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Aluminum of China
(2600)
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Rating:71Outperform
Price Target:
HK$8.00
▼(-6.76% Downside)
Action:Reiterated
Date:10/31/26
The score is driven primarily by improving financial performance (strong TTM growth, margins, and cash generation) and attractive valuation (low P/E and high dividend yield). These positives are partially offset by weak technicals, with price trading below key moving averages and negative momentum indicators.
Positive Factors
Improved profitability and growth
TTM revenue growth of 21.7% and materially higher gross and net margins show improved operating performance. If sustained, this strengthens internal funding capacity and provides a better earnings base through the next several quarters, despite the sector’s cyclicality.
Negative Factors
Cyclical revenue volatility
Revenue volatility, including a decline in 2023 and flat performance in 2025, shows that results are not consistently expanding. Exposure to commodity pricing and aluminum demand can therefore interrupt growth, making margins and earnings less dependable across the next business cycle.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved profitability and growth
TTM revenue growth of 21.7% and materially higher gross and net margins show improved operating performance. If sustained, this strengthens internal funding capacity and provides a better earnings base through the next several quarters, despite the sector’s cyclicality.
Read all positive factors
Aluminum of China (2600) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$161.20B
Dividend Yield6.85%
Average Volume (3M)28.85M
Price to Earnings (P/E)7.5
Beta (1Y)1.45
Revenue Growth6.65%
EPS Growth46.40%
CountryHK
Employees60,814
SectorBasic Materials
Sector Strength58
IndustryAluminum
Share Statistics
EPS (TTM)1.33
Shares Outstanding3,943,966,000
10 Day Avg. Volume37,108,223
30 Day Avg. Volume28,852,802
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)2.49
Price to Sales (P/S)0.80
P/FCF Ratio9.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$12.79Price Target Upside49.08% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)1.3
Revenue Forecast (FY)HK$267.95B
Aluminum of China Business Overview & Revenue Model
Company Description
Aluminum Corporation of China Limited (Chalco), established in Beijing in 2001, is a prominent industrial entity specializing in the manufacturing and global distribution of alumina, primary aluminum, aluminum alloys, and carbon products. The comp...
How the Company Makes Money
Chalco primarily makes money by selling aluminum industry products across multiple stages of the value chain. (1) Alumina revenue: The company earns revenue from producing and selling alumina (refined from bauxite), which is used as the key input ...
Aluminum of China Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
69
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 366.01B | 234.88B | 237.07B | 225.07B | 290.99B | 298.89B |
| Gross Profit | 86.47B | 39.96B | 37.34B | 28.81B | 32.33B | 36.10B |
| EBITDA | 74.18B | 39.59B | 34.64B | 28.56B | 24.66B | 24.91B |
| Net Income | 28.79B | 12.35B | 12.40B | 6.72B | 4.19B | 5.76B |
Balance Sheet | ||||||
| Total Assets | 250.12B | 227.12B | 215.90B | 211.76B | 212.35B | 192.38B |
| Cash, Cash Equivalents and Short-Term Investments | 56.39B | 33.66B | 24.21B | 26.12B | 16.82B | 18.55B |
| Total Debt | 47.20B | 33.18B | 64.52B | 77.65B | 86.46B | 88.60B |
| Total Liabilities | 106.81B | 104.00B | 103.85B | 112.87B | 124.59B | 119.59B |
| Stockholders Equity | 85.80B | 74.96B | 69.19B | 60.60B | 54.40B | 57.26B |
Cash Flow | ||||||
| Free Cash Flow | 55.96B | 19.76B | 22.45B | 20.33B | 22.99B | 26.09B |
| Operating Cash Flow | 66.09B | 27.91B | 32.81B | 27.04B | 27.75B | 28.23B |
| Investing Cash Flow | -18.56B | -12.94B | -7.63B | -11.18B | -3.42B | -744.30M |
| Financing Cash Flow | -24.18B | -8.04B | -22.93B | -14.14B | -27.04B | -18.48B |
Aluminum of China Technical Analysis
Negative
8.58
Price Trends
7.85
Negative
7.93
Negative
9.84
Negative
Market Momentum
-0.26
Positive
36.67
Neutral
46.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2600, the sentiment is Negative. The current price of 8.58 is above the 20-day moving average (MA) of 7.37, above the 50-day MA of 7.85, and below the 200-day MA of 9.84, indicating a bearish trend. The MACD of -0.26 indicates Positive momentum. The RSI at 36.67 is Neutral, neither overbought nor oversold. The STOCH value of 46.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2600.
Aluminum of China Risk Analysis
Aluminum of China disclosed 41 risk factors in its most recent earnings report. Aluminum of China reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Aluminum of China Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | HK$12.95B | 7.00 | 11.38% | 5.84% | -19.40% | -59.11% | |
72 Outperform | HK$198.55B | 6.13 | 20.69% | 8.16% | 6.88% | 7.63% | |
71 Outperform | HK$161.20B | 7.50 | 24.20% | 6.85% | 6.65% | 46.40% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | HK$2.06B | 3.30 | 8.48% | 10.19% | 9.79% | -24.00% | |
55 Neutral | HK$839.88M | 2.27 | 12.67% | 3.21% | 26.56% | 58.77% | |
44 Neutral | HK$118.74M | -0.91 | -19.40% | 7.14% | -64.85% | -1980.00% |
* Basic Materials Sector Average
HK:2600
Aluminum of China
7.12
-2.20
-23.64%
HK:0098
Xingfa Aluminium Holdings Ltd.
4.91
-2.31
-31.98%
HK:1378
China Hongqiao Group Ltd.
