Yunnan Aluminium (000807) Minsheng Securities·2024-10-28 08:30Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported significant growth in revenue and net profit for the first three quarters of 2024, with revenue reaching 39.186 billion yuan, a year-on-year increase of 31.67%, and net profit attributable to shareholders at 3.82 billion yuan, up 52.49% year-on-year [1]. - The company has optimized its balance sheet, reducing long-term loans and achieving a debt-to-asset ratio of 25% [1]. - The report highlights the long-term value of green aluminum, especially under the "dual carbon" goals, which could enhance the company's valuation [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 14.538 billion yuan, a year-on-year increase of 20.24% and a quarter-on-quarter increase of 9.39% [1]. - The net profit for Q3 2024 was 1.3 billion yuan, reflecting a year-on-year increase of 31.42% but a slight quarter-on-quarter decrease of 3.99% [1]. - The company produced 214.8 million tons of electrolytic aluminum in the first three quarters of 2024, with a significant increase in production capacity utilization [1]. Future Earnings Forecast - The company is expected to achieve net profits of 4.969 billion yuan, 5.477 billion yuan, and 6.095 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 10, 9, and 8 times [2][4].