Investment Rating - The industry rating is "Recommended" [6] Core Insights - In Q3 2024, the production of alumina decreased by 4% quarter-on-quarter to 2.44 million tons, and the net profit attributable to the parent company increased by 350% quarter-on-quarter to $90 million [5][6] - The report highlights a significant increase in the average realized price of alumina, which rose by 21.6% quarter-on-quarter and 37% year-on-year to $485 per ton [3][5] - The company expects alumina production in 2024 to remain stable, with total output projected between 9.8 million and 10 million tons [9] Production and Operational Performance - Bauxite production in Q3 2024 decreased by 1% quarter-on-quarter to 9.4 million tons and 12.1% year-on-year [2] - Alumina third-party shipments fell by 9% quarter-on-quarter to 2.05 million tons, with a year-on-year decline of 13.6% [3] - Electrolytic aluminum production increased by 3% quarter-on-quarter to 559,000 tons, with a year-on-year growth of 5% [4] Financial Performance - Total revenue for Q3 2024 was $2.9 billion, remaining flat compared to the previous fiscal year [5] - Adjusted net profit for Q3 2024 was $135 million, or $0.57 per share, excluding the impact of special items [5][8] - The adjusted EBITDA for Q3 2024 was $455 million, reflecting a quarter-on-quarter increase of $130 million [8] Strategic Actions - The company announced the sale of a 25.1% stake in the Ma'aden joint venture for approximately $1.1 billion, pending regulatory approvals [10] - The acquisition of Alumina Limited was completed on August 1, 2024, further solidifying the company's market position [10] - A long-term agreement was signed to supply up to 16.5 million tons of metallurgical-grade alumina to Aluminium Bahrain B.S.C. over the next 10 years [12]
有色金属海外季报：美铝2024Q3氧化铝产量环比下降4%至244万吨，归母净利润环比增长350%至9000万美元
HUAXI Securities·2024-10-17 13:03