Core Viewpoint - The company has established a complete aluminum product industry chain, making it one of the world's leading aluminum manufacturers, with a focus on vertical integration and sustainability [1][4]. Group 1: Industry Chain and Production Capacity - The company has built a complete closed-loop industry chain from bauxite mining to aluminum deep processing, including recycling and automotive components [1]. - The current electrolytic aluminum production capacity is 6.459 million tons, ranking second in China, while alumina production capacity is 21 million tons [1][2]. - The company is implementing a "north aluminum south move" strategy to adapt to green trends, with plans to relocate production capacity from Shandong to Yunnan, targeting 3.451 million tons in Shandong and 3.008 million tons in Yunnan by 2027 [2]. Group 2: Cost Management and Supply Chain - The company has a self-sufficient power generation rate of approximately 50% due to its self-built thermal power plants, which helps in cost management [2]. - The alumina required for production is primarily sourced from self-production in Shandong and external procurement in Yunnan, with bauxite imported from Guinea and stable supply channels established in Australia and Indonesia [2][3]. Group 3: Financial Performance and Future Outlook - The company’s alumina production capacity is 21 million tons, with significant contributions from both domestic and overseas projects, leading to a projected revenue increase of 34.7% and gross profit growth of 142.2% in 2024 [3]. - The company aims to enhance its risk resilience and performance stability through vertical integration and proactive overseas resource acquisition [4]. - Expected net profits for the company from 2025 to 2027 are projected to be 22.64 billion, 24.21 billion, and 25.39 billion yuan, respectively, with a corresponding EPS of 2.44, 2.61, and 2.73 yuan [4].
中国宏桥(01378.HK)：产业升级顺势而为 前瞻布局穿越周期