Group 1 - The core viewpoint of the news is that the fund manager Jiao Wei has made strategic adjustments in the portfolio of the Silver Hua Fund, focusing on the food and beverage sector due to its cost-effectiveness, while also investing in the pig farming industry and consumer sectors like white goods and textiles [1][8] - As of the end of Q1 2024, the net value of Silver Hua Wealth Theme Mixed A Fund was 4.2726 yuan, with a growth rate of 9.41% during the period, outperforming the benchmark return of 2.94% [2][3] - The fund increased its holdings in China National Offshore Oil Corporation and China Mobile, while reducing its positions in Kweichow Moutai and Shanxi Fenjiu, indicating a shift in investment strategy [1][2] Group 2 - The Silver Hua Food and Beverage Selected Mixed Fund increased its holdings in Wens Foodstuff Group and added new positions in Wuliangye and Yili Group, while reducing its stakes in Kweichow Moutai and Shanxi Fenjiu [3][4] - The fund's performance showed a decline, with the net value of the Silver Hua Food and Beverage Selected Mixed A Fund at 0.6705 yuan, reflecting a growth rate of -1.19% [4] - The market sentiment for the food and beverage sector is cautiously optimistic, with expectations of gradual recovery in consumer confidence following strong performance during the Spring Festival [7][8] Group 3 - The Silver Hua Wealth Selected Mixed Fund saw Wuliangye rise to the top holding, while Kweichow Moutai fell to second place, with significant increases in holdings for Yingjia Distillery [5][6] - The fund's net value was reported at 0.5941 yuan, with a growth rate of -3.19%, indicating challenges in the current market environment [6] - The fund manager emphasized the importance of selecting high-barrier brands and strong management teams in the liquor industry, as market dynamics shift towards concentration among top players [8]

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 report maintains a "Buy" rating for Yun Aluminum Co., Ltd. (000807.SZ) [2] Core Views - The report highlights that the decline in aluminum prices has impacted the company's profitability, but it remains optimistic about the long-term prospects of green electricity aluminum prices [2] - The company reported a revenue of 426.69 billion yuan for 2023, a year-on-year decrease of 11.96%, with a net profit attributable to shareholders of 39.56 billion yuan, reflecting a 13.41% increase [2][4] - The report anticipates a recovery in the company's profitability due to ongoing investments in green electricity projects and rising aluminum prices [4] Summary by Sections Financial Performance - The company's main revenue for 2023 was 42,669 million yuan, with a growth rate of -12.0% [5] - The net profit attributable to shareholders for 2023 was 3,956 million yuan, with a growth rate of -13.4% [5] - Forecasted main revenues for 2024, 2025, and 2026 are 43,692 million yuan, 44,174 million yuan, and 44,656 million yuan respectively, with corresponding net profits of 4,105 million yuan, 4,695 million yuan, and 5,289 million yuan [4][5] Production and Market Conditions - The report notes a decrease in production due to power restrictions in Yunnan, leading to a decline in the output of primary aluminum and alumina [2] - The average price of aluminum in the market was 18,702 yuan per ton in 2023, a year-on-year decrease of 4.03% [2] - The report indicates that the company has successfully completed the construction of distributed photovoltaic projects, enhancing its green electricity supply channels with a cumulative installed capacity of 216 megawatts [3] Future Outlook - The report projects that the company's earnings will improve in the coming years, with PE ratios expected to decrease to 9.0 by 2026 [4] - The anticipated increase in aluminum prices and the company's strategic focus on green energy projects are expected to provide a competitive advantage in the long term [4]

[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 ...

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].

