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研報掘金丨民生證券:中國鋁業業績彈性較大,維持“推薦”評級
格隆匯 03-31 17:25

民生證券研報指出,中國鋁業(601600.SH)24年實現歸母淨利潤124億元,同比+85.38%;Q4實現歸母淨利潤33.83億元,同比+147.96%,環比+69.14%。2024年氧化鋁盈利貢獻大幅增長。未來看點:一體化佈局優勢顯現,價值有望重估產業鏈一體化佈局,資源保障顯著。公司一體化佈局完善,上遊鋁土礦自給率較高,抗風險能力強。截至2024年底,公司鋁土礦資源量約爲27億噸。“中特估值“體系下,價值有望重估。面對不穩定的地緣政治環境,聚焦”安全“是經濟重要主題,電解鋁是國民經濟重要資源,公司作爲鋁土礦、氧化鋁、電解鋁龍頭,國企改革也將提升效率,公司估值有望重塑。公司作爲國內鋁產業鏈一體化企業,資源保障能力顯著,隨着鋁價上漲,公司業績彈性較大,維持“推薦”評級。

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