证券代码：002532 证券简称：天山铝业 公告编号：2024-046 天山铝业集团股份有限公司 关于闲置募集资金临时补充流动资金提前归还的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 2024 年 7 月 26 日 1 / 1 公司本次开始使用闲置募集资金临时补充流动资金的日期为 2023 年 8 月 22 日，到期还款日为 2024 年 8 月 21 日。 2024 年 7 月 25 日，公司将临时用于补充流动资金的闲置募集资金 2,000.00 万元人民币提前归还至募集资金专用账户，该笔资金使用期限未超过 12 个月。 公司已将上述募集资金的归还情况通知了保荐机构华泰联合证券有限责任 公司及保荐代表人。 特此公告。 天山铝业集团股份有限公司董事会 天山铝业集团股份有限公司（以下简称"公司"或"本公司"） 于 2023 年 8 月 21 日召开第六届董事会第二次会议和第六届监事会第二次会议，审议通过了《关 于使用部分闲置募集资金临时补充流动资金的议案》，同意公司使用不超过人民 币 80,000.00 万元闲置募集资金临时补充流动资金，使用期限自公司 ...

证券代码：002532 证券简称：天山铝业 公告编号：2024-045 天山铝业集团股份有限公司 关于回购股份实施完成暨股份变动情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 天山铝业集团股份有限公司（以下简称"公司"）于 2024 年 1 月 23 日分别 召开第六届董事会第六次会议和第六届监事会第五次会议，审议通过了《关于以 集中竞价交易方式回购公司股份方案的议案》，根据相关法律法规及《公司章程》 的规定，本次回购股份方案属于董事会审批权限范围，无需提交股东大会审议。 公司使用自有资金以集中竞价交易方式回购公司发行在外的部分 A 股普通股股 票，本次用于回购股份的资金总额不低于人民币 10,000 万元（含），不超过人民 币 20,000 万元（含）；在本次回购股份价格不超过 8.6 元/股（含）的条件下，按 照本次回购资金总额上限测算预计可回购股份总数约为 2,325.58 万股，约占公司 当前总股本的 0.50%，按照本次回购资金总额下限测算预计可回购股份总数约为 1,162.79 万股，约占公司当前总股本的 0.25%，具体以公司公告回购 ...

2024 年 07 月 10 日 公司研究 评级:买入(维持) 最近一年走势 相对沪深 300 表现 2024/07/09 表现 1M 3M 12M 天山铝业 6.3% 28.5% 41.4% 沪深 300 -3.8% -2.7% -10.1% | | | |-------------------|------------| | 市场数据 | 2024/07/09 | | 当前价格(元) | 8.71 | | 52 周价格区间(元) | 4.68-9.15 | | 总市值(百万) | 40,517.92 | | 流通市值(百万) | 35,972.35 | | 总股本(万股) | 465,188.54 | | 流通股本(万股) | 413,000.55 | | 日均成交额(百万) | 807.26 | | 近一月换手(%) | 1.14 | 相关报告 《天山铝业(002532)2023 年三季报点评:Q3 业绩大幅改善,Q4 有望进一步向好(买入)*工业 金属*陈晨,王璇》——2023-10-27 晨,王璇》——2023-09-16 《天山铝业(002532)公司深度报告:新疆大型电 解铝企业,一体化优势突出 ...

