Yunnan Aluminium (000807) 德邦证券·2025-03-31 03:23Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a total operating revenue of 54.45 billion yuan in 2024, representing a year-on-year growth of 27.61%. The total profit reached 5.972 billion yuan, an increase of 7.74% year-on-year, while the net profit attributable to the parent company was 4.412 billion yuan, up 11.52% year-on-year [7] - The production of electrolytic aluminum saw a significant increase, with a total output of 2.9383 million tons in 2024, marking a year-on-year growth of 22.45%, setting a historical high for the company [7] - The average price of electrolytic aluminum in 2024 was approximately 19,921.61 yuan per ton, reflecting a year-on-year increase of about 6.5%, contributing to the company's performance improvement [7] - The company anticipates continued growth in electrolytic aluminum production in 2025, with production targets set at approximately 3.01 million tons for electrolytic aluminum and 1.41 million tons for alumina [7] - The report forecasts total operating revenues of 57.4 billion yuan, 58.78 billion yuan, and 60.38 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 6.8 billion yuan, 7.3 billion yuan, and 8.07 billion yuan for the same years [7] Financial Data Summary - The company reported a total market capitalization of 60.24 billion yuan and a total asset value of 41.90 billion yuan [6] - The earnings per share (EPS) for 2024 is projected at 1.27 yuan, with expectations to rise to 1.96 yuan in 2025 and 2.11 yuan in 2026 [8] - The gross profit margin is expected to improve from 13.2% in 2024 to 19.8% by 2027 [8]