格隆汇11月25日丨云铝股份(000807.SZ)公布，为提高募集资金的使用效率，进一步做优做强绿色铝一 体化产业链，提升公司电解铝权益产能，增厚经营利润，公司拟将2019年非公开发行股票募投项目之 一"文山中低品位铝土矿综合利用项目"的募集资金变更用途，将2021年非公开发行股票募投项目之 一"绿色低碳水电铝材一体化项目"结项，并将节余的募集资金一并用于收购云南冶金集团股份有限公司 （简称"云南冶金"）持有公司控股子公司云南云铝涌鑫铝业有限公司（简称"云铝涌鑫"）28.7425%股 权，不足部分使用自有资金。 ...

Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Insights - The company reported stable performance in its Q3 2025 results, with total revenue of 44.072 billion yuan, a year-on-year increase of 12.5%, and a net profit attributable to shareholders of 4.398 billion yuan, up 15.1% year-on-year [6]. - The increase in revenue is attributed to rising aluminum prices and decreasing costs, with the average market price for electrolytic aluminum in Q3 2025 at 20,711 yuan per ton, reflecting a 2.5% increase quarter-on-quarter and a 5.9% increase year-on-year [6]. - The company has successfully expanded its resource base, with the Yangliu Aluminum Ore West District mining plan approved, aiming for an annual capacity of 600,000 tons [6]. - The company has also invested 500 million yuan for a 16.70% stake in Yunnan Aluminum Foil, enhancing its integrated aluminum industry chain [6]. Financial Data and Profit Forecast - Projected total revenue for 2025 is 59.33 billion yuan, with a year-on-year growth rate of 9.0% [5]. - The forecasted net profit attributable to shareholders for 2025 is 6.34 billion yuan, representing a significant increase of 43.7% compared to the previous year [5]. - The company's gross margin is expected to improve from 15.4% in 2025 to 21.7% by 2027 [5]. - The return on equity (ROE) is projected to be 18.6% in 2025, increasing to 19.5% in 2026 [5].

Sales and Market Expansion - The company is expanding sales channels in automotive lightweighting, aerospace, power, defense, and electronics sectors, leveraging green brand benefits and scale effects [1] - The company is actively developing its recycling aluminum business, with a successful launch of a fully automated recycling aluminum demonstration line producing over 20 types of recycled products [1] Capital Expenditure and Resource Acquisition - Future capital expenditures will focus on technological innovation, mineral resources, advanced materials, and green low-carbon strategies, with an emphasis on resource acquisition and development of aluminum-based new materials [2] - The company has successfully acquired exploration rights for the Zhaotong Sunbai bauxite mine and is advancing exploration rights in Wenshan and Heqing [2] Cost Management - The company is implementing a dynamic cost measurement mechanism and exploring the most economical operation modes to reduce production costs and improve operational efficiency [3] - Initiatives include the "100 Yuan Cost Reduction Action" for alumina and "Extreme Cost Reduction and Efficiency Improvement Action" for electrolytic aluminum [3] Dividend Policy - The company plans to implement a mid-term dividend in 2025, amounting to approximately 1.11 billion yuan, which represents about 40.10% of the net profit attributable to shareholders for the first half of 2025 [4] - Future dividend distribution will consider industry characteristics, development stages, strategic planning, and significant funding arrangements [4]

Group 1: Dividend Policy - The company plans to implement a mid-term dividend in 2025, amounting to approximately CNY 1.11 billion, which represents about 40.10% of the net profit attributable to shareholders for the first half of 2025 [1] Group 2: Resource Expansion - The company is enhancing its resource assurance capabilities by successfully bidding for exploration rights at the Zhaotong Sunbaba bauxite mine and actively pursuing exploration rights in Wenshan and Heqing [2] - Future plans include accelerating the transition from exploration to mining and participating in resource exploration in Yunnan Province and neighboring regions such as Laos and Vietnam [2] Group 3: Production Capacity - The current production capacity for electrolytic aluminum is 3.08 million tons, with no expansion plans at this time [2] - The company has successfully launched a 50,000-ton aluminum resource comprehensive utilization project, establishing an automated integrated recycling aluminum demonstration line [2] Group 4: Inventory and Capital Expenditure - The company maintains a low inventory strategy for alumina, leveraging its position as a major supplier in the region to keep inventory at reasonable levels based on market conditions [2] - Future capital expenditures will focus on technological innovation, mineral resources, high-end advanced materials, and green low-carbon initiatives, with an emphasis on resource acquisition and upgrading equipment technology [2] Group 5: Power Supply - The power supply situation in Yunnan Province is favorable this year, with the company operating at full production capacity [2] - Electricity is procured through market-based transactions, and the overall cost of electricity remains controllable [2]

Investment Rating - The investment rating for the company is "Outperform" [1] Core Views - The company's performance in the first half of 2025 met expectations, with a significant increase in the dividend payout ratio. The company achieved a revenue of 29.08 billion yuan in H1 2025, representing an 18.0% year-on-year growth, and a net profit attributable to shareholders of 2.77 billion yuan, up 9.9% year-on-year. In Q2 2025, the net profit reached 1.79 billion yuan, showing a 32.3% year-on-year increase and an 84.1% quarter-on-quarter increase [6] - The company plans to implement a mid-term dividend in 2025, with a payout ratio of approximately 40.10%. The proposed cash dividend is 3.20 yuan per 10 shares, amounting to about 1.11 billion yuan, which is an increase of 7.87 percentage points compared to 2024 [6] - The company is advancing its project construction and resource expansion, enhancing its integrated green aluminum supply chain. New production capacity for electrolytic aluminum has been launched, and the company has successfully acquired bauxite mining rights, contributing to increased sales volume [6] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 59.018 billion yuan, with a year-on-year growth rate of 8.4%. The net profit attributable to shareholders is projected to be 6.676 billion yuan, reflecting a significant increase of 51.3% year-on-year [5] - The company’s gross margin is expected to improve from 14.1% in H1 2025 to 16.7% in 2025E, with a return on equity (ROE) of 19.4% [5] - The company’s net profit forecasts for 2025, 2026, and 2027 are 6.676 billion yuan, 7.747 billion yuan, and 8.526 billion yuan respectively, with corresponding price-to-earnings ratios of 10, 8, and 8 [6][5]

Group 1: Production and Supply - The company's electrolytic aluminum production line is operating at full capacity, with no expected impact from power restrictions due to favorable water supply in Yunnan province this year [1] - The electricity procurement cost remains controllable as it is determined through market-based pricing [1] - The company adopts a market-based pricing model for alumina procurement, maintaining reasonable inventory levels based on production needs [1] Group 2: Financial Performance and Dividends - In 2024, the total dividend amount is approximately CNY 1.422 billion, accounting for 32.23% of the net profit attributable to shareholders [2] - The company aims to maintain a cash dividend ratio of no less than 30% of the distributable profits each year, with plans to increase the dividend amount as operational performance improves [2] Group 3: Resource Acquisition and Sustainability - The company plans to accelerate the process of converting exploration to mining and enhance the acquisition of bauxite resources, while also participating in resource exploration within Yunnan province [2] - There is a focus on developing a green aluminum integrated industrial chain to ensure long-term returns for shareholders [2] Group 4: Green Aluminum Market - The company is the largest supplier of green low-carbon aluminum in China, with some downstream enterprises accepting a premium for its green aluminum products [3] - Future strategies include leveraging the green aluminum brand advantage to expand into high-end markets such as photovoltaic power, national defense, rail transportation, and electronics [3]