Yunnan Aluminium (SZ:000807) Western Securities·2025-08-26 06:28Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [5][10]. Core Insights - The company reported a revenue of 29.078 billion yuan for H1 2025, representing a year-on-year growth of 17.98%. The net profit attributable to shareholders was 2.768 billion yuan, up 9.88% year-on-year, while the net profit after deducting non-recurring items was 2.756 billion yuan, reflecting a 15.40% increase [2][5]. - The report highlights strong financial performance, with operating cash flow reaching 3.723 billion yuan, a 35.47% increase year-on-year, and a reduction in the debt-to-asset ratio to 21.95%, indicating improved debt structure and financial efficiency [2][3]. - The company emphasizes shareholder returns, with cash dividends amounting to 1.11 billion yuan, representing a payout ratio of 40.10% [2][3]. Summary by Sections Financial Performance - In H1 2025, the company produced 669,700 tons of alumina, 406,400 tons of carbon products (up 2.23%), and 1,613,200 tons of aluminum products (up 15.59%) [2]. - The revenue forecast for 2025 is set at 58.548 billion yuan, with a projected growth rate of 7.5% [4]. Profitability Forecast - The earnings per share (EPS) estimates for 2025-2027 are adjusted to 1.87, 2.13, and 2.38 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 10, 9, and 8 [3][4]. Industry Outlook - The company is positioned to benefit from the "High-Quality Development Implementation Plan for the Aluminum Industry (2025-2027)", which aims to enhance the resilience and safety of the supply chain and increase the domestic bauxite resource by 3%-5% by 2027 [3].