Gelonghui, December 20 | SWHY Research pointed out that considering Yunnan Aluminium (000807.SZ) leads the country in green aluminum scale, while the alumina self-sufficiency rate is relatively low, it is expected that marginal improvements in the alumina industry's supply will lead to a decrease in the company's costs. Additionally, abundant water supply in Yunnan will enhance the capacity utilization rate of electrolytic aluminum. The company's performance elasticity is expected to be fully released. In the long term, with the increase in carbon taxes and the inclusion of electrolytic aluminum in the carbon trading market, the long-term value of the company's green aluminum will gradually become evident. In 2024, the company will distribute its first interim dividend, with a steadily increasing payout ratio, highlighting its long-term investment value. Net income for 2024/25/26 is expected to be 4.53/5.86/6.42 billion yuan, corresponding to a PE of 11/9/8x, and a PEG of 0.4 for 2025, lower than the average of comparable companies. A "Shareholding" rating is given for the first coverage.