Investment Rating - The investment rating for Tianshan Aluminum (002532.SZ) is "Buy" (maintained) [3] Core Views - Tianshan Aluminum is expected to see significant growth in its H1 2024 performance, benefiting from rising aluminum prices and stable costs. The company forecasts a net profit attributable to shareholders of 2.07 billion yuan for H1 2024, representing a year-on-year increase of 103% [5][8] - The company is actively pursuing an integrated industrial chain strategy, with ongoing projects such as a 2 million-ton alumina project in Indonesia, which is expected to enhance cost advantages [6][8] Summary by Sections Basic Data - Current stock price is 8.71 yuan, with a total market capitalization of 40.5 billion yuan and total share capital of 4,652 million shares [1][2] Performance Forecast - For H1 2024, the average selling price of aluminum ingots increased by approximately 7% year-on-year, while the average selling price of alumina rose by about 26%. The production costs for both aluminum ingots and alumina remained stable compared to the previous year [5] - The average price of A00 aluminum in the Chinese market for H1 2024 was 19,781 yuan per ton, up 6.99% year-on-year, and the average price of alumina was 3,505 yuan per ton, up 12.76% year-on-year [5] Production Goals - The company's main production targets for 2024 include: - Primary aluminum output of 1.16 million tons - Power generation of 13 billion kWh - Alumina output of 2.35 million tons - Pre-baked anode output of 550,000 tons - Bauxite output of 3 million tons - High-purity aluminum output of 25,000 tons - Aluminum foil and aluminum foil blank output of 100,000 tons [5] Project Developments - The alumina project in Indonesia is progressing smoothly, with the first phase targeting an annual capacity of 1 million tons. The project has been included in Indonesia's national strategic project list and is currently in the design phase [6] - The company is also seeking to realize a 200,000-ton electrolytic aluminum capacity indicator that has yet to be constructed [7] Earnings Forecast - Projected revenues for Tianshan Aluminum from 2024 to 2026 are 33.07 billion yuan, 35.27 billion yuan, and 38.50 billion yuan, respectively. The net profit attributable to shareholders is expected to be 4.21 billion yuan, 4.77 billion yuan, and 5.26 billion yuan for the same period. The current stock price corresponds to a PE ratio of 9.6, 8.5, and 7.7 times for the respective years [8][10]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company is expected to see a significant increase in net profit for the first half of 2024, with a forecasted net profit of 2.07 billion yuan, representing a year-on-year increase of 103% [4] - The growth in performance is primarily attributed to the rise in alumina and electrolytic aluminum prices, along with stable production costs [5] - The average selling price of aluminum ingots increased by approximately 7% year-on-year, while the average selling price of alumina rose by about 26% [5] - The report highlights the company's ongoing investment in a 2 million-ton alumina project in Indonesia, which is expected to enhance cost advantages through integrated operations [6][7] Financial Performance - The company forecasts revenues of 33.07 billion yuan, 35.27 billion yuan, and 38.50 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 4.21 billion yuan, 4.77 billion yuan, and 5.26 billion yuan for the same years [8][10] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 9.6, 8.5, and 7.7 for the years 2024, 2025, and 2026 respectively [8] Production Goals - The company's production targets for 2024 include 1.16 million tons of primary aluminum, 13 billion kWh of electricity, 2.35 million tons of alumina, and 550,000 tons of prebaked anodes [5]

[Table_Page] 公告点评|有色金属 证券研究报告 [Table_Title] 天山铝业(002532.SZ) Q2 预告归母净利环增 88%,好于预期 [Table_Summary] 核心观点: 24Q2 铝价上涨,一体化优势使得公司成本平稳,预告归母净利润环比 增 88%,好于预期。公司发布业绩预告,24Q2 公司预告实现归母净利 润 13.50 亿元,环比+88%,同比+161%。业绩环比大幅增长主因是: 24Q2 铝价、氧化铝价格上涨带动电解铝、氧化铝板块的业绩提升。据 Wind,24Q2,SHFE 铝均价环比均上涨 8%至 20647 元/吨,氧化铝均 价环比涨 8%至 3633 元/吨,西北阳极均价环比涨 1%,哈密动力煤价 均值环比持平,估测电解铝吨毛利环比+946 元/吨,而几内亚铝土矿价 格环比仅上涨 1.8%,估测氧化铝吨毛利环比+208 元/吨。 公司考虑提升外购电中新能源发电的占比,积极寻求 20 万吨未建电 解铝产能指标落地。据 2024 年 4 月 29 日公司披露的投资关系活动记 录表,公司未来会考虑更多地使用光伏发电,提升外购电中新能源发电 的占比。公司有 20 万吨尚 ...

