Aluminium prices and alumina prices deviated – the electrolytic aluminum boom reached a record high (the profit per ton of aluminum reached a record high of 5,000 yuan or even higher), but the stock price did not timely reflect the above changes in the fundamentals. The aluminum tonnage profit from spot alumina as raw material will continue to expand.
Shenyin Wanguo analysis believes that in the next 18 months, the trend of aluminum prices is stronger than that of spot alumina, and the profit margin of tons of aluminum, which is spot aluminum as raw material, continues to expand. Because global aluminum supply and demand are basically balanced this year and next, alumina will have a significant surplus. To increase the aluminum price forecast for 2007 to 17,000 yuan/ton (including tax, the previous forecast was 16,000 yuan/ton), the EPS of all electrolytic aluminum companies in 2007 was generally raised by more than 30%.
Taking into account the non-ferrous metal electrolytic aluminum boom degree of sustainability, the electrolytic aluminum companies have enjoyed a more favorable business climate improvement, with particular attention to the proportion of companies with high spot ratios, the degree of improvement in profitability is even more pronounced. Such as: G Yun Al, G Zhongfu, Lanzhou Aluminum.
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