公司事件点评报告：铝价下跌影响公司盈利，看好公司长期绿电铝价值

Investment Rating - The report maintains a "Buy" rating for Yun Aluminum Co., Ltd. (000807.SZ) [2] Core Views - The report highlights that the decline in aluminum prices has impacted the company's profitability, but it remains optimistic about the long-term prospects of green electricity aluminum prices [2] - The company reported a revenue of 426.69 billion yuan for 2023, a year-on-year decrease of 11.96%, with a net profit attributable to shareholders of 39.56 billion yuan, reflecting a 13.41% increase [2][4] - The report anticipates a recovery in the company's profitability due to ongoing investments in green electricity projects and rising aluminum prices [4] Summary by Sections Financial Performance - The company's main revenue for 2023 was 42,669 million yuan, with a growth rate of -12.0% [5] - The net profit attributable to shareholders for 2023 was 3,956 million yuan, with a growth rate of -13.4% [5] - Forecasted main revenues for 2024, 2025, and 2026 are 43,692 million yuan, 44,174 million yuan, and 44,656 million yuan respectively, with corresponding net profits of 4,105 million yuan, 4,695 million yuan, and 5,289 million yuan [4][5] Production and Market Conditions - The report notes a decrease in production due to power restrictions in Yunnan, leading to a decline in the output of primary aluminum and alumina [2] - The average price of aluminum in the market was 18,702 yuan per ton in 2023, a year-on-year decrease of 4.03% [2] - The report indicates that the company has successfully completed the construction of distributed photovoltaic projects, enhancing its green electricity supply channels with a cumulative installed capacity of 216 megawatts [3] Future Outlook - The report projects that the company's earnings will improve in the coming years, with PE ratios expected to decrease to 9.0 by 2026 [4] - The anticipated increase in aluminum prices and the company's strategic focus on green energy projects are expected to provide a competitive advantage in the long term [4]