20.22
-7.72
-27.64%
HK:2078
PanAsialum Holdings Co. Ltd.
0.10
-0.03
-23.85%
HK:0505
Xingye Alloy Materials Group Limited
0.94
-0.03
-3.41%
HK:2610
Nanshan Aluminium International Holdings Limited
20.88
-21.90
-51.19%
Aluminum of China Corporate Events
Chalco’s Controlling Shareholder Lifts Stake by RMB1.26 Billion
Oct 29, 2026
Chalco announced progress on a previously disclosed plan by controlling shareholder Chinalco and its concert parties to increase their holdings in the company. The initiative reflects their confidence in Chalco’s long-term prospects and an i...
Aluminum Corporation of China Reshuffles Board Secretary Role While Maintaining Governance Continuity
Oct 29, 2026
Aluminum Corporation of China Limited announced that Zhu Dan has resigned as secretary to the board due to work requirements but will remain the company’s chief financial officer and joint company secretary, with the board emphasizing that h...
Aluminum Corporation of China Posts Strong Profit and Cash-Flow Growth in Q3 2026
Oct 29, 2026
The company reported solid third-quarter 2026 financial results, with revenue rising 1.74% year-on-year to RMB 61.18 billion and total profit surging 66.08% to RMB 12.50 billion, driven by stronger margins and operating performance. Net profit att...
Aluminum of China Sets Board Meeting to Approve Q3 2026 Results
Oct 15, 2026
Aluminum Corporation of China Limited has scheduled a board meeting for 29 October 2026 to review and approve its unaudited third-quarter results for the period ended 30 September 2026. The announcement signals upcoming disclosure of the company&#...
Chalco to Host Online Briefing on 2026 Interim Results
Sep 30, 2026
Aluminum Corporation of China Limited has announced it will hold an online interim results briefing on 15 October 2026 via the Shanghai Stock Exchange’s SSE Roadshow Center, following the publication of its 2026 interim report in late August...
Aluminum Corporation of China Wins Shareholder Backing for Board Procedure Changes
Sep 23, 2026
Aluminum Corporation of China Limited reported that shareholders approved a key resolution at its second extraordinary general meeting of 2026, held on 23 September in Beijing. The meeting, convened by the board and compliant with PRC company law ...
Aluminum Corporation of China Trims 2026 Interim Dividend Total After Restricted Share Cancellation
Sep 16, 2026
Aluminum Corporation of China Limited has updated the total amount of its 2026 interim cash dividend following the repurchase and cancellation of 212,580 restricted shares under its 2021 equity incentive scheme. The adjustment reflects a reduction...
Chinalco Reaches Lower Limit in Chalco Shareholding Increase Plan
Sep 11, 2026
Aluminum Corporation of China Limited announced progress on a previously disclosed plan for its controlling shareholder, Chinalco, and concert parties to increase their holdings in the company’s A and H shares. The plan targets an investment...
Chalco to Cancel 212,580 Restricted Shares Under Equity Incentive Plan
Sep 10, 2026
Aluminum Corporation of China Limited has approved the repurchase and cancellation of 212,580 restricted shares previously granted under its 2021 equity incentive scheme to six participants whose awards have not yet unlocked. The move follows the ...
Aluminum Corp of China Sets Date for Release of 2026 Interim Results
Aug 27, 2026
Aluminum Corporation of China Limited has released its unaudited interim results for the six months ended 30 June 2026, covering the performance of the company and its subsidiaries. The interim report, prepared in accordance with Hong Kong listing...
Aluminum Corp of China Sets 2026 Interim Dividend and H Share Record Date
Aug 27, 2026
Aluminum Corporation of China Limited has approved an interim cash dividend for 2026 of RMB0.276 per share, totaling approximately RMB4.73 billion, capped at 40% of net profit attributable to shareholders for the first half of 2026. Dividends will...
Aluminum Corporation of China Declares Interim 2026 Dividend and Details Tax Treatment
Aug 27, 2026
Aluminum Corporation of China Limited has declared an interim ordinary cash dividend of RMB 0.276 per share for the six months ended 30 June 2026, with payment to Hong Kong H-share holders in HKD at 0.319 per share based on a specified exchange ra...
Aluminum Corporation of China Sets Board Meeting to Review 2026 Interim Results and Dividend
Aug 17, 2026
Aluminum Corporation of China Limited has scheduled a board meeting for 27 August 2026 to review and approve the unaudited interim results for the six months ended 30 June 2026. The board will also consider whether to recommend the distribution of...
Chalco Updates Market on Controlling Shareholder’s Rising Stake
Aug 11, 2026
Aluminum Corporation of China Limited announced progress on a previously disclosed plan by its controlling shareholder, Chinalco, and its concert parties to increase their holdings in the company. The plan envisages purchases of A shares and H sha...
Chalco Delays Shareholder Circular on Guinea Alumina Project
Aug 7, 2026
Aluminum Corporation of China Limited has announced a delay in issuing a shareholder circular related to its major investment and construction of the Guinea Alumina Project, which includes an option for additional equity participation by the Guine...
Aluminum Corporation of China Sets September EGM to Amend Board Meeting Rules
Aug 6, 2026
Aluminum Corporation of China Limited has convened its second extraordinary general meeting of 2026 for 23 September in Beijing, where shareholders will vote on a special resolution to amend the rules of procedures for board meetings. The company ...
Aluminum of China Plans Governance Overhaul With New Board Meeting Rules
Jul 31, 2026
Aluminum Corporation of China Limited has proposed amendments to the rules governing its board meeting procedures, aiming to refine the delegation of authority from the board to management and strengthen overall corporate governance. The board bel...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.