20240829-华鑫证券-云铝股份-000807.SZ-公司事件点评报告_2024H1公司利润大幅增长_主因铝产品量价提升_5页_293kb

中文总结：

2024年上半年，云铝股份实现营业收入24648亿元，同比增长3949%；归母净利润2519亿元，同比增长6626%。利润大幅增长的主要原因是铝产品销量和销价同步上升。2024年上半年，公司原铝产量同比增长3868%，氧化铝产量则下降13.9%，而铝合金及铝加工产品产量同比增长194.4%。此外，云铝股份继续发挥其在云南铝土矿和氧化铝资源领域的优势，并加强产业链一体化建设，进一步降低成本。分析师预计，云铝股份在2024年至2026年间将持续增长，维持“买入”评级。

English Summary:

In 2024 H1, Chinalco Yunnan Co., Ltd. achieved revenue of CNY 246.4 billion, up by 3,949% year-over-year, and net profit attributable to shareholders of CNY 25.2 billion, up by 662.6%. The significant profit growth is primarily attributed to the increase in both the quantity and price of aluminum products. During 2024 H1, the company’s aluminum production grew by 386.8%, while alumina production declined by 13.9%, and the production of aluminum alloys and aluminum products rose by 194.4%. Additionally, the company leverages its resource advantages in Yunnan, including its strong positions in bauxite mineral reserves and alumina production, while also strengthening its industrial integration strategy to further reduce costs. Analysts maintain a "Buy" recommendation, forecasting continued growth from 2024 to 2026.