云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-029 云南铝业股份有限公司 关于聘任总经理的公告 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"）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《关于补选李国维先生为公司董事的预案》及《关 于聘任李国维先生为公司总经理的议案》。 鉴于周飞先生已辞去公司董事和董事会战略委员会委员职务，根据工作需要，经公司 董事会提名委员会进行资格审查，公司董事会同意提名李国维先生为公司第九届董事会非 独立董事候选人，并同意其经公司股东大会选举为非独立董事后担任公司第九届董事会战 略委员会委员、提名委员会委员，任期自公司股东大会选举通过之日起至公司第九届董事 会届满之日止。同时，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。李国维先生简历附后。 特此公告。 2024 年 4 月 25 日 国家环境友好企业 绿色铝·在云铝 1 云南铝业股份有限公司董事会 ...

云南铝业股份有限公司 关于董事辞职的公告 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。 2024 年 4 月 24 日，云南铝业股份有限公司（以下简称"云铝股份"或"公司"）董 事会收到周飞先生以书面形式提交的辞职报告。周飞先生辞去公司董事和董事会战略委员 会委员职务，辞任后不再担任公司任何职务。根据《公司法》、云铝股份《公司章程》等 有关规定，周飞先生的辞职报告自送达董事会之日起生效。周飞先生的辞职未导致公司董 事会成员人数低于法定最低人数，其辞职不会影响公司董事会的正常运行。 截止本公告披露日，周飞先生持有公司股份 800 股，周飞先生承诺，将严格遵守《上 市公司股东、董监高减持股份的若干规定》、《上市公司董事、监事和高级管理人员所持 本公司股份及其变动管理规则》以及《深圳证券交易所上市公司股东及董事、监事、高级 管理人员减持股份实施细则》等相关法律法规中有关上市公司离任董事减持股份的规定。 周飞先生担任公司董事期间，恪尽职守，勤勉尽责，公司董事会对周飞先生表示衷心 感谢！ 云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-027 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][3] Core Views - The company achieved a revenue of 426.69 billion yuan in 2023, a year-on-year decrease of 11.96%, and a net profit attributable to shareholders of 39.56 billion yuan, down 13.41% year-on-year [2][3] - The company is expected to see a gradual recovery in performance due to successful project launches and ongoing upgrades in the industrial chain [2][3] - The projected revenues for 2024 and 2025 are adjusted to 476.11 billion yuan and 502.31 billion yuan, respectively, with net profits of 42.78 billion yuan and 46.10 billion yuan [3][4] Financial Performance Summary - In 2023, the company produced 239.95 million tons of primary aluminum and 142.83 million tons of alumina, with a gross profit margin of 15.81% [2][3] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.23 yuan, 1.33 yuan, and 1.41 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 11.09, 10.29, and 9.69 [3][4] - The company’s operating cash flow for 2023 was 5.87 billion yuan, with a forecasted increase to 8.375 billion yuan in 2024 [9] Production and Operational Insights - The company has successfully launched key projects, including the digital twin factory and smart aluminum plant, which have improved operational efficiency [2][3] - The company plans to produce approximately 140 million tons of alumina and 270 million tons of electrolytic aluminum in 2024, alongside 126 million tons of aluminum alloys and 80 million tons of carbon products [2][3] Market Position and Outlook - The report indicates that with the stabilization of aluminum prices and recovery in downstream demand, the company's performance is expected to improve [3][4] - The company is focusing on enhancing its green energy initiatives, including the construction of photovoltaic projects to secure green power supply [2][3]

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-026 云南铝业股份有限公司关于 召开 2023 年度暨 2024 年第一季度网上业绩说明会的公告 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。 云南铝业股份有限公司（以下简称"云铝股份"或"公司"）已于 2024 年 3 月 28 日在 指定的信息披露媒体上披露了《2023 年年度报告》及《2023 年年度报告摘要》，并将于 2024 年 4 月 26 日披露《2024 年第一季度报告》，为便于广大投资者进一步了解公司 2023 年度及 2024 年第一季度生产经营等情况，公司定于 2024 年 4 月 29 日（星期一）15:30-16:30 在全景 网举办 2023 年度暨 2024 年第一季度网上业绩说明会。本次业绩说明会将采用网络远程方式 举行，投资者可登陆全景网"投资者关系互动平台"（http://ir.p5w.net）参与本次业绩说明会。 出席本次业绩说明会的人员有：公司董事长冀树军先生，独立董事施哲先生、罗薇女士， 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 ...

