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》 ...

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 ...

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]

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。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Views - The company is a leading integrated green aluminum producer in China, with over 40 years of experience in the aluminum industry, and has established a comprehensive green industrial chain [2][6]. - The domestic bauxite resource is relatively scarce, and the electrolytic aluminum production capacity is nearing its ceiling, which limits further expansion [2][46]. - The company possesses superior bauxite resources, leading to significant profit advantages in electrolytic aluminum production [2][67]. - The financial forecast estimates revenues of 48.7 billion, 51.7 billion, and 55 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 4.9 billion, 5.4 billion, and 5.8 billion yuan, corresponding to EPS of 1.40, 1.56, and 1.68 yuan per share [2]. Summary by Sections 1. Company Overview - Yunnan Aluminum Co., Ltd. has evolved from Yunnan Aluminum Plant, founded in 1970, to a key player in the national aluminum industry, becoming a "National Environmentally Friendly Enterprise" and a national green factory [2][6]. - As of mid-2024, the company has established a production capacity of 1.4 million tons of alumina, 3.05 million tons of green aluminum, 1.6 million tons of aluminum alloys and processing products, and 820,000 tons of carbon products [2][6]. 2. Industry Context - China's bauxite resources are limited, with the top five countries holding about 71% of global reserves, leading to a high dependency on imports [2][46]. - The electrolytic aluminum production capacity in China is capped at approximately 45 million tons, with current utilization rates exceeding 95% [2][58]. 3. Resource and Production Advantages - The company has a bauxite production capacity of 2.64 million tons per year, with a self-sufficiency rate of about 25% for bauxite and 30% for alumina [2][67]. - The production of electrolytic aluminum is highly profitable, with a profit margin of approximately 3100 yuan per ton compared to 2200 yuan for externally sourced aluminum [2][75]. 4. Financial Performance - In the first half of 2024, the company achieved a revenue of 24.6 billion yuan, a year-on-year increase of 39%, and a net profit of 2.5 billion yuan, up 66% from the previous year [2][34]. - The company's financial metrics show a declining trend in expense ratios and debt levels, indicating improved operational efficiency [2][38].

Financial Performance Forecast - The expected net profit attributable to shareholders for the first three quarters of 2024 is projected to be between 3.8 billion RMB and 3.85 billion RMB, representing a year-on-year increase of 51.70% to 53.69% compared to approximately 2.5 billion RMB in the same period last year[3]. - The expected net profit attributable to shareholders after deducting non-recurring gains and losses for the first three quarters of 2024 is projected to be between 3.65 billion RMB and 3.7 billion RMB, reflecting a year-on-year growth of 47.51% to 49.53% compared to approximately 2.47 billion RMB last year[3]. - The basic earnings per share for the first three quarters of 2024 is expected to be between 1.10 RMB and 1.11 RMB, compared to 0.722 RMB in the same period last year[3]. - For the third quarter of 2024, the expected net profit attributable to shareholders is projected to be between 1.28 billion RMB and 1.33 billion RMB, indicating a year-on-year increase of 29.29% to 34.34% compared to approximately 990 million RMB last year[4]. - The expected net profit attributable to shareholders after deducting non-recurring gains and losses for the third quarter of 2024 is projected to be between 1.26 billion RMB and 1.31 billion RMB, with a year-on-year growth of 28.08% to 33.17% compared to approximately 983 million RMB last year[4]. Operational Improvements - The company has accelerated the resumption of electrolytic aluminum production capacity, achieving full-load production in the third quarter, which significantly contributed to the increase in sales volume and revenue[6]. - The company has implemented cost reduction and efficiency enhancement measures, alongside increased marketing efforts, leading to substantial growth in aluminum product sales[6]. Financial Reporting and Risk Awareness - The financial data provided in the earnings forecast has not been audited by the accounting firm, and the final financial data will be disclosed in the company's third-quarter report for 2024[7]. - The earnings forecast period covers January 1, 2024, to September 30, 2024[2]. - The company emphasizes the importance of investor awareness regarding investment risks based on preliminary financial estimates[7].

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-049 云南铝业股份有限公司 2024 年中期利润分配实施公告 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"）2024 年中期利润分配 方案已获 2024 年 9 月 12 日召开的 2024 年第二次临时股东大会审议通过，现将利润分 配方案实施事宜公告如下： 一、股东大会审议通过利润分配方案的情况 （一）公司股东大会审议通过的 2024 年中期利润分配方案为：以公司现有总股本 3,467,957,405 股为基数，向全体股东每 10 股派发现金红利人民币 2.3 元（含税），共 派发现金红利人民币 797,630,203.15 元（含税），占 2024 年半年度合并报表归属于上 市公司股东的净利润的比例为 31.67%。本次分配不进行资本公积金转增股本，不送红股。 本次分配预案公告后至实施期间，如公司股本发生变化，公司拟保持分配总额不变， 按照调整每股分配比例的原则进行相应调整。 （二）本次利润分配方案自披露至实施期间公司股本总额 ...