Gelonghui, April 18 | According to Haitong Securities Research Report, China Aluminum (601600.SH) achieved net profit of 6.717 billion yuan in 23 years, an increase of 60.23% over the previous year. The company produces 30.42 million tons of bauxite throughout the year, adding 21 million tons of domestic bauxite resources in 2023. The company not only has the largest domestic bauxite resources, but also has about 1.8 billion tons of bauxite resources overseas. It is expected that in the next three years, the company will benefit from the integrated layout advantages of bauxite-alumina-electrolytic aluminum and usher in a period of rapid net profit growth. The company's 24-26 EPS is expected to be 0.54, 0.65, and 0.79 yuan/share, respectively. Referring to the valuation level of comparable companies, considering the company's leading position in the industry and continued cost reduction and efficiency in the context of central state-owned enterprise reform, a PE valuation of 15-17 times in 2024 was given, corresponding to a reasonable value range of 8.1-9.18 yuan/share, which for the first time covered a “superior to the market” rating.