Glonghui, November 6 | CCB International published a report stating that Chinalco's net profit for the third quarter rose 105% year on year to 1.9 billion yuan, and revenue fell 21% year on year; net profit for the first nine months remained almost flat at 5.3 billion yuan year on year, reaching 95% of the bank's net profit forecast for the whole year. According to the bank, with the resumption of production at smelters in southwest China, especially in Yunnan, the group announced a quarterly increase of 22% in aluminum production, an annual increase of 73% to 1.87 tons. Since nearly 40% of the company's production capacity is located in the southwest region of the mainland, and electricity costs are low due to the use of hydropower, it is expected that there is still room for further reduction in its unit smelting costs, thus improving future profitability. The bank raised the company's profit forecasts for this year, next year and 2025 by 20%, to reach 6.7 billion yuan, 8.1 billion yuan and 9.1 billion yuan respectively. The bank raised its target price from HK$4.7 to HK$5.1, maintaining its “outperforming market” rating.