云铝股份（000807）：二季度业绩同比增长32%，中期分红比例超40%

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][22]. Core Views - The company reported a year-on-year net profit growth of 10% in the first half of 2025, with a net profit of 2.77 billion yuan, reflecting a 9.9% increase. The operating cash flow reached 3.72 billion yuan, up 35.5% year-on-year [1][5]. - The company has maintained full production capacity for four consecutive quarters, with an estimated aluminum output of approximately 1.57 million tons in the first half of 2025 [1][5]. - The company announced a mid-year dividend plan, distributing 3.2 yuan per 10 shares, totaling 1.11 billion yuan, which accounts for 40% of the net profit for the first half of the year [1][5]. Financial Performance - As of June 2025, the company has zero short-term loans and long-term loans of less than 500 million yuan, resulting in a debt-to-asset ratio of 21.9% [2][18]. - The company’s financial expenses have significantly decreased, with a financial cost of -8 million yuan in the first half of 2025, compared to 800-1,000 million yuan annually before 2020 [2][18]. - The projected net profits for 2025-2027 are 6.889 billion, 7.165 billion, and 7.169 billion yuan, with corresponding growth rates of 56.2%, 4.0%, and 0.1% respectively [2][22]. Production and Capacity - The company has an electrolytic aluminum capacity of 3.08 million tons, and the production of alumina and carbon products has met annual plans [1][5]. - The company benefits from a high proportion of green electricity in its production, exceeding 80%, which significantly reduces carbon emissions compared to coal-powered aluminum production [20][21]. Market Outlook - The company is positioned as a leading green hydropower aluminum supplier in China, benefiting from improved aluminum smelting dynamics and strong cash flow due to full production capacity [2][22]. - The sensitivity analysis indicates that for every 1,000 yuan increase in aluminum prices, the company's net profit increases by nearly 200 million yuan [21][23].