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 □媒体采访 √业绩说明会 投资者关系活动 类别 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 通过全景网参加云南辖区上市公司 2023 年度投资者网上集 参与单位名称 体接待日活动的投资者 2024 年5月13日15:00-16:40 时 间 地 点 “全景路演”网站（https://rs.p5w.net） 上市公司接待 财务总监兼董事会秘书：郑利海先生 人员姓名 证券事务代表：王冀奭先生 本次活动投资者对公司生产经营等方面进行了提问，参 会人员就相关提问进行了回复。投资者提问与回复情况具体 投资者关系活动 详见“全景路演”网站“云铝股份-2023年度云南辖区上市公 主要内容介绍 司投资者网上集体接待日”。 （https://rs.p5w.net/html/142919.shtml）。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.41 CNY, based on a current price of 14.80 CNY [2][9]. Core Insights - The company, Yun Aluminum Co., is recognized as the leading brand in green electricity aluminum in China, with expectations for both volume and price increases in Q2 2024 [5]. - In Q1 2024, the company reported a revenue of 11.358 billion CNY, a year-on-year increase of 20.28%, and a net profit attributable to shareholders of 1.164 billion CNY, up 31.53% year-on-year [5]. - The improvement in power supply is anticipated to restore production levels, with an expected aluminum output of approximately 2.7 million tons in 2024, an increase of 300,000 tons from 2023 [6]. - The average price of electrolytic aluminum in Q1 2024 was 19,047 CNY per ton, reflecting a 3.1% year-on-year increase, while the average price of anodes decreased by 35.2% [7]. - The company benefits from a high proportion of green electricity, approximately 80% in 2023, which positions it favorably in the market as demand for green aluminum products rises [8]. Financial Summary - The total share capital is 3,467.96 million shares, with a market capitalization of 51,325.04 million CNY [3]. - The company's debt-to-asset ratio is 23.51%, indicating a strong balance sheet [3]. - Revenue projections for 2024-2026 are 49.4 billion CNY, 51.5 billion CNY, and 53.6 billion CNY, respectively, with corresponding net profits of 4.56 billion CNY, 4.96 billion CNY, and 5.02 billion CNY [9][10].

[Table_MainInfo] 公司研究/有色金属/铝 证券研究报告 云铝股份（000807）公司研究报告 2024年05月06日 [Table_InvestInfo] 首次 云铝股份：绿色水电铝践行者，低碳铝价 投资评级 优于大市 覆盖 值长期凸显 股票数据 0[4Ta月b3le0_日S收to盘ck价I（nf元o]） 14.39 [Table_Summary] 投资要点： 52周股价波动（元） 9.73-16.45 总股本/流通A股（百万股） 3468/3468 总市值/流通市值（百万元） 49904/49903  绿色低碳水电铝践行者，产业规模优势显著。公司是国内最大的绿色低碳铝 供应商，坚持“绿色铝一体化”高质量发展，形成了以绿色低碳赋能、以合金化 市《场多表举现措 拓展上下游，提升产业价值 发展增创价值、以循环经济打造可复制的先进模式。依托云南省丰富的绿色 链[Ta》bl2e0_1Q6u.1o0te.2In4f o] 电力优势，2023 年公司生产用电结构中绿电比例约 80%。公司依托绿色能 云铝股份 海通综指 源生产的绿色铝与煤电铝相比，碳排放约为煤电铝的 20%左右。截至 2023 年年底，公 ...

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 □媒体采访 √业绩说明会 投资者关系活动 类别 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 通过全景网参加 2023 年度暨 2024 年第一季度网上业绩说明 参与单位名称 会的投资者 2024 年4月29日15:30-16:30 时 间 地 点 全景网“投资者关系互动平台”（http://ir.p5w.net） 董事长：冀树军先生 上市公司接待 独立董事：施哲先生、罗薇女士 人员姓名 财务总监兼董事会秘书：郑利海先生 证券事务代表：王冀奭先生 本次业绩说明会，投资者对公司生产经营、产业发展、 利润分配等方面进行了提问，参会人员就相关提问进行了回 投资者关系活动 复。投资者提问与回复情况具体详见全景网“云铝股份 2023 ...

