吨，平均成本 1.36 万元/吨。2H23 原铝产量 142.55 万吨，环比+46.36%，我们 认为主因公司前期因云南限电停产的 123.2 万吨电解铝产能从 6 月开始陆续复产，8 月复产完毕，Q3 公司复产产能逐步释放，Q4 产能完全释放，2H23 电解铝产销量逐季度提升。 Q4 产销环比提升驱动业绩显著增长。Q4 长江有色铝均价环比 +0.71%至1.90万元/吨，氧化铝价格环比+4.04%至3004.50元/吨， 预焙阳极均价环比-2.77%至 4089 元/吨，按行业 ...

Financial Performance - Total revenue for 2023 reached CNY 484.63 billion, an increase of 13.6% compared to CNY 426.69 billion in 2022[7] - Net profit attributable to shareholders was CNY 55.44 billion, up from CNY 39.56 billion in 2022, representing a growth of 40.2%[7] - The company's operating revenue for 2023 was CNY 42,668,767,604.20, a decrease of 11.96% compared to CNY 48,463,024,922.95 in 2022[27] - The net profit attributable to shareholders for 2023 was CNY 3,955,771,178.74, down 13.41% from CNY 4,568,644,918.34 in 2022[27] - The net profit after deducting non-recurring gains and losses was CNY 3,930,422,607.56, a decrease of 9.69% compared to CNY 4,346,296,909.94 in 2022[27] - The net cash flow from operating activities for 2023 was CNY 5,870,990,366.26, down 15.09% from CNY 6,914,468,893.21 in 2022[27] - Basic earnings per share for 2023 were CNY 1.14, a decline of 13.64% from CNY 1.32 in 2022[27] - The total operating revenue for 2023 was approximately CNY 42.67 billion, a decrease of 11.96% compared to CNY 48.46 billion in 2022[52] - The revenue from the non-ferrous metal smelting industry was CNY 21.60 billion, accounting for 50.61% of total revenue, while the aluminum processing industry generated CNY 20.41 billion, representing 47.83% of total revenue, both showing declines of 3.32% and 20.63% respectively[52] Assets and Liabilities - The company's total assets amounted to CNY 393.10 billion, while net assets attributable to shareholders were CNY 257.29 billion, reflecting a year-on-year increase of 17.0% and 15.1% respectively[6] - Yunnan Aluminium achieved a significant reduction in its asset-liability ratio to 25.60% in 2023 from 35.29% in 2022, indicating improved financial stability[6] - The total assets at the end of 2023 were CNY 39,309,705,821.93, an increase of 0.64% from CNY 39,059,473,292.29 at the end of 2022[27] - The net assets attributable to shareholders at the end of 2023 were CNY 25,729,228,476.89, up 15.12% from CNY 22,351,067,956.93 at the end of 2022[27] Green Development and Sustainability - Yunnan Aluminium has established a comprehensive green development strategy, including the successful implementation of photovoltaic power generation technology for aluminum production[16] - The company has built the first domestic aluminum ash resource utilization production line and the first comprehensive recovery line for electrolytic aluminum repair slag[16] - Yunnan Aluminium was recognized as a national environmentally friendly enterprise and a national green factory, highlighting its commitment to sustainable practices[17] - The company is committed to green development and has achieved ASI dual certification for its integrated aluminum production facilities[34] - Approximately 80% of the company's production electricity comes from green energy, resulting in carbon emissions that are about 20% of those from coal-powered aluminum production[41] - The company is actively expanding its circular economy business, focusing on the comprehensive utilization of solid waste resources from electrolytic aluminum[36] - The company has established a green aluminum integrated industry scale with an annual production capacity of 1.4 million tons of alumina, 3.05 million tons of green aluminum, 800,000 tons of anode carbon, 20,000 tons of graphitized cathodes, and 157,000 tons of green aluminum alloys[39] - The company achieved a 100% compliance rate for solid waste disposal and a 100% emission rate for waste gas, becoming the first "waste-free group" pilot enterprise in Yunnan Province[50] Research and Development - The company holds 654 valid patents, including 168 invention patents, reflecting its strong capability in independent technological innovation[45] - Research and development expenses surged by 139.84% to CNY 197,997,087.32, reflecting increased investment in projects such as high-efficiency electrolytic cells[61] - The company is investing $50 million in R&D for new technologies aimed at improving production efficiency[5] - The company is investing in new product development, with a budget allocation of 500 million yuan for R&D in