Benefiting from the dual drive of global manufacturing recovery and the wave of new energy industry, domestic aluminum industry listed companies will deliver impressive results in 2024, with top enterprises achieving a historic high in profit scale. According to statistics, among the 24 listed aluminum companies that have disclosed their 2024 annual reports, over 50% of them have achieved a year-on-year increase in net profit attributable to their parent companies, and the industry as a whole is showing a prosperous trend of both quantity and price rising.

The breakthrough of top enterprises in profitability highlights the synergistic effect of the industrial chain

As a leading player in the industry, Aluminum Corporation of China has achieved its best performance since going public in 2024 with a significant year-on-year increase in net profit, thanks to its full industry chain layout advantage. Relying on the integrated strategy of green hydropower and aluminum, Yunlv Group has achieved cost and benefit optimization under the background of the “dual carbon” policy, and its net profit scale has also broken records. It is worth noting that the net profits of enterprises such as Tian Shan Aluminum, Chang Aluminum, and Fenghua have doubled. Among them, Tian Shan Aluminum has significantly increased its gross profit margin by expanding its high value-added aluminum foil business; Changlv Corporation seized the opportunity of the explosive demand for new energy vehicle battery case materials, achieving both production and sales prosperity.

Downstream demand, multiple flowering points, full orders, full production capacity, fully open

From the perspective of the terminal market, the upgrading of the manufacturing industry, the increase in photovoltaic installed capacity, and the innovation cycle of consumer electronics jointly constitute the three driving forces of aluminum demand growth. The trend of lightweighting in automobiles is driving the continuous increase in the penetration rate of aluminum profiles in the field of new energy vehicles. The amount of aluminum used for photovoltaic frames is steadily increasing with the expansion of installed capacity. The construction of 5G base stations and the demand for AI server cooling are driving the upgrading of industrial aluminum structures. Among the 12 aluminum companies that have released their first quarter reports and performance forecasts for 2025, about 60% of them continue their growth trend. Several companies have disclosed that their current order scheduling has reached the third quarter, and their capacity utilization rate remains at a high level of over 90%.

Industry concentration increases, high-end transformation accelerates

Under the promotion of supply side structural reform and dual control policies on energy consumption, the aluminum industry is accelerating its transformation towards green, low-carbon, and intelligent manufacturing. Top enterprises continue to optimize their product structure by laying out recycled aluminum projects, developing high-end products such as high-purity aluminum for aerospace and power battery foils. Analysts point out that with the steady recovery of the domestic economy and the release of demand for aluminum in emerging fields, the aluminum industry chain is expected to continue its high prosperity cycle, and leading enterprises with technological barriers and cost advantages will further consolidate their market position.

Currently, the center of aluminum price operation is steadily moving upwards, coupled with the visible results of cost reduction and efficiency improvement in enterprises, the industry’s profitability level is expected to remain high. Market institutions predict that the net profit growth rate of the aluminum industry may remain in the double-digit range by 2025, and the collaborative innovation and high-end breakthrough of the industry chain will become the key competition arena for enterprises.