Investment Rating - Buy (Maintained) [2] Core Views - The company's electrolytic aluminum business has seen both volume and price increases, contributing to significant revenue and profit growth in H1 2024 [4] - The company's first interim dividend distribution and increased dividend ratio enhance its long-term investment value [6] - The company's green aluminum production capacity and low-cost electricity in Yunnan provide a competitive advantage in the context of carbon neutrality [23][26] Company Overview - The company has been operating in the electrolytic aluminum industry for over 50 years, focusing on green aluminum integration [10] - Backed by Chinalco Group, the company benefits from synergies in raw material procurement and financing [11] - The company has built a complete aluminum industry chain through subsidiaries, covering bauxite mining, alumina production, electrolytic aluminum smelting, and aluminum processing [12] Financial Performance - In H1 2024, the company achieved revenue of RMB 24.65 billion, a YoY increase of 39%, and net profit of RMB 2.52 billion, a YoY increase of 66% [4] - The company's electrolytic aluminum production in H1 2024 reached 1.35 million tons, a YoY increase of 39%, driven by improved power supply in Yunnan [5] - The company's gross margin and net margin are expected to improve from 2024 to 2026, with ROE projected to remain above 15% [7] Industry and Market Analysis - The company has 3.05 million tons of green aluminum production capacity, ranking first in Yunnan and accounting for 7% of China's total electrolytic aluminum capacity [20] - Under the carbon neutrality policy, green aluminum has a significant cost advantage, with the company's green electricity ratio reaching 80% in 2023 [23] - Yunnan's electricity prices are among the lowest in China, providing a cost advantage for the company's electrolytic aluminum production [26] Future Outlook - The company is expected to achieve net profits of RMB 4.95 billion, RMB 5.62 billion, and RMB 5.93 billion in 2024, 2025, and 2026, respectively, with EPS of RMB 1.43, RMB 1.62, and RMB 1.71 [4] - The company's electrolytic aluminum production is expected to reach 2.75 million, 2.81 million, and 2.90 million tons in 2024, 2025, and 2026, respectively [34] - The aluminum price is expected to remain high, with a projected average price of RMB 19,800/ton, RMB 20,000/ton, and RMB 20,000/ton in 2024, 2025, and 2026, respectively [35]

云南海合律师事务所 见证意见书 云南海合律师事务所 关于云南铝业股份有限公司 2024 年第二次临时股东大会的 见 证 意 见 书 海合综（2024）第【837】号 云南铝业股份有限公司： 依照贵公司与本所签订的《常年法律顾问服务合同》，本 所指派郭晓龙、周张悦律师出席贵公司于 2024 年 9 月 12 日召 开的 2024 年第二次临时股东大会（以下简称：本次大会）。本 所律师基于对本次大会的现场见证，依据《公司法》、《证券 法》、《上市公司股东大会规则》等法律、法规的规定，按照 《律师事务所从事证券法律业务管理办法》和《律师事务所证 券法律业务执业规则（试行）》，就本次大会的相关事项发表 见证意见如下： 一、本次大会的召集及通知 本次大会系贵公司 2024 年第二次临时股东大会，由贵公司 董事会召集。贵公司董事会召集本次大会的书面通知于 2024 年 8 月 27 日刊登在《中国证券报》、《证券时报》、《证券日 地址：昆明市五华区新闻路云报大厦 8 楼 电话：0871-63636121 ___________________________________________________________ ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-048 云南铝业股份有限公司 2024 年第二次临时股东大会决议公告 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、误导性陈述或者重 大遗漏。 特别提示： 1.本次股东大会未出现否决提案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1.现场会议召开时间为：2024 年 9 月 12 日（星期四）上午 10:00 2.网络投票时间为：2024 年 9 月 12 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 9 月 12 日上 午 09:15-09:25，09:30-11:30 和下午 13:00-15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为：2024 年 9 月 12 日上午 09:15-下午 15:00。 （一）召开时间 （二）现场会议召开地点：云南铝业股份有限公司（以下简称"云铝股份"或"公司"） 一楼会议室。 （三）会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式。公司通过 ...

Group 1: Investor Relations Activities - The company participated in various investor relations activities, including a half-year performance and cash dividend briefing on September 10, 2024 [1] - The event was held on the "Investor Relations Interactive Platform" of P5W [1] - Key personnel present included Chairman Ji Shujun, General Manager Li Guowei, and other board members [1] Group 2: Event Details - The briefing took place from 15:30 to 16:30 on September 10, 2024 [1] - Investors raised questions regarding the company's production operations, electricity pricing model, and profit distribution [1] - Responses to investor inquiries were documented and can be accessed on the P5W platform [1]

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].