CHALCO(601600) 华安证券·2025-01-25 23:32Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company expects a significant increase in net profit for 2024, projecting a range of 12 billion to 13 billion yuan, representing a year-on-year growth of 79% to 94%. The non-GAAP net profit is expected to be between 11.5 billion and 12.5 billion yuan, reflecting a year-on-year increase of 74% to 89% [5] - The strong performance is primarily attributed to the rise in alumina prices, with spot aluminum and alumina prices at 19,942.55 yuan/ton and 4,078.05 yuan/ton respectively, showing increases of 6.58% and 39.71% year-on-year [6] - The company is enhancing its industrial layout, with ongoing projects expected to boost electrolytic aluminum capacity, including a 2 million ton alumina project in Guangxi and a 420,000 ton electrolytic aluminum project in Inner Mongolia [7] Financial Summary - The company forecasts net profits of 12.32 billion, 13.91 billion, and 15.46 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 11, 10, and 9 [8] - Key financial indicators for 2024 include a projected revenue of 213.67 billion yuan, a gross margin of 17.5%, and a return on equity (ROE) of 17.5% [10]