3）成本，氧化铝价格为3,165 元/吨，同比-19%，环比+4%，带动电解铝成本上涨208 元/吨。 4）利润，据SMM 数据统计，Q3 电解铝行业利润4,125 元/吨，同比+128%，环比+22%。 持续开展"绿色化、数字化、智能化"工作。公司持续开展"绿色化、数字化、智能化"相关工作，一是采 用合作或自建方式推进分布式光伏项目建设，持续提升绿色能源消纳比例、优化能源消费结构。截至25 年上半年，公司新增并网装机约21.5MW；累计并网规模约达77.55MW。二是公司铝精深加工产品再生 铝添加比例达到61%，产品碳足迹含量进一步降低。三是电力板块燃煤清洁运输比例达到100%，电解 铝业务氧化铝原料短途运输比例达80%，绿色物流水平显著提升。 事件：公司于10 月27 日发布2025 年三季报业绩，2025 年前三季度公司实现营收166 亿元，同 比-0.6%；归母净利11.9 亿元，同比+63%。单季来看，25Q1/Q2/Q3 公司实现营收50/56/61 亿元，同 比-3%/-4%/+6%；归母净利2.3/4.8/4.8 亿元，同比+427%/+19%/+69%，Q3 环比+0.6%。 1）量，公司上 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a significant increase in net profit, with a year-on-year growth of 63% in the first three quarters of 2025, reaching 1.19 billion yuan [1] - The company is focusing on "green, digital, and intelligent" initiatives, enhancing its green energy consumption and optimizing its energy structure [2] - The company is expected to experience substantial growth through overseas expansion and deep integration with upstream and downstream partners [3] Financial Performance - For the first three quarters of 2025, the company reported revenues of 16.6 billion yuan, a slight decrease of 0.6% year-on-year, while net profit reached 1.19 billion yuan, marking a 63% increase [1] - The average price of electrolytic aluminum in Q3 was 20,711 yuan per ton, up 6% year-on-year and 3% quarter-on-quarter [1] - The company’s projected net profits for 2025-2027 are estimated at 1.8 billion, 2.3 billion, and 2.7 billion yuan, respectively, with corresponding P/E ratios of 14.5, 11.1, and 9.4 [3] Operational Highlights - The company completed the acquisition of a 24% stake in Zhongfu Aluminum, increasing its ownership to 100%, which raised its electrolytic aluminum production capacity to 750,000 tons per year [1] - The company has achieved a 61% recycling rate in its aluminum deep processing products, significantly reducing its carbon footprint [2] - The company’s coal transportation for power generation has reached 100% cleanliness, and 80% of its alumina raw materials are transported over short distances, enhancing its green logistics [2]