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].

云南铝业股份有限公司投资者关系活动记录表 | --- | --- | |--------------|------------------------------------------------------------------------| | 投资者关 | | | 系活动类 | | | 别 | □路演活动 | | | √其他:电话会议 | | | 长江证劵、民生证劵、中信证券、招商证券、高毅资产、嘉实基金、中银资管、 | | 参与单位名称 | 平安基金、招商基金、长城基金、中邮证券、景林资产、银河基金等百余名投资 | | | | | 时 间 | | | | | | 上市公司 | | | 接待人员 | 王冀奭 | | 姓名 | | | | 一、公司证券事务代表王冀奭先生介绍2024年半年度生产经营情况。 | | | 二、投资者主要问题及公司回复 | | | 公司实施中期分红的考虑和未来的分红计划？ | | | 回复：公司一直高度重视和维护投资者利益，近年来公司的现金分红比例稳 | | | 步提升。同时，为进一步落实好国务院及国资委的相关工作部署，践行"以投资 | | | 者为本"的上市公司发展理念，推 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company benefits from rising aluminum prices, with a 66% year-on-year growth in net profit for the first half of 2024 [4] - The company achieved a revenue of 24.65 billion yuan, a year-on-year increase of 39.49% [4] - The gross profit margin for electrolytic aluminum products decreased by 2.94 percentage points to 15.43% due to rising raw material costs [4] - The company plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 798 million yuan, with a payout ratio of 31.67% [4] Financial Performance - In Q2 2024, the company reported a revenue of 13.29 billion yuan, a year-on-year increase of 61.5% and a quarter-on-quarter increase of 17.0% [4] - The net profit for Q2 2024 was 1.36 billion yuan, reflecting a year-on-year growth of 115.0% and a quarter-on-quarter growth of 16.5% [4] - The average aluminum price in the Chinese market for H1 2024 was 19,798 yuan per ton, up 7.1% year-on-year [4] - The company produced 1.351 million tons of primary aluminum in H1 2024, a significant increase of 38.7% year-on-year [4] Production and Operational Goals - The company aims to produce approximately 1.4 million tons of alumina, 2.7 million tons of electrolytic aluminum, and 1.26 million tons of aluminum alloys and processed products in 2024 [4] - The production of alumina in H1 2024 was 723,000 tons, while carbon products and aluminum processing products were 398,000 tons and 588,000 tons, respectively [4] Earnings Forecast - Revenue forecasts for 2024-2026 are adjusted to 49.8 billion yuan, 53.7 billion yuan, and 57.5 billion yuan, respectively, with net profits of 4.44 billion yuan, 4.64 billion yuan, and 4.91 billion yuan [5] - The expected year-on-year growth rates for net profit are 12.2%, 4.4%, and 5.9% for 2024, 2025, and 2026, respectively [5] - The price-to-earnings ratio (P/E) for 2024 is projected at 9.13x, with subsequent years showing a decreasing trend [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][16]. Core Views - The company has shown significant growth in revenue and net profit, with a 39.5% year-on-year increase in revenue to 24.65 billion yuan and a 66.3% increase in net profit to 2.52 billion yuan for the first half of 2024 [1][5]. - The company is benefiting from a favorable power supply situation in Yunnan, which has allowed it to increase its aluminum production significantly [1][12]. - The company has a strong financial position, with a declining debt ratio of 23.4% and significantly reduced financial expenses, enhancing its profitability [1][12]. - The company is recognized as the largest green low-carbon aluminum supplier in China, with over 80% of its production electricity sourced from green energy [1][12]. Summary by Relevant Sections Financial Performance - In the first half of 2024, the company reported a revenue of 24.65 billion yuan, a 39.5% increase year-on-year, and a net profit of 2.52 billion yuan, reflecting a 66.3% growth [1][5]. - The operating cash flow reached 2.75 billion yuan, up 32.9% year-on-year [1][5]. - The company plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 798 million yuan, which is 31.67% of the net profit for the period [1][5]. Production and Capacity - The company produced 1.37 million tons of primary aluminum in the first half of 2024, a 39% increase compared to the same period in 2023 [1][5]. - The production plan for electrolytic aluminum in 2024 is set at 2.7 million tons, with expectations to meet or exceed this target if power supply remains stable in the fourth quarter [1][12]. Financial Health - The company's debt ratio has decreased to 23.4%, with financial expenses dropping to 20 million yuan, a significant reduction from previous years [1][12]. - The financial expense ratio has decreased from 6.3% in 2015 to 0.1% in the first half of 2024, indicating improved profitability [1][12]. Market Position - The company is positioned as the leading green low-carbon aluminum supplier in China, leveraging Yunnan's abundant green electricity resources [1][12]. - The carbon emissions from the company's green aluminum production are approximately 20% of those from coal-powered aluminum production [1][12].

