国内绿电铝第一品牌，Q2有望量价齐升

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.41 CNY, based on a current price of 14.80 CNY [2][9]. Core Insights - The company, Yun Aluminum Co., is recognized as the leading brand in green electricity aluminum in China, with expectations for both volume and price increases in Q2 2024 [5]. - In Q1 2024, the company reported a revenue of 11.358 billion CNY, a year-on-year increase of 20.28%, and a net profit attributable to shareholders of 1.164 billion CNY, up 31.53% year-on-year [5]. - The improvement in power supply is anticipated to restore production levels, with an expected aluminum output of approximately 2.7 million tons in 2024, an increase of 300,000 tons from 2023 [6]. - The average price of electrolytic aluminum in Q1 2024 was 19,047 CNY per ton, reflecting a 3.1% year-on-year increase, while the average price of anodes decreased by 35.2% [7]. - The company benefits from a high proportion of green electricity, approximately 80% in 2023, which positions it favorably in the market as demand for green aluminum products rises [8]. Financial Summary - The total share capital is 3,467.96 million shares, with a market capitalization of 51,325.04 million CNY [3]. - The company's debt-to-asset ratio is 23.51%, indicating a strong balance sheet [3]. - Revenue projections for 2024-2026 are 49.4 billion CNY, 51.5 billion CNY, and 53.6 billion CNY, respectively, with corresponding net profits of 4.56 billion CNY, 4.96 billion CNY, and 5.02 billion CNY [9][10].