Q1归母净利环增27%，符合预期

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Views - In Q1 2024, the company's net profit attributable to shareholders increased by 27% quarter-on-quarter, aligning with expectations. The company reported revenue of 6.8 billion yuan, a 3% increase quarter-on-quarter, and a net profit of 720 million yuan, also up 27% quarter-on-quarter. The basic earnings per share (EPS) was 0.15 yuan, reflecting a 27% increase quarter-on-quarter. Operating cash flow reached 1.1 billion yuan, down 36% quarter-on-quarter, with a debt-to-asset ratio of 56.38%, a decrease of 1.39 percentage points from the end of 2023. The main drivers for this performance were the rise in aluminum and alumina prices, which contributed an increase of 194 million yuan in revenue, while costs decreased by 65 million yuan [1][2]. Financial Summary - The company is projected to achieve revenues of 33.54 billion yuan, 35.36 billion yuan, and 35.36 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 15.8%, 5.4%, and 0.0% [2]. - The net profit attributable to shareholders is expected to be 3.34 billion yuan, 3.44 billion yuan, and 3.53 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 51.6%, 2.8%, and 2.7% [2]. - The EPS forecast for 2024, 2025, and 2026 is 0.72 yuan, 0.74 yuan, and 0.76 yuan, respectively [2]. - The report estimates a price-to-earnings (P/E) ratio of 15 for 2024, leading to a target price of 10.78 yuan per share [1][2].