Core Viewpoint - The company has established a complete aluminum product industry chain and is one of the world's leading aluminum manufacturers, with a focus on vertical integration and sustainability [2][3]. Group 1: Industry Chain and Capacity - The company has built a complete closed-loop industry chain from bauxite mining to aluminum deep processing, including recycling and automotive components [2]. - The company currently has an electrolytic aluminum production capacity of 6.459 million tons, ranking second in China, and an alumina production capacity of 21 million tons [2][3]. - The company is implementing a "north aluminum south move" strategy to align with green trends, with plans to relocate electrolytic aluminum capacity from Shandong to Yunnan, expecting capacities of 3.451 million tons and 3.008 million tons respectively by 2027 [3]. Group 2: Cost and Supply Chain Management - The company has a self-sufficient power supply rate of approximately 50% due to its self-built thermal power plants, which helps in cost savings [3]. - The alumina required for production in Shandong is mainly self-produced, while the Yunnan region sources alumina externally [3]. - The company has established stable supply channels for bauxite from Guinea, Australia, and Indonesia, ensuring a steady supply of raw materials [3][4]. Group 3: Financial Performance and Dividends - The company is expected to achieve net profits of 22.64 billion, 24.21 billion, and 25.39 billion yuan from 2025 to 2027, with corresponding EPS of 2.44, 2.61, and 2.73 yuan [5]. - The company has a high dividend yield, projected at 6.7%, 10%, and 13.6% for 2022 to 2024, indicating a strong commitment to returning value to shareholders [5]. Group 4: Technological Advancements and Sustainability - The company has advanced aluminum deep processing technology and is actively developing recycled aluminum and circular economy projects [7]. - The company completed a 20,000-ton waste aluminum recycling project in 2023, aiming to become a competitive player in the green aluminum packaging industry [7].

公司电解铝产能规模优势明显，为顺应绿色趋势逐步实施"北铝南移"战略 公司2017年开始具备645.9万吨电解铝产能，此后维持这一规模，目前山东/云南产能497.1/148.8万吨， 山东滨州基地以公司为核心汇聚全球规模最大的铝产业集群，云南宏泰为砚山县云南绿色铝创新产业园 区链主企业，打造全球单体规模最大的绿铝项目，产业集群一体化优势明显。目前公司正在推动电解铝 产能从山东向云南搬迁置换，预计27年山东/云南产能将分别达到345.1/300.8万吨。公司原铝生产全部 采用电流强度为400KA以上的大型阳极预焙电解槽，并且液态铝合金为公司的主要产品，占原铝产量比 例90%左右，有利于节约铸造成本。成本方面，公司于2005年开始新建自备热电厂，目前电力自给率 50%左右;山东地区生产所需氧化铝主要是自产自用，云南地区生产所需氧化铝主要从外部采购;铝土矿 主要从投资的几内亚公司进口，同时在澳大利亚及印尼均已建立了长期稳定的供应渠道。 公司氧化铝产能富裕提供高弹性，参股几内亚"赢联盟"稳定上游铝土矿供应 智通财经APP获悉，东方财富证券发布研报称，中国宏桥(01378)一体化优势和高股息属性突出，首次覆 盖，给予"买 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][6]. Core Views - The company is recognized as one of the world's leading aluminum manufacturers, with a complete vertical integration of the aluminum product supply chain, enhancing its resilience and performance stability [5][14]. - The company aims to become a century-old leading manufacturing enterprise, similar to Shenhua, with a strong emphasis on high dividend returns for investors [6][17]. Summary by Sections 1. Company Overview - The company has established a complete aluminum product supply chain, integrating mining, alumina, primary aluminum, aluminum deep processing, and recycling [5][14]. - As of March 2025, the company has an electrolytic aluminum capacity of 6.459 million tons and alumina capacity of 21 million tons [14][37]. 2. Electrolytic Aluminum Business - The company currently holds an electrolytic aluminum capacity of 6.459 million tons, with production primarily located in Shandong and Yunnan [37][39]. - The company is implementing a "North Aluminum South Move" strategy to relocate production capacity from Shandong to Yunnan, with expected capacities of 3.451 million tons and 3.008 million tons by 2027, respectively [37][44]. 3. Alumina Business - The company has a robust alumina capacity of 21 million tons, with significant contributions from both domestic and overseas sources [5][19]. - The alumina project in Indonesia is notable as the first large-scale alumina refinery established by a Chinese company overseas [5][25]. 4. Aluminum Processing Business - The company has advanced aluminum processing technology and is actively developing recycled aluminum projects, aiming to become a competitive player in the green aluminum packaging industry [5][6]. - As of 2024, the company has an aluminum processing capacity of 1.5665 million tons, with significant growth in high-precision aluminum products [5][6]. 5. Financial Performance and Forecast - The company forecasts a net profit of 22.64 billion RMB in 2025, with an EPS of 2.44 RMB, reflecting a PE ratio of 7.9 times based on the market value as of July 30, 2025 [6][7]. - The company has shown a historical growth trend in revenue and net profit, with a record net profit of 22.372 billion RMB in 2024, a year-on-year increase of 95.21% [17][19].