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研報掘金丨海通證券:首予中國鋁業“優於大市”評級,料未來三年淨利迎快速增長期

海通證券研報指出,中國鋁業(601600.SH)23年實現歸母淨利潤67.17億元,同比增長60.23%。公司全年生產鋁土礦3042萬噸,2023年新增國內鋁土礦資源量2100萬噸。公司不僅國內鋁土礦資源擁有量第一,還在海外擁有鋁土礦資源18億噸左右。預計未來三年公司將受益於鋁土礦-氧化鋁-電解鋁的一體化佈局優勢,迎來淨利潤快速增長期,預計公司24-26年EPS分別為0.54、0.65和0.79元/股。參考可比公司估值水平,考慮到公司的行業龍頭地位和央國企改革背景下的降本增效持續,給予2024年15-17倍PE估值,對應合理價值區間8.1-9.18元/股,首次覆蓋給予“優於大市”評級。

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