Financial Performance - As of June 30, 2024, the net assets attributable to shareholders of Yunnan Aluminium Co., Ltd. reached RMB 39.309 billion, up from RMB 27.462 billion at the end of 2023[2]. - The operating revenue for the first half of 2024 was RMB 24.648 billion, a significant increase from RMB 17.670 billion in the same period of 2023, representing an increase of approximately 39.5%[2]. - The total profit for the first half of 2024 was RMB 3.550 billion, compared to RMB 2.164 billion in the first half of 2023, marking an increase of about 64%[2]. - The net profit attributable to shareholders for the first half of 2024 was RMB 2.519 billion, up from RMB 1.515 billion in the first half of 2023, reflecting a growth of approximately 66.3%[2]. - The earnings per share for the first half of 2024 were RMB 0.73, compared to RMB 0.44 in the same period of 2023, indicating a rise of about 65.9%[2]. - The company's operating revenue for the reporting period reached ¥24.65 billion, a year-on-year increase of 39.49% compared to ¥17.67 billion in the same period last year[49]. - Net profit for the first half of 2024 was ¥2.96 billion, representing a 64.5% increase from ¥1.80 billion in the first half of 2023[142]. - The company reported a gross profit margin improvement, with operating profit rising to ¥3.55 billion, up 64.3% from ¥2.16 billion year-over-year[142]. Cash Flow and Financial Stability - The company's debt-to-asset ratio was 25.60% as of June 30, 2024, down from 23.35% at the end of 2023, indicating improved financial stability[2]. - The net cash flow from operating activities was ¥2,748,445,549.84, reflecting a 32.88% increase compared to ¥2,068,346,486.44 in the same period last year[17]. - Cash and cash equivalents increased by 224.49% to CNY 1,561,391,668.43, driven by improved cash flow from operations[50]. - The net cash flow from operating activities for the first half of 2024 was CNY 1,926,942,115.81, compared to a negative cash flow of CNY -470,498,903.37 in the same period of 2023, indicating a significant improvement[146]. - The total cash and cash equivalents at the end of the period amounted to CNY 6,493,635,215.50, a significant increase from CNY 1,389,481,526.51 at the end of the previous year[146]. Production and Operational Efficiency - The company produced 723,000 tons of alumina, 135,070 tons of primary aluminum, and 58,770 tons of aluminum alloys and processed products in the first half of 2024, achieving record high production levels[31]. - The company has completed technological upgrades on two electrolytic production lines, leading to improved production efficiency and capacity utilization[30]. - The company has a green aluminum production capacity of 3.05 million tons, making it the largest green low-carbon aluminum supplier in China[25]. - The company achieved a green electricity usage ratio of over 80% in its production electricity structure for the first half of 2024, significantly reducing carbon emissions compared to coal-powered aluminum[42]. Environmental and Sustainability Initiatives - Yunnan Aluminium has implemented a green development strategy, including the establishment of the first domestic aluminum electrolysis workshop for resource recycling, enhancing its commitment to sustainable practices[5]. - The company aims to lead the industry in carbon footprint reduction, achieving dual certification through the ASI standard across its entire supply chain[5]. - The company is committed to achieving carbon neutrality and has initiated projects for ultra-low emissions and zero industrial wastewater discharge[75]. - The company has implemented a zero wastewater discharge policy across all enterprises, treating and reusing all wastewater generated[91]. - The company has established a hazardous waste management system, achieving a 100% safe disposal rate for solid waste[91]. Strategic Partnerships and Market Expansion - The company has signed strategic cooperation agreements with well-known automotive companies to explore low-carbon aluminum supply chains, enhancing its market presence in the new energy vehicle sector[29]. - The company is positioned to leverage the "Belt and Road" initiative and RCEP, enhancing its market expansion opportunities in Southeast Asia and South Asia[47]. - The company is focusing on expanding its market presence and enhancing its product offerings through innovative technologies and strategic partnerships in the green aluminum sector[5]. Research and Development - The company established 7 technology innovation platforms and initiated 25 new technology projects, resulting in 83 authorized patents, including 4 invention patents and 10 international patents[34]. - Research and development expenses increased to ¥36.89 million, a substantial rise of 206.5% compared to ¥12.04 million in the previous year[141]. - The company has developed new products with competitive advantages, including high-precision aluminum and aluminum alloys for aerospace applications[28]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 2.3 per 10 shares, totaling approximately RMB 797.63 million, as part of its mid-year profit distribution plan[7]. - The cash dividend represents 100% of the total distributable profit of RMB 2,821,759,094.51[79]. Compliance and Governance - The company is compliant with 216 applicable environmental protection laws and regulations, including 15 laws and 61 national and industry standards[86]. - The company has not faced any legal penalties for violations of environmental regulations during the reporting period[86]. - The company has appointed new board members and executives, including a new general manager and board secretary[77].

