产业链一体化优势明显，归母净利润环比提升

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set to achieve a relative return of over 20% within six months [5][16]. Core Insights - The company has demonstrated a significant improvement in its operating performance, with a notable increase in net profit attributed to its integrated supply chain advantages and reduced operating costs [2][3]. - The company is expected to benefit from favorable market conditions in the aluminum sector, with anticipated increases in demand and price support due to macroeconomic factors [4]. Financial Data and Valuation - Revenue for 2023 is projected at 28,974.77 million, with a growth rate of -12.22%. However, a recovery is expected in 2024 with revenue forecasted at 34,980.71 million, reflecting a growth rate of 20.73% [1][10]. - The company's net profit attributable to the parent company is expected to rebound significantly in 2024, reaching 3,627.89 million, a growth of 64.51% compared to 2023 [1][12]. - The earnings per share (EPS) is projected to increase from 0.47 in 2023 to 0.78 in 2024, indicating a positive trend in profitability [1][12]. - The price-to-earnings (P/E) ratio is expected to decrease from 15.80 in 2023 to 9.60 in 2024, suggesting that the stock may be undervalued compared to its earnings potential [1][12]. Operational Performance - The company has successfully reduced its total operating costs by 8.46% year-on-year, which has positively impacted profit margins despite a slight decline in revenue [3]. - The integrated production model from bauxite mining to aluminum processing has provided the company with a competitive edge, allowing for lower production costs compared to industry averages [3][4]. Market Expansion - The company is actively expanding its overseas operations, including a project in Guinea with a production capacity of 6 million tons of bauxite per year, which is now in the production phase [4]. - The company is also developing projects in Indonesia for bauxite mining and alumina production, which are expected to contribute additional revenue in the medium to long term [4].