[Table_Page] 季报点评|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 14.35元 Q1 业绩符合预期，期待 Q2 电解铝量价齐升 合理价值 19.50元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-26  24Q1归母净利环减20%，符合预期。据公司财报，24Q1公司实现营 [相Tab对le_P市icQ场uote表] 现 业收入114亿元，同比+20%，环比-12%，归母净利润11.64亿元，同 比+32%，环比-20%，出售10万吨电解铝指标获资产处置收益1.67亿 12% 元，归母扣非净利润10.35亿元，同比+18%，环比-29%，基本每股收 3% -6%04/23 06/23 08/23 10/23 12/23 02/24 04/24 益 0.34 元/股，同比+32%，环比-20%，经营净现金流 9.30 亿元，同 -14% 比-34%，环比-29%，资产负债率23.51%，较23年末-2.09PCT。24Q1 -23% 业绩环比下降的主因是： ...

Investment Rating - The report maintains a "Buy" rating for the company [4][12][13] Core Views - The company reported Q1 2024 revenue of 11.358 billion RMB, a decrease of 12.01% quarter-on-quarter but an increase of 20.28% year-on-year. The net profit attributable to the parent company was 1.164 billion RMB, down 19.79% quarter-on-quarter but up 31.53% year-on-year [3] - The company is gradually resuming production after previously limiting its electrolytic aluminum capacity, with 200,000 tons already resumed as of April 25, 2024. The peak season for aluminum consumption is expected to lead to simultaneous increases in both volume and profit [3] Summary by Sections Financial Performance - Q1 2024 electrolytic aluminum sales declined, with the average price of aluminum at 19,000 RMB/ton, a 0.42% increase quarter-on-quarter. The production cost of primary aluminum rose by 687 RMB/ton [3] - The company’s Q1 2024 alumina production was 365,600 tons, carbon product production was 198,400 tons, primary aluminum production was 636,900 tons, and aluminum alloy and processed products production was 278,500 tons [3] - The company’s Q1 gross profit decreased by 28.25% to 1.629 billion RMB due to reduced sales volume and profit margins [3] Debt and Cost Management - As of March 2024, the company's asset-liability ratio was 23.51%, down 2.09 percentage points from the end of 2023 and down 11.78 percentage points from the end of 2022, indicating a trend of improving capital structure [3] - The company has optimized its expense management, with a decrease in sales expense ratio to 0.08% and management expense ratio to 1.30% [3] Production Resumption and Market Outlook - The company has resumed 200,000 tons of electrolytic aluminum capacity since March 2024, with plans to continue increasing production as it negotiates with relevant departments for electricity load [3] - The report anticipates that the peak season in April will lead to increased aluminum prices and improved profitability as production ramps up [3]

[Table_Title] Q4 利润同环比大幅改善 24 年电解铝产量预计提升 [Table_ReportDate] 云铝股份(000807)公司简评报告 | 2024.04.25 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T ablQe_4S利um润m同ary环] 比大幅改善。2023年公司实现营业收入426.69亿元，同比 吴轩 -11.96%；归母净利润39.56亿元，同比-13.41%；扣非后归母净利润39.30 有色行业首席分析师 亿元，同比-9.57%。其中，Q4实现营业收入129.08亿元，同比18.27%， SAC执证编号：S0110521120001 环比6.75%；归母净利润14.51亿元，同比80.14%，环比46.54%；扣非 wuxuan123@sczq.com.cn 电话：021-58820297 后归母净利润14.56亿元，同比133.06%，环比48.01%。 ⚫ 2024年电解铝产量预计提升。在2023年云南地区实施两次降低用电负 刘崇娜 荷下，公司生产电解铝239.95万吨，氧化铝142.83万吨，炭素制品78.35 有色行业研 ...

