Guolian Minsheng Securities·2025-09-03 12:29Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has demonstrated a full industry chain advantage, achieving a historical high in performance [2] - In H1 2025, the company reported a net profit attributable to shareholders of 7.071 billion yuan, a year-on-year increase of 0.81% [5][13] - The company's revenue for H1 2025 reached 116.392 billion yuan, reflecting a year-on-year growth of 5.12% [13] Financial Performance Summary - In H1 2025, the alumina segment generated revenue of 33.243 billion yuan, an increase of 1.789 billion yuan year-on-year, with a profit of 4.707 billion yuan, up 9.92% year-on-year [5][15] - The primary aluminum segment achieved revenue of 75.946 billion yuan, an increase of 7.740 billion yuan year-on-year, with a profit of 8.105 billion yuan, up 5.10% year-on-year [5][15] - The company’s electrolytic aluminum production increased by 9.4% year-on-year to 3.97 million tons in H1 2025 [14] Resource Assurance and Cost Control - The company has enhanced its resource assurance capabilities, with the self-sufficiency rate of alumina ore increasing by 6 percentage points compared to the beginning of the year, reaching a five-year high [16] - The company maintains cost control capabilities, with both alumina and electrolytic aluminum costs below the industry average [14] Profit Forecast and Valuation - The company is expected to benefit from rising aluminum prices, with projected net profits for 2025-2027 being 14.021 billion, 15.382 billion, and 16.144 billion yuan respectively, representing year-on-year growth rates of 13.07%, 9.70%, and 4.96% [17] - The current stock price corresponds to a price-to-earnings ratio (PE) of 9.6 for 2025, 8.7 for 2026, and 8.3 for 2027 [17]