2024年一季报点评：Q1业绩超预期，期待印尼业务成长

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company's Q1 2024 performance exceeded expectations, driven by the growth of its alumina business in Indonesia, with revenue of 7.22 billion yuan, a year-on-year increase of 5.7% and a net profit of 850 million yuan, up 64% year-on-year [1] - The report highlights the strong performance of the Indonesian alumina business, with production capacity reaching 2 million tons and expected production of 500,000 tons in Q1 2024 [1] - Future growth prospects include plans to invest 6.06 billion yuan in a 250,000-ton electrolytic aluminum project and 6.33 billion yuan for expanding alumina capacity in Indonesia [1] Financial Performance Summary - Q1 2024 revenue was 72.2 billion yuan, with a year-on-year growth of 5.7% and a quarter-on-quarter growth of 1.0% [1] - The net profit attributable to shareholders was 8.5 billion yuan, reflecting a year-on-year increase of 64.0% [1] - The report projects net profits for 2024-2026 to be 3.864 billion yuan, 4.104 billion yuan, and 4.323 billion yuan respectively, with corresponding PE ratios of 10x, 10x, and 9x [1][2]