Financial Performance - The company's revenue for Q1 2024 reached ¥11,357,542,978.09, representing a 20.28% increase compared to ¥9,442,838,701.91 in the same period last year[2] - Net profit attributable to shareholders was ¥1,163,629,821.00, up 31.53% from ¥884,659,246.11 year-on-year[2] - Basic and diluted earnings per share increased by 31.76% to ¥0.336, compared to ¥0.255 in the same period last year[2] - The profit margin increased, with total profit reaching ¥1,610,977,057.48, a 32.91% increase from ¥1,212,109,797.39 year-on-year[7] - Net profit for the current period was ¥1,344,976,821.79, representing a 29.7% increase compared to ¥1,036,635,783.15 in the previous period[26] - The total comprehensive income for the current period was ¥1,352,484,238.07, compared to ¥1,037,274,192.35 in the previous period, reflecting overall growth[29] Cash Flow and Assets - The net cash flow from operating activities decreased by 34.38% to ¥930,269,481.49, down from ¥1,417,676,338.64 in the previous year[2] - Cash flow from operating activities generated a net amount of ¥930,269,481.49, down from ¥1,417,676,338.64 in the previous period[30] - The company's cash and cash equivalents increased to RMB 5,974,685,528.55 from RMB 5,260,938,229.50[21] - Cash and cash equivalents at the end of the period totaled ¥5,882,195,186.58, an increase from ¥3,218,229,450.81 at the end of the previous period[33] - Total assets at the end of the reporting period were ¥40,011,947,178.26, a 1.79% increase from ¥39,309,705,821.93 at the end of the previous year[2] - The total liabilities decreased to RMB 9,405,374,949.14 from RMB 10,062,774,176.03[24] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 98,688, with the largest shareholder being China Aluminum Corporation, holding 29.10% of shares[11] - The company's equity attributable to shareholders rose by 4.57% to ¥26,906,253,702.98 from ¥25,729,228,476.89 at the end of the last year[2] - The company reported a total equity of RMB 30,606,572,229.12, up from RMB 29,246,931,645.90[24] Production and Inventory - In Q1 2024, the company produced 365,600 tons of alumina, a year-on-year increase of 2.16%[15] - The production of primary aluminum reached 636,900 tons, reflecting a significant year-on-year growth of 23.3%[15] - The production of carbon products was 198,400 tons, a year-on-year increase of 2.76%[15] - The company's inventory increased to RMB 4,318,626,666.48 from RMB 4,051,137,471.62, indicating a rise in stock levels[21] Other Income and Expenses - The company reported a significant increase in other income, which rose by 1710.56% to ¥71,064,208.97, primarily due to benefits from advanced manufacturing tax policies[7] - Total operating costs increased to ¥9,985,542,113.27, up 21.5% from ¥8,214,869,638.25 in the prior period[26] - Research and development expenses rose to ¥7,432,102.37, compared to ¥5,799,274.59 in the previous period, indicating a focus on innovation[26] - The company reported an investment loss of ¥193,479.95, a decrease from a loss of ¥20,123,939.95 in the previous period[26] - Other comprehensive income after tax for the current period was ¥7,507,416.28, significantly higher than ¥638,409.20 in the previous period[29] - The company completed the transfer of 100,000 tons of electrolytic aluminum capacity to China Aluminum Corporation for RMB 601,878,000, confirming asset disposal gains during the reporting period[16] Accounts Receivable - The company experienced a 237.78% increase in accounts receivable, totaling ¥548,492,402.36, attributed to increased sales[7]

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-028 云南铝业股份有限公司 第九届董事会第四次会议决议公告 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。 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 四次会议通知于 2024 年 4 月 15 日（星期一）以书面、传真或电子邮件的方式发出。 （二）会议于 2024 年 4 月 25 日（星期四）以通讯方式召开。 （三）会议应出席董事 10 人，实际出席董事 10 人。 （四）公司第九届董事会第四次会议的召开符合《公司法》、《证券法》、《深圳证 券交易所股票上市规则》和云铝股份《公司章程》等有关规定。 本预案须提交公司股东大会审议。 表决结果：赞成 10 票，反对 0 票，弃权 0 票。 （二）《关于聘任李国维先生为公司总经理的议案》 根据工作需要，经公司董事会提名委员会进行资格审查，公司董事会同意聘任李国维 先生为公司总经理，任期自公司第九届董事会第四次会议审议通过之日起至公司第九届董 事会届满之日止。具体内容详见公司在指定信息 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-031 （一）股东大会届次：2023 年度股东大会 （二）股东大会的召集人：云南铝业股份有限公司（以下简称"云铝股份"或"公司"） 董事会。 公司于 2024 年 4 月 25 日召开的第九届董事会第四次会议审议通过了《关于召开 2023 年 度股东大会的议案》。 （三）会议召开的合法、合规性：本次股东大会会议的召集、召开符合《公司法》、《证 券法》及中国证监会、深圳证券交易所相关规章、指引及云铝股份《公司章程》的规定和要 求。 （四）会议召开的日期、时间： 1.现场会议召开时间为：2024 年 5 月 27 日（星期一）上午 10:00 云南铝业股份有限公司 关于召开 2023 年度股东大会的通知 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。 一、召开会议的基本情况 2.网络投票时间为：2024 年 5 月 27 日上午 09:15-下午 15:00 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2024 年 5 月 27 日上 午 09:15-09:25，09:30- ...