Zhixun Finance and Economics APP learned that Citigroup released a research report stating that it maintains a 'buy' rating for Aluminum Corporation of China (02600), believing that poor performance may lead to short-term profit-taking pressure on the stock, thus ceasing active catalyst observation, and lowering the group's 2024 fiscal year net income forecast by 12%; as for the forecasts for fiscal years 2025 to 2026, they remain unchanged, with the target price lowered from 9.09 Hong Kong dollars to 8.89 Hong Kong dollars.

The report states that the company's net income in the first nine months of this year increased by 68% year-on-year, equivalent to 70% and 69% of the market and the bank's expectations, respectively. Excluding impairment losses, the bank expects Aluminum Corporation of China to have a regular net income of 9.08 billion yuan in the first nine months of this year, with a year-on-year growth of 73%. Citi stated that in the third quarter of this year, Aluminum Corporation of China's gross profit fell by 16% year-on-year and by 39% sequentially, mainly due to adjustments in aluminum smelting assets depreciation, electricity fee surcharge adjustments, and adjustments in bauxite reserve.