强化股东回报，彰显发展信心

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 28.844 billion RMB for 2023, a decrease of 17.47% year-on-year, and a net profit attributable to shareholders of 3.474 billion RMB, down 1.18% year-on-year [2] - The company has fully ramped up its alumina production in Indonesia, with alumina production and sales increasing by 19.73% and 18.69% year-on-year, respectively [2] - The company is focusing on high-value-added products, with the sales proportion of high-end products increasing by 1 percentage point to 14% in 2023 [2] - The company plans to distribute a cash dividend of 1.20 RMB per 10 shares, totaling 1.405 billion RMB, with a cash dividend ratio of 40.44%, up 27.12 percentage points year-on-year [2] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 7.154 billion RMB, a quarter-on-quarter increase of 0.48%, and a net profit of 1.332 billion RMB, up 60.70% quarter-on-quarter [2] - The company transferred 336,000 tons of electrolytic aluminum production capacity indicators, generating a profit of 755 million RMB in Q4, significantly boosting net profit [2] - The company expects revenues of 31.9 billion RMB, 34.5 billion RMB, and 38.3 billion RMB for 2024, 2025, and 2026, respectively, with net profits of 3.819 billion RMB, 4.139 billion RMB, and 4.639 billion RMB [2][4] Market Outlook - The company is expected to maintain a focus on high-end product development, which is anticipated to enhance profitability despite challenges in overseas demand and declining aluminum prices [2] - The company’s proactive shareholder return strategy reflects confidence in its long-term development [2]