Group 1 - The core viewpoint of the article highlights that Wenshan Prefecture has established a green aluminum production capacity of 3.43 million tons, accounting for half of the province's total, and is expected to achieve an output value exceeding 100 billion yuan this year, making it the first billion-level industry in the region [1] - Since the beginning of the 14th Five-Year Plan, Wenshan's GDP has grown at an average annual rate of 6.3%, surpassing national and provincial averages, with industrial output value reaching 130.29 billion yuan and an average annual growth of 16.2% [1] - Wenshan's green aluminum production capacity represents nearly 10% of the national total and is a key area for the relocation of aluminum production from the north to the south, with an expected output value growth of 20% this year [1] Group 2 - In 2024, the planting area for traditional Chinese medicine, specifically Sanqi, is projected to reach 2.45 million acres, leading the nation in scale, with a comprehensive output value of 41.32 billion yuan, expected to grow by approximately 10.5% this year [1] - The tourism sector in Wenshan is set to receive over 50 million visitors in 2024, generating tourism expenditures of 54.14 billion yuan, reflecting growth of 38.3% and 47.6% compared to 2020 [3] - Wenshan is actively developing a modern agricultural industry system, with a focus on highland characteristic agriculture, achieving a total agricultural output value of 175.94 billion yuan [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][6]. Core Views - The company is recognized as one of the world's leading aluminum manufacturers, with a complete vertical integration of the aluminum product supply chain, enhancing its resilience and performance stability [5][14]. - The company aims to become a century-old leading manufacturing enterprise, similar to Shenhua, with a strong emphasis on high dividend returns for investors [6][17]. Summary by Sections 1. Company Overview - The company has established a complete aluminum product supply chain, integrating mining, alumina, primary aluminum, aluminum deep processing, and recycling [5][14]. - As of March 2025, the company has an electrolytic aluminum capacity of 6.459 million tons and alumina capacity of 21 million tons [14][37]. 2. Electrolytic Aluminum Business - The company currently holds an electrolytic aluminum capacity of 6.459 million tons, with production primarily located in Shandong and Yunnan [37][39]. - The company is implementing a "North Aluminum South Move" strategy to relocate production capacity from Shandong to Yunnan, with expected capacities of 3.451 million tons and 3.008 million tons by 2027, respectively [37][44]. 3. Alumina Business - The company has a robust alumina capacity of 21 million tons, with significant contributions from both domestic and overseas sources [5][19]. - The alumina project in Indonesia is notable as the first large-scale alumina refinery established by a Chinese company overseas [5][25]. 4. Aluminum Processing Business - The company has advanced aluminum processing technology and is actively developing recycled aluminum projects, aiming to become a competitive player in the green aluminum packaging industry [5][6]. - As of 2024, the company has an aluminum processing capacity of 1.5665 million tons, with significant growth in high-precision aluminum products [5][6]. 5. Financial Performance and Forecast - The company forecasts a net profit of 22.64 billion RMB in 2025, with an EPS of 2.44 RMB, reflecting a PE ratio of 7.9 times based on the market value as of July 30, 2025 [6][7]. - The company has shown a historical growth trend in revenue and net profit, with a record net profit of 22.372 billion RMB in 2024, a year-on-year increase of 95.21% [17][19].