Yunnan Aluminium (SZ:000807) Xin Lang Cai Jing·2025-07-12 10:31Core Viewpoint - The company announced its 2025 semi-annual performance forecast, expecting a net profit attributable to shareholders of 2.7-2.8 billion yuan, representing a year-on-year growth of 7.19%-11.16% [1] Group 1: Performance Forecast - The company anticipates a net profit of 2.75 billion yuan for H1 2025, with a non-recurring net profit of 2.7 billion yuan, indicating a significant increase in Q2 2025 net profit to 1.776 billion yuan, a year-on-year growth of 31.07% and a quarter-on-quarter growth of 82.34% [1] - Q2 2025 is projected to be the highest single-quarter net profit in the company's history, significantly exceeding market expectations [1] - The main reasons for the performance exceeding expectations include: 1) capitalizing on the rising aluminum prices with full production of electrolytic aluminum; 2) benefiting from the decline in raw material prices, with the average price of alumina in Q2 2025 being 3,076.67 yuan/ton, a year-on-year decrease of 16.07% [1] Group 2: Industry Development - The "Aluminum Industry High-Quality Development Implementation Plan (2025-2027)" was released, with the company positioned to benefit as a leader in green electricity aluminum [1] - The plan aims for significant improvements in supply chain resilience and safety by 2027, with a target of increasing domestic bauxite resources by 3%-5% and achieving over 15 million tons of recycled aluminum production [1] - The company, as a long-standing player in electrolytic aluminum, has a green aluminum capacity of 3.05 million tons as of the end of 2024, aligning with industry trends for high-quality development [1] Group 3: Profit Forecast - The company maintains its profit forecast for 2025-2027, with EPS projected at 1.73, 1.84, and 2.01 yuan, and PE ratios at 9, 9, and 8 times respectively, maintaining a "buy" rating [2]