智通财经APP获悉，近日，银华基金知名百亿基金经理焦巍旗下产品披露一季报。其中，截止2024年一季度末， 银华富裕主题混合A净值为4.2726元，期内基金份额净值增长率为9.41%。焦巍指出，一季度他们进行了生猪养殖 行业的配置，并且在白电、纺织服装等消费里的红利扩展资产进行了适当的配置。目前位置，食品饮料的性价比 凸显，他们会把重心放在这个行业。 先来看焦巍管理时间最长的银华富裕主题混合A，在持仓变动方面，与2023年4季度相比，增持了中国海油 (600938.SH)、中国移动(600941.SH)、美的集团(000333.SZ)等，减持了贵州茅台(600519.SH)、山西汾酒 (600809.SH)、中国神华(601088.SH)等。 其中中国海油跃升至第一重仓股，持仓占比由8.04%变化至8.24%，中国移动亦跃升至第二大重仓股，持仓占比 由8.04%变化至8.05%。值得注意的是，贵州茅台(600519.SH)由第一大重仓股回落至第六位，持仓占比由8.18缩 减至6%，山西汾酒(600809.SH)则下落至第三大重仓股，持仓占比由8.13%变化至7.68%。 从基金表现来看，截至本报告期末银华富裕主 ...

Investment Rating - The investment rating for Yun Aluminum Co., Ltd. is "Buy" [1][3][14] Core Views - The company benefits from the expansion of the national carbon market, which enhances the advantages of low-carbon aluminum products [1] - In 2023, the company's revenue decreased by 12% year-on-year to 42.67 billion yuan, and the net profit attributable to shareholders fell by 13.4% to 3.96 billion yuan [1][4] - The company has a significant green electricity advantage, with approximately 80% of its production electricity sourced from green energy, resulting in carbon emissions about 20% of that from coal-powered aluminum [1][13] Financial Performance Summary - In 2023, the company produced 2.4 million tons of primary aluminum, a decrease of 200,000 tons compared to 2022, due to power restrictions [1][4] - The company announced a profit distribution plan, distributing a cash dividend of 2.3 yuan per 10 shares, totaling 798 million yuan [1][4] - Financial expenses have significantly decreased, with interest-bearing debt reduced to 4.5 billion yuan, down 2 billion yuan from the end of 2022, and the asset-liability ratio decreased to 25.6% [1][12] Revenue and Profit Forecast - The forecast for revenue from 2024 to 2026 is 45.947 billion yuan, 49.320 billion yuan, and 51.914 billion yuan, with year-on-year growth rates of 7.7%, 7.3%, and 5.3% respectively [1][14] - The projected net profit for the same period is 4.105 billion yuan, 4.393 billion yuan, and 4.613 billion yuan, with growth rates of 3.8%, 7.0%, and 5.0% respectively [1][14] - The diluted EPS is expected to be 1.18 yuan, 1.27 yuan, and 1.33 yuan for 2024, 2025, and 2026 respectively [1][14] Market Position and Competitive Advantage - The company is positioned as a leading domestic green hydropower aluminum enterprise, benefiting from low and stable electricity costs [1][14] - The company's low-carbon product advantages are expected to become more pronounced with the expansion of the carbon trading market [1][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 42.67 billion yuan in 2023, a year-on-year decrease of 11.96%, and a net profit attributable to shareholders of 3.96 billion yuan, down 13.41% year-on-year. However, the net profit excluding non-recurring items increased by 9.69% year-on-year to 3.93 billion yuan. The gross margin for electrolytic aluminum products was 17.85%, an increase of 0.67 percentage points year-on-year, attributed to a decline in raw material prices [4][5] - In Q4 2023, the company achieved a revenue of 12.9 billion yuan, a year-on-year increase of 18.27% and a quarter-on-quarter increase of 6.76%. The net profit for the quarter was 1.45 billion yuan, up 80.25% year-on-year and 46.54% quarter-on-quarter. The company plans to distribute a cash dividend of 798 million yuan, with a payout ratio of 20.16% [4][5] - The average aluminum price in the Chinese market for Q4 2023 was 18,966 yuan per ton, showing a recovery trend throughout the year. The average price for the entire year was 18,700 yuan per ton, down 6.2% year-on-year. The decline in raw material prices, such as alumina and prebaked anodes, contributed to the expansion of profit margins for electrolytic aluminum [4][5] Summary by Sections Financial Performance - The company produced 1.4283 million tons of alumina, 783,500 tons of carbon products, and 2.3995 million tons of primary aluminum in 2023. The sales volume of aluminum liquid and ingots reached 1.3 million tons, with aluminum alloy sales at 1.23 million tons, marking a historical high [4][5] - The revenue projections for 2024-2026 are adjusted to 48.7 billion yuan, 52.4 billion yuan, and 56.1 billion yuan, respectively, with net profits of 4.93 billion yuan, 5.15 billion yuan, and 5.53 billion yuan, reflecting year-on-year growth rates of 24.7%, 4.5%, and 7.2% [5][6] Market Outlook - The company is expected to see continuous improvement in performance due to the recovery of electrolytic aluminum production capacity and stable profit margins. The complete green aluminum industry chain from bauxite to end products helps in controlling upstream raw material costs [5][6]

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 ...