Investment Rating - The report maintains a "Buy" rating for Yun Aluminum Co., Ltd. with a target price of 18.61 CNY, indicating an expected increase of over 20% in the stock price within the next six months [3][12]. Core Insights - The company reported a total revenue of 42.67 billion CNY for 2023, a decrease of 12.0% year-on-year, and a net profit attributable to shareholders of 3.96 billion CNY, down 13.4% year-on-year. The fourth quarter of 2023 saw a revenue of 12.91 billion CNY, an increase of 6.8% quarter-on-quarter, and a net profit of 1.45 billion CNY, up 46.6% quarter-on-quarter [1][2]. - The decline in performance for 2023 was attributed to reduced production during the dry season, impacting electrolytic aluminum output. The average selling price of electrolytic aluminum was 18,700 CNY per ton, down 6.2% year-on-year [1][2]. - The report forecasts a recovery in aluminum prices for 2024-2026, with expected prices of 19,000 CNY, 20,000 CNY, and 21,000 CNY per ton respectively, leading to projected net profits of 4.0 billion CNY, 5.5 billion CNY, and 7.0 billion CNY for those years [1][2]. Financial Summary - For 2023, the company achieved a revenue of 42.67 billion CNY, with a projected revenue growth of 6% in 2024, followed by 5% in 2025 and 2026 [2][8]. - The net profit for 2023 was 3.96 billion CNY, with a slight increase expected to 4.03 billion CNY in 2024, and significant growth projected in subsequent years [2][8]. - The earnings per share (EPS) for 2023 was 1.14 CNY, with forecasts of 1.16 CNY in 2024, 1.59 CNY in 2025, and 2.01 CNY in 2026 [2][8]. Market Data - The current stock price is 13.62 CNY, with a market capitalization of approximately 47.23 billion CNY [3][4]. - The company has a total share capital of 3,468 million shares and a debt-to-equity ratio of 25.60% [3][4].

2024年3月28日 公司研究 2023Q4 扣非净利接近单季历史最高值，有息债务已低于货币资金 ——云铝股份（000807.SZ）2023 年年报点评 要点 增持（维持） 当 前价：12.77元 事件：云铝股份于2024年3月27日晚发布2023年年报，实现营业收入426.7 亿元，同比下降12.0%，归母净利润39.6亿元，同比下降13.4%；归母扣非净 利润为39.3亿元，同比下降9.7%。公司拟每10股派发现金红利2.3元（含税）， 作者 分红率20%，以2024年3月27日收盘价计算公司股息率为1.8%。 分析师：王招华 执业证书编号：S0930515050001 点评： 021-52523811 2023Q4单季度净利润环比回升，电解铝成本环比下降和其他收益增加。2023Q4 分析师：方驭涛 实现归母净利润14.5亿元，同比+80.3%，环比+46.5%。1）电解铝生产成本下 执业证书编号：S0930521070003 降：2023Q4毛利率为17.6%，较2023Q3增长3.2pct，主要原因为Q3存在复 021-52523823 产启槽费用对电解铝生产成本的扰动，Q4生产成本环比下降（2023 ...

云铝股份（000807.SZ）2023年报点评 产量回升驱动 Q4 业绩超预期，绿色铝长期价值可期 2024年03月29日 ➢ 事件：公司发布2023年年报。2023年，公司实现营业收入426.69亿元， 推荐 维持评级 同比下降 11.96%；归母净利润 39.56 亿元，同比下降 13.41%；扣非归母净利 当前价格： 13.62元 润 39.30 亿元，同比下降 9.69%。分季度看，2023Q4，公司实现营收 129.08 亿元，同比上升18.27%、环比上升6.75%；归母净利润14.51亿元，同比上升 80.25%、环比上升46.54%；扣非归母净利 14.56 亿元，同比上升 133.06%、 环比上升48.01%。 [Table_Author] ➢ 2023 年电解铝产量下滑。量：2023 年原铝产量 239.95 万吨，同比下降 7.59%，主要因为2023年2月云南再次限产电解铝，叠加复产时间相对较晚； 铝合金及铝加工产品产量123.25万吨，同比下降11.68%。2024年，公司生产 经营目标：氧化铝产量 140 万吨，电解铝产量 270 万吨，碳素产量 80 万吨。 价：2023年铝价 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 铝 ＃investSuggestion＃ ＃ ＃d云yCo铝mpa股ny＃份 （ 000807 ） investSug 增持 ( 维ges持tionC）h 000807 ＃title＃ Q4 业绩环比明显提升，关注云南复产进度 ange＃ ＃createTime1＃ 2024 年03 月29 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  业绩概要：公司发布2023年年度报告，2023年公司实现营业收入426.69亿 市场数据日期 2024-03-28 元，同比减少11.96％；实现归母净利润39.56亿元，同比减少13.41%；实 收盘价（元） 13.62 现每股收益1.14元，同比减少13.64%。公司拟向全体股东每10股派发现金 总股本（百万股） 3467.96 红利2.3元（含税）。 流通股本（百万股） 3467.91 净资产（百万元） 25729.23  电解铝价格回落叠加云南电解铝限产，公司业绩同比回落。2023年公司业绩 同比有所下滑，主要受电解铝产品价格回落及云南地区电解铝产能减产影 总资产（百万元） 3 ...