中国铝业 2024 年净利大增 85% 创上市最佳预计 2025 年氧化铝市场转向过剩

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

中国铝业 2024 年净利大增 85% 创上市最佳预计 2025 年氧化铝市场转向过剩

2025-03-28 09:08:57 来源：北方有色网责任编辑：管理员

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中国铝业于 3 月 26 日发布 2024 年度报告，公司全年实现营业收入 2370.66 亿元，同比增长 5.21%；归母净利润达 124 亿元，同比大幅增长 85.38%，创上市以来最佳业绩。这一成绩主要得益于主营铝产品量价齐升，以及公司通过强化运营管控实现的产能利用率提升。

从产品结构来看，氧化铝板块成为业绩增长的核心引擎。2024 年，公司氧化铝板块税前盈利达 116.85 亿元，同比激增 1012.86%，主要源于氧化铝产量增加及销售价格同比上涨 39.07%。同期，公司冶金级氧化铝产量达 1687 万吨，同比增长 1.2%；精细氧化铝产量 431 万吨，增幅 7.75%。相比之下，原铝板块受原燃材料成本上升影响，税前利润同比减少 20.33% 至 89.66 亿元，但原铝（含合金）产量仍保持 12.08% 的增长，达 761 万吨。

对于 2025 年行业趋势，中国铝业预计国内氧化铝市场将出现结构性转变。供应端方面，新建项目集中投运将带来 1030 万吨 / 年的新增产能，但铝土矿供应瓶颈可能制约实际产出；需求端受限于国内电解铝产能 "天花板"，叠加西南地区电力供应紧张可能导致的减产风险，氧化铝需求增速预计低于供应增速，市场基本面将由短缺转向过剩。

电解铝领域则呈现不同态势。受限于产能上限，新建产能规模显著收缩，产量增速趋于放缓。需求端尽管 "新三样" 等新兴市场带来一定增长，但房地产等传统消费领域持续低迷，整体消费难有突破性提升，预计 2025 年国内电解铝市场将维持紧平衡格局。

此外，公司 2024 年资产减值损失合计 26.20 亿元，其中固定资产减值计提占比最高，达 19.24 亿元，主要涉及新项目退出、安全环保标准升级及生产经济性调整等因素。值得关注的是，公司拟向全体股东实施每股 0.135 元的现金分红，进一步回馈投资者。

随着行业格局的演变，中国铝业正通过优化产能结构、强化成本管控及拓展新兴市场等举措，积极应对市场变化，寻求在复杂环境中持续提升竞争力。

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中国铝业 2024 年净利大增 85% 创上市最佳 预计 2025 年氧化铝市场转向过剩

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中国铝业 2024 年净利大增 85% 创上市最佳预计 2025 年氧化铝市场转向过剩