减值大幅下降，业绩增长更具动能

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company reported a significant decrease in impairment losses, leading to a stronger performance in 2023, with revenue of 225.07 billion RMB, a year-on-year decrease of 22.65%, and a net profit attributable to shareholders of 6.72 billion RMB, an increase of 60.23% [2]. - The company expects revenue growth in the coming years, with projected revenues of 233.74 billion RMB, 245.75 billion RMB, and 250.40 billion RMB for 2024, 2025, and 2026 respectively [6]. - The company is focusing on enhancing shareholder returns, proposing a cash dividend of 0.8 RMB per share, which represents a 122% increase in total payout compared to the previous year [2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 225.07 billion RMB, with a net profit of 6.72 billion RMB, reflecting a 60.23% increase year-on-year [2]. - The company’s aluminum production saw a 24.67% increase in external sales volume, reaching 6.52 million tons in 2023 [2]. - The average price of alumina increased by 1.79% in the second half of 2023, contributing to a revenue of 31.99 billion RMB from the alumina segment [2]. Cost and Profitability - The manufacturing cost of alumina was 2,203 RMB per ton, up 5.05% year-on-year, while the cost of primary aluminum decreased by 9.14% to 16,000 RMB per ton, significantly improving profitability [2]. - The company’s tax profit from the alumina segment increased by 77.3 million RMB due to reduced impairment losses [2]. Future Projects - Key projects are set to commence production soon, including a 420,000-ton light alloy materials project in Inner Mongolia and a 2 million-ton alumina project in Guangxi, expected to enhance production capacity and profitability [2]. Shareholder Returns - The proposed cash dividend of 0.8 RMB per share represents 20.44% of the net profit for 2023, with a 5.7 percentage point increase in the dividend payout ratio compared to 2022 [2].