云铝股份：产能利用率提升，原铝产量增长明显

Investment Rating - The investment rating for the company is "Outperform the Market" [4][16]. Core Views - The company has shown significant growth in revenue and net profit, with a 39.5% year-on-year increase in revenue to 24.65 billion yuan and a 66.3% increase in net profit to 2.52 billion yuan for the first half of 2024 [1][5]. - The company is benefiting from a favorable power supply situation in Yunnan, which has allowed it to increase its aluminum production significantly [1][12]. - The company has a strong financial position, with a declining debt ratio of 23.4% and significantly reduced financial expenses, enhancing its profitability [1][12]. - The company is recognized as the largest green low-carbon aluminum supplier in China, with over 80% of its production electricity sourced from green energy [1][12]. Summary by Relevant Sections Financial Performance - In the first half of 2024, the company reported a revenue of 24.65 billion yuan, a 39.5% increase year-on-year, and a net profit of 2.52 billion yuan, reflecting a 66.3% growth [1][5]. - The operating cash flow reached 2.75 billion yuan, up 32.9% year-on-year [1][5]. - The company plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 798 million yuan, which is 31.67% of the net profit for the period [1][5]. Production and Capacity - The company produced 1.37 million tons of primary aluminum in the first half of 2024, a 39% increase compared to the same period in 2023 [1][5]. - The production plan for electrolytic aluminum in 2024 is set at 2.7 million tons, with expectations to meet or exceed this target if power supply remains stable in the fourth quarter [1][12]. Financial Health - The company's debt ratio has decreased to 23.4%, with financial expenses dropping to 20 million yuan, a significant reduction from previous years [1][12]. - The financial expense ratio has decreased from 6.3% in 2015 to 0.1% in the first half of 2024, indicating improved profitability [1][12]. Market Position - The company is positioned as the leading green low-carbon aluminum supplier in China, leveraging Yunnan's abundant green electricity resources [1][12]. - The carbon emissions from the company's green aluminum production are approximately 20% of those from coal-powered aluminum production [1][12].