氧化铝量利齐升促业绩增长，海外产业链再延伸

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in Q1 2024 was driven by the increase in both volume and price of alumina, leading to revenue growth [4] - The company has significantly improved its cash flow situation due to increased sales from its Indonesian alumina project [4] - The company plans to expand its alumina production capacity in Indonesia, which will enhance its overseas supply chain and increase profitability [4] Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 72.24 billion RMB, a 0.98% increase quarter-on-quarter and a 5.70% increase year-on-year [3] - The net profit attributable to the parent company was 8.51 billion RMB, a decrease of 36.11% quarter-on-quarter but an increase of 63.99% year-on-year [3] - The non-recurring net profit was 8.31 billion RMB, up 29.98% quarter-on-quarter and 62.91% year-on-year [3] Cash Flow - The net cash inflow from operating activities in Q1 2024 was 11.57 billion RMB, reflecting a 6.54% increase quarter-on-quarter, indicating a significant improvement in cash flow [4] Expansion Plans - The company is planning a 200,000-ton alumina expansion project in Indonesia, with an investment of approximately 6.3 billion RMB, expected to be completed in 2.5 years [4] - This expansion aims to enhance the value of local bauxite resources and meet the production needs of electrolytic aluminum, thereby improving the company's competitiveness in the international market [4] Earnings Forecast - The projected revenues for 2024, 2025, and 2026 are 31.85 billion RMB, 34.47 billion RMB, and 38.31 billion RMB respectively, with net profits expected to be 3.82 billion RMB, 4.14 billion RMB, and 4.64 billion RMB [5]