Investment Rating - The report maintains a "Buy" rating for the company [3][2] Core Views - The company's 2023 performance exceeded expectations, with revenue of 1336.24 billion yuan, a year-on-year increase of 1.5%, and a net profit attributable to shareholders of 114.61 billion yuan, up 31.7% year-on-year. The increase in net profit is primarily due to higher overall product gross margins and reduced administrative expenses [1] - The average gross margin for products slightly improved, with alumina sales increasing by 25% year-on-year, contributing to performance growth. The company achieved electrolytic aluminum production and sales of 626.5 million tons and 574.8 million tons, respectively, representing increases of 3.7% and 5% year-on-year [1] - The company is advancing its green energy initiatives, with the successful relocation of its Yunnan electrolytic aluminum production base and the commencement of a low-carbon aluminum project, which is expected to enhance the proportion of renewable energy used [1][2] Financial Performance Summary - In 2023, the company reported a revenue of 133,624 million yuan, with a year-on-year growth rate of 1.5%. The net profit attributable to shareholders was 11,461 million yuan, reflecting a year-on-year increase of 31.7% [6] - The earnings per share (EPS) for 2023 was 1.21 yuan, up 29.2% year-on-year. The projected net profits for 2024, 2025, and 2026 are expected to be 12,523 million yuan, 13,564 million yuan, and 14,562 million yuan, respectively [6][2] - The company has maintained a high dividend payout ratio, with a cash dividend of 449.27 billion yuan since 2006, and a dividend yield of 9.86% in 2023, up 2.94 percentage points year-on-year [2]
2023业绩表现超预期，“量价齐升”有望持续增厚业绩弹性