advanced aluminum materials[135] - The number of R&D personnel increased by 12.16% to 1,853 in 2023, compared to 1,652 in 2022[63] Market and Sales - The company operates eight aluminum industry clusters across six prefectures in Yunnan Province, enhancing its market presence[12] - The market share of green casting aluminum alloys (A356.2) has been further consolidated, with a focus on high-end applications in automotive lightweighting, rail transportation, and defense industries[40] - The company sold 1.3 million tons of aluminum liquid and ingots, and 1.23 million tons of aluminum alloys, marking a historical sales high with a year-on-year increase of 30,000 tons[52] - The company is focusing on expanding its customer base, particularly in emerging industries such as new energy vehicles and 3C electronics, to increase direct supply ratios[91] Governance and Management - The company maintains complete independence from its controlling shareholder in business, personnel, assets, institutions, and finance[104][105][106][107][108] - The company has established an independent financial accounting department with a complete accounting system and independent bank accounts[108] - The company has a well-structured board of directors and committees that operate in compliance with relevant laws and regulations[102] - The company has committed to resolving competition issues with its controlling shareholder by 2028 through asset restructuring and other recognized methods[109][110] - The company has a complete and independent business system, ensuring no reliance on the controlling shareholder for operations[104] Environmental Compliance - The company has obtained and is managing pollution discharge permits for all its entities, with valid periods extending from 2021 to 2028[168] - The company achieved a total pollutant discharge of 57.14 tons for particulate matter, 886.5 tons for sulfur dioxide, and 1.52 tons for fluorides, all within the permitted limits[169] - The company has implemented a comprehensive air pollution control system, achieving a 100% compliance rate for emissions standards across all industrial waste gas discharge points[170] - The company has established wastewater treatment facilities across all enterprises, achieving zero wastewater discharge by reusing treated water[170] Future Outlook - In 2024, the company aims to produce approximately 1.4 million tons of alumina, 2.7 million tons of electrolytic aluminum, 1.26 million tons of aluminum alloys and processed products, and 800,000 tons of carbon products[89] - The company plans to enhance production efficiency by implementing standardized operations and improving management practices in electrolytic production[90] - The company is pursuing a strategy of optimizing its industrial structure and accelerating the development of downstream projects, including alloying and carbon recycling[91] - The company anticipates sustained growth in aluminum consumption driven by new applications in lightweight vehicles, rail transportation, and photovoltaic power[86] Shareholder Engagement - The company held its first temporary shareholders' meeting in 2023 with an investor participation rate of 59.86% on March 10, 2023[111] - The annual shareholders' meeting for 2022 had a participation rate of 58.05% and was held on May 17, 2023[111] - The second temporary shareholders' meeting in 2023 had a participation rate of 52.12% on July 17, 2023[111] - The third temporary shareholders' meeting in 2023 had a participation rate of 60.74% on December 27, 2023[111] Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 2.3 per 10 shares, totaling CNY 797.63 million[2] - The cash dividend per 10 shares is set at 2.3 CNY (including tax)[158] - The company reported a cash dividend of 797,630,203.15 CNY, which represents 100% of the distributable profit for the year[158]

加强治理 诚信经营 01 02 03 | 公司治理 | 21 | | --- | --- | | 商业道德 | 25 | | 风险与内控管理 | 27 | | 信息安全与隐私保护 | 32 | | 匠心品质 | | --- | | 引领创新 | | 科技创新 | 35 | | --- | --- | | 产品责任 | 43 | | 关于本报告 | 03 | | --- | --- | | 董事长致辞 | 05 | | 走进云铝股份 | 07 | | 关键绩效 | 12 | | 重大性议题分析 | 15 | 05 以人为本 共创未来 04 | 员工权益与福祉 | 77 | | --- | --- | | 多元化与包容性 | 82 | | 人才保留与发展 | 85 | | 职业健康与安全 | 89 | 携手伙伴 合作共赢 | 可持续供应链 | 97 | | --- | --- | | 企地共建 | 100 | | 志愿服务 | 103 | 守护环境 绿色发展 | 环境保护 | 51 | | --- | --- | | 应对气候变化 | 65 | | 生态保护 | 71 | | 可持续发展绩效表 | 105 | | ...