Yunnan Aluminium (000807) 中原证券·2024-04-25 03:00Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][3] Core Views - The company achieved a revenue of 426.69 billion yuan in 2023, a year-on-year decrease of 11.96%, and a net profit attributable to shareholders of 39.56 billion yuan, down 13.41% year-on-year [2][3] - The company is expected to see a gradual recovery in performance due to successful project launches and ongoing upgrades in the industrial chain [2][3] - The projected revenues for 2024 and 2025 are adjusted to 476.11 billion yuan and 502.31 billion yuan, respectively, with net profits of 42.78 billion yuan and 46.10 billion yuan [3][4] Financial Performance Summary - In 2023, the company produced 239.95 million tons of primary aluminum and 142.83 million tons of alumina, with a gross profit margin of 15.81% [2][3] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.23 yuan, 1.33 yuan, and 1.41 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 11.09, 10.29, and 9.69 [3][4] - The company’s operating cash flow for 2023 was 5.87 billion yuan, with a forecasted increase to 8.375 billion yuan in 2024 [9] Production and Operational Insights - The company has successfully launched key projects, including the digital twin factory and smart aluminum plant, which have improved operational efficiency [2][3] - The company plans to produce approximately 140 million tons of alumina and 270 million tons of electrolytic aluminum in 2024, alongside 126 million tons of aluminum alloys and 80 million tons of carbon products [2][3] Market Position and Outlook - The report indicates that with the stabilization of aluminum prices and recovery in downstream demand, the company's performance is expected to improve [3][4] - The company is focusing on enhancing its green energy initiatives, including the construction of photovoltaic projects to secure green power supply [2][3]