Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 19.50 CNY per share, compared to the current price of 14.35 CNY per share [3]. Core Views - In Q1 2024, the company's net profit attributable to shareholders decreased by 20% quarter-on-quarter but met expectations. The company reported a revenue of 11.4 billion CNY, a year-on-year increase of 20%, and a net profit of 1.164 billion CNY, a year-on-year increase of 32% [1]. - The decline in Q1 performance was primarily due to reduced production of electrolytic aluminum in Yunnan and rising costs of alumina and electricity [1]. - The company expects an increase in electrolytic aluminum production in Q2 2024, as Yunnan province has lifted load management restrictions on electricity usage [1]. Financial Summary - For Q1 2024, the company produced 365,600 tons of alumina, a year-on-year increase of 2.16%, and 636,900 tons of primary aluminum, a year-on-year increase of 23.3% [1]. - The estimated cost per ton of electrolytic aluminum increased by 1,399 CNY, leading to a decrease in gross profit per ton by 1,267 CNY [1]. - The company forecasts EPS of 1.39 CNY, 1.41 CNY, and 1.47 CNY for 2024, 2025, and 2026, respectively, with a reference PE of 14 times for 2024 [1][2].

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]

Investment Rating - The investment rating for the company is "Buy" [1][8]. Core Views - The company's Q4 profit showed significant improvement, with a year-on-year revenue increase of 18.27% and a net profit increase of 80.14% [3]. - The production of electrolytic aluminum is expected to increase in 2024, with plans to produce approximately 270,000 tons of electrolytic aluminum [3]. - The company is enhancing its competitiveness by deepening its layout in bauxite and photovoltaic power generation, establishing a complete aluminum industry chain [3]. - With stable supply and increasing demand, aluminum prices are expected to gradually rise [3]. - The company is projected to achieve revenues of 476.58 billion, 509.59 billion, and 544.40 billion yuan in 2024, 2025, and 2026 respectively, with net profits of 43.05 billion, 51.32 billion, and 56.92 billion yuan [3][4]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 426.69 billion yuan, a decrease of 11.96% year-on-year, and a net profit of 39.56 billion yuan, down 13.41% year-on-year [3][4]. - Q4 2023 saw a revenue of 129.08 billion yuan, up 18.27% year-on-year, and a net profit of 14.51 billion yuan, up 80.14% year-on-year [3]. Production Outlook - The company produced 239.95 million tons of electrolytic aluminum in 2023 and plans to increase production to approximately 270 million tons in 2024 [3]. Industry Position - The company is the largest green low-carbon aluminum supplier in China, with a total green aluminum production capacity of 3.05 million tons [3]. - It is the only integrated aluminum enterprise in China certified by ASI from bauxite to aluminum alloy production [3]. Future Projections - Revenue and net profit projections for 2024-2026 indicate a positive growth trajectory, with expected EPS of 1.24, 1.48, and 1.64 respectively [4].

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- ...

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 ...

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 ...

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 ...

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 ...