Yunnan Aluminium (000807) 国投证券·2025-03-31 02:04Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 20.8 CNY per share [6]. Core Views - The report highlights a positive outlook on the company's profit improvement trend due to increased production and efficiency in electrolytic aluminum [1][9]. - The company achieved a revenue of 54.45 billion CNY in 2024, representing a year-on-year increase of 27.61%, and a net profit of 4.41 billion CNY, up 11.52% year-on-year [1]. - The report anticipates a growth in electrolytic aluminum production to approximately 3.01 million tons in 2025, an increase of 310,000 tons compared to the 2024 target [8][9]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 15.27 billion CNY, a quarter-on-quarter increase of 5.00%, but a net profit of 592 million CNY, which is a significant decrease of 59.21% quarter-on-quarter [1][2]. - The average price of aluminum in 2024 was 19,972 CNY per ton, a 6.7% increase year-on-year, while the average price of alumina rose by 39.7% to 4,053 CNY per ton [8]. Production and Efficiency - The company's aluminum production for 2024 was 2.9383 million tons, a year-on-year increase of 22.45%, with Q4 production remaining stable at 790,300 tons [8]. - The report indicates that the company is focusing on increasing production efficiency and optimizing its asset structure, having made a provision for asset impairment of 327 million CNY in 2024 [8][9]. Dividend Policy - The company plans to distribute a cash dividend of 1.8 CNY per 10 shares (including tax), totaling 624 million CNY, with an annual cumulative dividend reaching 1.42 billion CNY, resulting in a dividend payout ratio of 32% [4].