Yunnan Aluminium (SZ:000807) KAIYUAN SECURITIES·2025-08-28 14:55Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for H1 2025 reached 29.078 billion yuan, a year-on-year increase of 17.98%, with a net profit attributable to shareholders of 2.768 billion yuan, up 9.88% year-on-year. The second quarter of 2025 saw revenue of 14.667 billion yuan, a year-on-year increase of 10.36% and a quarter-on-quarter increase of 1.78%, while net profit attributable to shareholders was 1.793 billion yuan, a year-on-year increase of 32.33% and a quarter-on-quarter increase of 84.05% [4][5] - The company expects to maintain high aluminum profit margins due to the anticipated rise in aluminum prices and low prices for alumina in H2 2025 [5] - The company plans to implement a mid-term dividend of approximately 1.109 billion yuan, representing about 40.10% of the net profit attributable to shareholders for the first half of 2025, an increase from 32.23% in 2024 [6] Financial Summary - For 2025, the company is projected to achieve a net profit of 6.800 billion yuan, with year-on-year growth of 54.1%. The expected earnings per share (EPS) for 2025 is 1.96 yuan, with a price-to-earnings (P/E) ratio of 9.5 times based on the closing price on August 28, 2025 [4][7] - The company's revenue is expected to grow from 54.450 billion yuan in 2024 to 56.979 billion yuan in 2025, with a year-on-year growth rate of 4.6% [7][9] - The gross profit margin is projected to improve from 13.2% in 2024 to 19.1% in 2025, while the net profit margin is expected to rise from 8.1% in 2024 to 11.9% in 2025 [7][9]