Core Viewpoint - Guolian Minsheng initiates coverage on Innovation Industry (02788) with a "recommend" rating, highlighting the company's integrated layout in energy, alumina, and electrolytic aluminum, which positions it favorably in terms of energy costs and potential for cost reduction with green electricity integration [1] Group 1: Business Overview - The company focuses on integrated smelting of alumina and electrolytic aluminum, aiming to achieve 788,000 tons of electrolytic aluminum and 3.2 million tons of alumina capacity by mid-December 2025, with an alumina self-sufficiency rate exceeding 100% [2] - The electrolytic aluminum production is located in Hohhot, Inner Mongolia, benefiting from advantageous energy costs due to abundant coal resources, while the alumina production is primarily in Binzhou, Shandong [3] Group 2: Performance and Growth - The company has a robust production capacity, with electrolytic aluminum production running at near full capacity, yielding 744,000 tons in 2022 and projected increases in subsequent years, leading to a revenue growth forecast of 9.8% year-on-year in 2024 and 22.6% in early 2025 [4] - The company plans to invest in a comprehensive aluminum industry project in Saudi Arabia, with an initial capacity of 500,000 tons of electrolytic aluminum and aluminum alloy, expected to significantly enhance performance upon completion in 2027 [5]