Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company reported a revenue of 9.632 billion yuan in Q1 2025, representing a year-on-year increase of 17.13% but a quarter-on-quarter decrease of 4.24%. The net profit attributable to shareholders was 708 million yuan, down 35.05% year-on-year and down 7.83% quarter-on-quarter [4][5] - The report highlights that while coal prices are under pressure, the raw material costs for alumina have weakened on a month-on-month basis, providing some support for the company's performance [1][5] - The company has initiated a stock repurchase plan with a total amount of 250 to 450 million yuan, and as of the Q1 report, it has repurchased 5.2218 million shares, accounting for 0.23% of the total share capital [6] Summary by Sections Market Performance - The average price of A00 aluminum in Q1 2025 was 20,429 yuan per ton, up 7.39% year-on-year but down 0.60% quarter-on-quarter. The average price of alumina was 3,916 yuan per ton, up 16.90% year-on-year but down 25.78% quarter-on-quarter [5] Financial Forecast - The company forecasts revenues of 39.362 billion yuan, 39.523 billion yuan, and 39.604 billion yuan for 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is projected to be 4.929 billion yuan, 4.994 billion yuan, and 5.070 billion yuan for the same years. The current stock price corresponds to a PE ratio of 7.7, 7.6, and 7.5 for the respective years [7][10]
神火股份(000933):公司事件点评报告:煤价承压但氧化铝原料环比走弱,业绩仍有支撑