Core Viewpoint - The company reported strong financial performance for 2024, with significant year-on-year growth in both revenue and net profit, driven by increased product volume and prices, particularly in the alumina and aluminum sectors [1][2]. Financial Performance - In 2024, the company achieved a revenue of 33.477 billion yuan, representing a year-on-year increase of 16.06% [1] - The net profit attributable to shareholders for 2024 was 4.830 billion yuan, up 39.03% year-on-year [1] - For Q4 2024, the company reported a revenue of 9.251 billion yuan, a 29.31% increase year-on-year, and a net profit of 1.340 billion yuan, which grew by 0.59% [1] Price Trends - The average domestic alumina price in 2024 was approximately 3,994 yuan/ton, up about 38% year-on-year [1] - The average overseas alumina price in 2024 was around 503 USD/ton, reflecting a 46% year-on-year increase [1] - The average domestic primary aluminum price in 2024 was about 19,917 yuan/ton, which is a 7% increase compared to the previous year [1] Industry Outlook - Alumina prices are expected to decline in 2025, while the price of electrolytic aluminum is projected to continue rising [2] - The supply-demand balance for electrolytic aluminum is forecasted to improve from a surplus of 490,000 tons in 2024 to a shortage of 350,000 tons by 2026 [2] - The company is expanding its production capacity in Indonesia, with plans for an additional 2 million tons of alumina and a 250,000-ton electrolytic aluminum project [2] Strategic Developments - The company successfully spun off its subsidiary, Nanshan Aluminum International Holdings, for a listing on the Hong Kong Stock Exchange, enhancing its growth prospects in Indonesia [2] - The company is a key supplier for the C919 aircraft project, which is expected to benefit from increased production in the future [2] Dividend Policy - The company announced a cumulative cash dividend ratio of 40.92% for 2024, with plans to distribute at least 40% of its distributable profits in cash annually from 2024 to 2026 [3] Earnings Forecast - The company's net profit forecasts for 2025 and 2026 have been raised to 5.44 billion yuan and 5.66 billion yuan, respectively, with a new forecast for 2027 set at 6.06 billion yuan [3]