Investment Rating - The report maintains a "Recommendation" rating for Tianshan Aluminum, with a target price of 9.98 CNY, indicating a potential upside of 23% from the current price [1]. Core Views - Tianshan Aluminum's performance in the first half of 2024 exceeded expectations, driven by rising prices of aluminum ingots and alumina. The company achieved a net profit of 2.07 billion CNY, a year-on-year increase of 103%, and a non-recurring net profit of 1.96 billion CNY, up 168% [1]. - The second quarter of 2024 is projected to show significant growth, with an expected net profit of 1.35 billion CNY, representing a 161% year-on-year increase and an 88% quarter-on-quarter increase [1]. - The increase in profits is attributed to a 7% rise in the average selling price of self-produced aluminum ingots and a 26% increase in alumina prices compared to the previous year [1]. - The report anticipates that aluminum prices will remain high due to various factors, including geopolitical tensions and supply constraints, which will support Tianshan Aluminum's profitability [1]. Financial Summary - Total revenue for 2023 is projected at 28.975 billion CNY, with a slight increase to 30.182 billion CNY in 2024, reflecting a year-on-year growth of 4.2% [2]. - The net profit forecast for 2024 is 4.219 billion CNY, a significant increase of 91.3% compared to 2023 [2]. - Earnings per share (EPS) are expected to rise from 0.47 CNY in 2023 to 0.91 CNY in 2024 [2]. - The price-to-earnings (P/E) ratio is projected to decrease from 17 in 2023 to 9 in 2024, indicating improved valuation metrics [2].

证券代码：002532 证券简称：天山铝业 公告编号：2024-044 天山铝业集团股份有限公司 2024 年半年度业绩预告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2024 年 1 月 1 日-2024 年 6 月 30 日 2、预计的业绩：扭亏为盈 √同向上升 同向下降 | --- | --- | --- | |----------------|--------------------------|--------------------------| | 项目 | 本报告期 | 上年同期 | | 归属于上市公司 | 盈利： 207,000.00 万元 | | | 股东的净利润 | 比上年同期增长： 103% | 盈利： 101,917.63 万元 | | 扣除非经常性损 | 盈利： 196,000.00 万元 | | | 益后的净利润 | 比上年同期增长： 168% | 盈利： 73,050.72 万元 | | 基本每股收益 | 盈利： 0.45 元 / 股 | 盈利： 0.22 元 / 股 | 二、与会计 ...

证券代码：002532 证券简称：天山铝业 公告编号：2024-043 天山铝业集团股份有限公司 关于股份回购进展的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 天山铝业集团股份有限公司（以下简称"公司"）于 2024 年 1 月 23 日分别 召开第六届董事会第六次会议和第六届监事会第五次会议，审议通过了《关于以 集中竞价交易方式回购公司股份方案的议案》，根据相关法律法规及《公司章程》 的规定，本次回购股份方案属于董事会审批权限范围，无需提交股东大会审议。 公司使用自有资金以集中竞价交易方式回购公司发行在外的部分 A 股普通股股 票，本次用于回购股份的资金总额不低于人民币 10,000 万元（含），不超过人民 币 20,000 万元（含）；在本次回购股份价格不超过 8.6 元/股（含）的条件下，按 照本次回购资金总额上限测算预计可回购股份总数约为 2,325.58 万股，约占公司 当前总股本的 0.50%，按照本次回购资金总额下限测算预计可回购股份总数约为 1,162.79 万股，约占公司当前总股本的 0.25%，具体以公司公告回购方案实施完 毕之日 ...

| 投资评级 优于大市 | 维持 | |-----------------------------------------------|-------------| | 股票数据 | | | 06 [ Table_StockInfo 月 24 日收盘价(元) ] | 7.86 | | 52 周股价波动(元) | 4.68-9.15 | | 总股本 / 流通 A 股(百万股) | 4652/4130 | | 总市值 / 流通市值(百万元) | 36564/32462 | | 相关研究 | | | 《天山铝业:一体化产业链布局,低成本及资 | | | 源优势显著》 2024.03.18 | | 市场表现 天山铝业 海通综指 -21.94% -9.94% 2.06% 14.06% 26.06% 38.06% 2023/6 2023/9 2023/12 2024/3 | 沪深 300 对比 | 1M | 2M | 3M | |-----------------------|--------|--------|------| | 绝对涨幅( % | -1.6 | 14.1 | 28.4 | | 相对涨幅( % | 1. ...