CHALCO(601600) 新浪财经·2025-04-26 06:31Core Viewpoint - The company reported a strong performance in Q1 2025, with significant year-on-year growth in revenue and net profit, despite a quarter-on-quarter decline in revenue [1][2]. Financial Performance - In Q1 2025, the company achieved operating revenue of 55.784 billion yuan, a year-on-year increase of 13.95%, but a quarter-on-quarter decrease of 11.86% [1]. - The net profit attributable to shareholders was 3.538 billion yuan, reflecting a year-on-year growth of 58.78% and a quarter-on-quarter increase of 4.56% [1]. - The non-recurring net profit was 3.444 billion yuan, up 57.78% year-on-year and 5.53% quarter-on-quarter [1]. Production and Sales - The company produced 1.94 million tons of electrolytic aluminum in Q1 2025, a year-on-year increase of 9.0%, and 4.48 million tons of alumina, up 5.4% year-on-year [1]. - The external sales volume of alumina reached 1.68 million tons, marking a year-on-year increase of 12.0% and a quarter-on-quarter increase of 6.3% [1]. - The average price of electrolytic aluminum was 20,400 yuan/ton, up 7.3% year-on-year but down 0.5% quarter-on-quarter; the average price of alumina was 3,863 yuan/ton, up 15.4% year-on-year but down 27.4% quarter-on-quarter [1]. Profitability and Cost Management - The company's gross profit margin was 15.86%, an increase of 0.52 percentage points year-on-year but a decrease of 1.33 percentage points quarter-on-quarter [1]. - Operating cash flow reached 6.260 billion yuan, a year-on-year increase of 75.06%, driven by increased operating profit and improved cash flow management [2]. - The company’s expense ratio was 3.86%, down 0.98 percentage points year-on-year, with reductions in sales, management, R&D, and financial expense ratios [2]. Project Development and Resource Management - Key projects, including the Guangxi Huasheng Phase II alumina project and Inner Mongolia Huayun Phase III electrolytic aluminum project, have been put into operation, enhancing resource security [2]. - The company has increased its supply of bauxite resources, with production and shipment from its Guinea mine rising by 8.18% and 27.89% year-on-year, respectively [2]. Profit Forecast and Valuation - The company forecasts net profits of 10.913 billion yuan, 12.690 billion yuan, and 13.896 billion yuan for 2025-2027, with year-on-year changes of -11.99%, +16.28%, and +9.50% respectively [3]. - Earnings per share (EPS) are projected to be 0.64 yuan, 0.74 yuan, and 0.81 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 10.4, 8.9, and 8.2 times [3].