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-040 云南铝业股份有限公司 第九届监事会第四次会议决议公告 （二）会议于 2024 年 8 月 26 日（星期一）以通讯表决方式召开。 （三）会议应出席监事 5 人，实际出席监事 5 人。 （四）公司第九届监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。 二、监事会会议审议情况 会议以通讯表决方式审议通过了以下议案： （一）《关于 2024 年半年度报告及摘要的议案》 根据《公司法》、《证券法》、《深圳证券交易所股票上市规则》等法律法规的规定，按照 中国证券监督管理委员会《公开发行证券的公司信息披露内容与格式准则第 3 号——半年度 报告的内容与格式》及云铝股份《公司章程》的要求，结合公司实际生产经营情况，公司编 制了 2024 年半年度报告及摘要。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 年半年度报告》及《云南铝业股份有限公司 2024 年半年度报告摘要》（公 告编号：2024-041）。 本公司及监事会全体成员保证信息披露的内容 ...

云南铝业股份有限公司 投资者关系管理办法 （经公司 2024 年 8 月 26 日召开的第九届董事会第六次会议审议通过） 第一章 总则 第一条 为规范云南铝业股份有限公司（以下简称"公司"） 投资者管理工作，加强公司与投资者之间的沟通，提高公司治理水平， 促进公司与投资者之间长期、稳定的良性关系，树立公司良好市场形 象，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司投资者关系管理工作指引》《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》等相关法律、法规、规章、 规范性文件及《云南铝业股份有限公司章程》（以下简称"《公司章 程》"）的相关规定，结合公司实际情况，制定本办法。 第二条 本办法适用于公司和所属分公司、全资和控股子公司及 公司实际控制的其他企业（以下简称"所属企业"）的投资者关系管 理活动。 第三条 本办法所称"投资者"，指公司股票投资者、债券投资 者、投资机构基金经理、相关证券研究机构分析人员以及其他对公司 股票、债券或其衍生品有投资意向的单位和人员。 第四条 本办法所称"投资者关系管理"，是指公司通过便利股 东权利行使、信息披露、互动交流和诉求处理等工作 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-039 第九届董事会第六次会议决议公告 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 六次会议通知于 2024 年 8 月 16 日（星期五）以书面、传真或电子邮件的方式发出。 云南铝业股份有限公司 （二）会议于 2024 年 8 月 26 日（星期一）以通讯表决方式召开。 （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六次会议的召开符合《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。 二、董事会会议审议情况 会议以通讯表决方式审议通过了以下议案： （一）《关于 2024 年半年度报告及摘要的议案》 根据《公司法》、《证券法》、《深圳证券交易所股票上市规则》等法律法规的规定， 按照中国证券监督管理委员会《公开发行证券的公司信息披露内容与格式准则第 3 号—— 半年度报告的内容与格式》及云铝股份《公司章程》的要求 ...

| 小计 | 192,079.83 | 59,656.23 | - | 66,984.64 | 184,751.42 | - | - | | --- | --- | --- | --- | --- | --- | --- | --- | | 合计 | 210,372.44 | 1,257,075.75 | - | 1,249,327.98 | 218,120.20 | - | - | 云南铝业股份有限公司 云南铝业股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 中铝国际贸易集团有限公司 | | 受同一母公司控制 | 应收账款 | - | 27,690.70 | - | 27,690.70 | - | 销售产品 | 经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 云南慧能售电股份有限公司 | | 受中铝集团控制 | 应收账款 | - | 0.97 | - | 0.97 | - | 销售产品 | 经营性往来 | | 云南冶金集团股份有限公司 | | 受中铝集团控制 | 应收 ...

云南铝业股份有限公司关于 一、中铝财务公司基本情况 明确、报告关系清晰的组织结构，为风险管理的有效性提供了必要的前提条件。 中铝财务公司是经中华人民共和国银行业监督管理委员会（现为国家金融监督管 理总局，以下简称"金融监管总局"）批准于 2011 年 6 月 27 日成立的非银行金融机 构。持有国家金融监督管理总局北京监管局颁发的金融许可证，机构编码为： L0127H211000001，持有北京市市场监督管理局核准颁发的企业法人营业执照，统一社 会信用代码：91110000717829780G。法定代表人为吕哲龙；住所：北京市西城区文兴 街 1 号院 1 号楼 C 座 2 层 201-204、3 层、4 层 2 区、5 层、6 层、7 层 701-708。 主要经营范围包括对成员单位办理财务和融资顾问、信用鉴证及相关的咨询、代 理业务；协助成员单位实现交易款项的收付；经批准的保险代理业务；对成员单位提 供担保；办理成员单位之间的委托贷款和委托投资（仅限固定收益类有价证券投资）； 对成员单位办理票据承兑与贴现；办理成员单位之间的内部转账结算及相应的结算、 清算方案设计；吸收成员单位的存款；对成员单位办理贷款及融 ...