Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company achieved a record high net profit attributable to shareholders of 22.37 billion yuan in 2024, representing a year-on-year increase of 95.2% [1] - The increase in revenue to 156.17 billion yuan, up 16.9% year-on-year, was driven by both volume and price increases across product lines, particularly in alumina [1] - The company plans to distribute a final dividend of 1.02 HKD per share, resulting in a total dividend of 1.61 HKD per share for 2024, which corresponds to a dividend yield of 10.7% based on the closing price on March 14, 2025 [2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 156.17 billion yuan, a 16.9% increase from 2023, and a net profit of 22.37 billion yuan, a 95.2% increase year-on-year [1] - The sales volume of aluminum alloy products reached 5.837 million tons, up 1.5%, with an average selling price of 17,550 yuan per ton, a 6.6% increase [1] - The alumina sales volume was approximately 10.921 million tons, up 5.3%, with an average selling price of 3,420 yuan per ton, a 33.6% increase [1] - The sales volume of aluminum alloy processing products was 766,000 tons, up 32.1%, with an average selling price of 20,324 yuan per ton, a 2.5% increase [1] Market Outlook - The domestic electrolytic aluminum supply-demand balance is expected to improve from 2024 to 2026, with projected surpluses of 490,000 tons and 240,000 tons, followed by a shortage of 350,000 tons in 2026 [2] - The report indicates that the central price of electrolytic aluminum is likely to rise due to a weakening in coal prices, which supports profit expansion in the electrolytic aluminum segment [2] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been adjusted upwards, with expected net profits of 22.49 billion yuan and 24.73 billion yuan, respectively, reflecting increases of 3.2% and 9.8% [3] - The report introduces a new profit forecast for 2027, estimating a net profit of 27.30 billion yuan, with corresponding price-to-earnings ratios of 5.9, 5.4, and 4.9 for 2025, 2026, and 2027, respectively [3]
中国宏桥：2024年报点评：归母净利润创上市以来新高，高股息强化股东回报-20250319