Core Viewpoint - China Aluminum's performance is improving, with significant share buybacks from its controlling shareholder and positive financial results reported for 2024 [1][2]. Financial Performance - In 2024, China Aluminum achieved operating revenue of 237.066 billion yuan, a year-on-year increase of 5.21% [5][6]. - The net profit for 2024 was 12.4 billion yuan, reflecting a substantial year-on-year growth of 85.38% [5][6]. - The return on equity (ROE) reached 19.26%, an increase of 7.33 percentage points compared to the previous year, outperforming industry benchmarks for three consecutive years [6][5]. - The debt-to-asset ratio was 48.10%, marking the lowest level in the past decade [6]. Share Buyback Activity - As of May 28, the controlling shareholder, China Aluminum Group, and its concerted parties have cumulatively bought back 192 million shares, amounting to approximately 1.007 billion yuan [2][3]. - This buyback represents 1.12% of the company's total issued share capital, achieving the lower limit of their planned buyback amount [2][3]. Market Conditions - The domestic aluminum market continues to grow, with China maintaining its position as the world's largest aluminum producer and consumer for 23 consecutive years [5]. - In 2024, domestic alumina prices ranged from 3,156 yuan/ton to 5,780 yuan/ton, with an average price of 4,084 yuan/ton, reflecting a year-on-year increase of 39.9% [5]. - International alumina prices also saw significant increases, with an average price of 502 USD/ton, up 46% year-on-year [5]. Strategic Developments - The company is focusing on structural adjustments and enhancing its industrial development advantages [7]. - China Aluminum is advancing its exploration and development of bauxite resources, with a new resource addition of 73.55 million tons in the year [7]. - The company is implementing multiple projects in clean energy and aluminum production, with a notable 45.5% of its electrolytic aluminum production utilizing clean energy [7].

5月17日，记者从自治区国资委获悉，今年1至4月，自治区国资委监管企业营业收入90.6亿元，同比增 长27%，增加值、利润、上缴税费同比分别增长34.9%、51.7%和88.3%，核心指标实现两位数增长。其 中，利润增速居全国省级监管企业第四。 今年以来，自治区国资委通过动态监测、月度圆桌会议等机制，精准施策推动企业提质增效。数据显 示，前4个月自治区国资委监管企业利润总额达9.02亿元，同比增幅51.7%，增速位列西北五省区第二、 全国省级监管企业第四。尤为亮眼的是，企业盈利能力显著增强。一季度利润同比增幅高达69.5%，成 本费用占营业收入比重下降2.1个百分点，全员劳动生产率提升至每人13万元，同比增长33.74%，反映 出管理效能与经营质量的双重提升。 自治区国资委监管企业聚焦新兴产业布局，以重大项目为引擎，跑出投资"加速度"。1至4月，监管企业 累计完成投资71.26亿元，同比激增3.3倍，其中产业类投资占比达93%。续建项目全部复工，新建项目 开工率突破50%，一批新能源、交通基建项目加速落地，为经济高质量发展积蓄后劲。以宁夏电力投资 集团有限公司为例，其发电量、售电量分别增长5.7%和4.5%， ...

公司发布2024 年年报，公司收入27.48 亿元，同比减少22.91%；归母净利润5903.74 万元，同比减少 69.29%；扣非净利润4025.28 万元，同比下降77.20%。 盈利预测：我们预计公司2025-2027 营业收入为51.98/65.35/78.32 亿元，归母净利润分别为3.05、4.01 及 4.85 亿元，对应PE 分别为53.4X、40.6X、33.6X，维持"强烈推荐"评级。 下游需求快速复苏，公司业绩迎来快速增长。2024年，公司实现营业收入27.48亿元，同比-22.91%，实 现归属于上市股东的净利润5903.74 万元，同比-69.29%，归母扣除非经常性损益后的净利润4025.28 万 元，同比-77.20%。 风险提示：公司产品迭代风险；下游需求波动；竞争格局变动风险；行业估值波动。 毛利率短期波动与费用率上升影响业绩。2024 年公司实现毛利率22.64%，同比下降2.17pct，实现净利 率3.24%，同比下降3.78pct。财务费用率为-0.52%，同比提升0.12pct，主要系定期存款减少导致利息收 入下降，叠加融资租赁利息费用增加；管理费用率8.87%，同 ...