CHALCO(601600) 国海证券·2025-04-01 03:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11] Core Views - The report highlights that the increase in alumina prices has significantly boosted profitability, while impairment losses have impacted overall performance [3][7] - The company achieved a revenue of 237.07 billion yuan in 2024, representing a year-on-year growth of 5.2%, and a net profit attributable to shareholders of 12.4 billion yuan, up 85.4% year-on-year [5][10] - The report anticipates continued revenue growth for the company in the coming years, with projected revenues of 216.26 billion yuan in 2025, 224.44 billion yuan in 2026, and 229.65 billion yuan in 2027 [9][10] Summary by Sections Recent Performance - In Q4 2024, the company reported a revenue of 63.29 billion yuan, a year-on-year increase of 71.4%, and a net profit of 3.38 billion yuan, up 153.1% year-on-year [6] - The alumina production reached 16.87 million tons in 2024, with a year-on-year increase of 1.2%, while the sales volume decreased by 2.6% [7] Revenue and Profitability - The alumina segment generated a revenue of 74 billion yuan in 2024, a year-on-year increase of 38.3%, with a pre-tax profit of 11.69 billion yuan, up 1013% [7] - The primary aluminum segment saw a revenue of 136.4 billion yuan, an increase of 8.6% year-on-year, but faced a 20.3% decline in pre-tax profit due to rising costs [7] Future Projections - The report forecasts a net profit growth of 25% in 2025, followed by 9% and 8% in the subsequent years [10] - The projected earnings per share (EPS) are expected to be 0.91 yuan in 2025, 0.99 yuan in 2026, and 1.06 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 8.24, 7.57, and 7.03 respectively [9][10]