Yunnan Aluminium (SZ:000807) Shenwan Hongyuan Securities·2025-11-04 12:15Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Insights - The company reported stable overall performance with orderly resource expansion, achieving a revenue of 44.07 billion yuan in the first three quarters of 2025, a year-on-year increase of 12.5%, and a net profit attributable to shareholders of 4.40 billion yuan, up 15.1% year-on-year [6] - The increase in performance is attributed to rising aluminum prices and decreasing costs, with the average market price of electrolytic aluminum in Q3 2025 being 20,711 yuan per ton, a 2.5% increase quarter-on-quarter and a 5.9% increase year-on-year [6] - The company plans to implement a mid-term dividend of 3.20 yuan per 10 shares, amounting to approximately 1.11 billion yuan, with a dividend payout ratio of 40.10%, an increase of 7.87 percentage points compared to 2024 [6] Business Data and Profit Forecast - Total revenue forecast for 2025 is 59.33 billion yuan, with a year-on-year growth rate of 9.0% [5] - The net profit attributable to shareholders is projected to be 6.34 billion yuan for 2025, reflecting a significant year-on-year growth of 43.7% [5] - The gross profit margin is expected to improve to 16.8% in 2025, with a return on equity (ROE) of 18.6% [5] Financial Summary - As of September 30, 2025, the company reported a net cash flow from operating activities of 6.98 billion yuan, a year-on-year increase of 25.2% [6] - The company has a strong cash reserve with 10.68 billion yuan in cash and cash equivalents [6] - The company’s total assets and liabilities ratio stands at 23.21%, indicating a solid financial position [6]