证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 铝 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 天山铝业 （ 002532 ） 002532 ＃title＃ 业绩大幅增长，充分受益铝产业链一体化 ＃createTime1＃ 2024 年 08 月 21 日 电解铝及氧化铝价格上涨，盈利能力有所提升。（1）电解铝：2024 年上半年 铝现货均价为 19801 元/吨，同比增长 7.1%；公司销售自产铝锭为 58.54 万吨， 同比增长 1.3%；吨毛利为 3682 元，同比上涨 630 元，在铝价上行的背景下 公司电解铝盈利有所上涨。（2）氧化铝：2024 年上半年氧化铝现货均价为 3493 元/吨，同比增长 20.2%；公司销售氧化铝为 109.3 万吨，同比增长 6.8%； 吨毛利为 695 元，同比上涨 671 元。 S0190522050001 投资要点 ＃summary＃ 业绩概要：公司发布 2024 年中报，2024 年上半年公司实现营业收入 137.85 亿元，同比减少 6.83%；实现归 ...

Investment Rating - The report maintains a "Recommend" rating for Tianshan Aluminum (002532 SZ) with a target price of 6 69 yuan [1][22] Core Views - Tianshan Aluminum's integrated layout and cost advantages in electrolytic aluminum production are expected to drive future profit growth [1][22] - The company's strategic expansion in Indonesia and Guinea for bauxite resources will further enhance its raw material supply chain and reduce costs [1][19] - The company's electrolytic aluminum business benefits from low energy costs in Xinjiang, which provides a sustainable competitive advantage [1][17] Financial Performance Summary - In H1 2024, Tianshan Aluminum reported revenue of 13 78 billion yuan, a year-on-year decrease of 6 8%, while net profit attributable to shareholders increased by 103 4% to 2 07 billion yuan [1][6] - In Q2 2024, revenue was 6 96 billion yuan, down 11 36% year-on-year, but net profit attributable to shareholders surged 161 47% year-on-year to 1 35 billion yuan [1][6] - The company's electrolytic aluminum and alumina businesses saw significant profit growth, with electrolytic aluminum gross profit per ton increasing by 630 yuan to 3,682 yuan/ton, and alumina gross profit per ton rising by 671 yuan to 695 yuan/ton [1][10] Production and Cost Analysis - In H1 2024, Tianshan Aluminum produced 585,400 tons of self-produced aluminum ingots, a year-on-year increase of 0 64%, and 1 09 million tons of alumina, up 37 57% year-on-year [1][9] - The company's self-produced aluminum ingots contributed 72 29% of total gross profit, while alumina contributed 25 46% [1][8] - The company's electricity self-sufficiency rate is 80%-90%, with the remaining power purchased from the grid, ensuring stable production costs [1][17] Strategic Expansion - Tianshan Aluminum plans to invest 1 556 billion USD to build a 2 million-ton alumina production line in Indonesia, leveraging the country's rich bauxite resources [1][19] - The company acquired a 50% stake in Elite Mining Guinea S A and secured exclusive purchasing rights for bauxite, with a planned annual production capacity of 5-6 million tons [1][19] - The company's high-purity aluminum business is expected to benefit from a reduction in export tariffs from 30% to 0% in 2024, boosting profitability [1][21] Future Outlook - The company's integrated production layout, including self-sufficiency in prebaked anodes and alumina, will enhance operational stability and cost control [1][17] - Tianshan Aluminum's low-cost advantage in electrolytic aluminum production, driven by Xinjiang's abundant coal resources, is expected to sustain high profitability [1][17] - The company's strategic investments in overseas bauxite and alumina projects will support long-term growth and resource security [1][19]

有色金属 2024 年 08 月 22 日 天山铝业 (002532) ——24H1 业绩符合预期，逐步完善铝土矿布局 | --- | |-------------------| | 2024 年 08 月 22 | | 6.73 | | 9.15/4.68 | | 1.2 | | 2.23 | | 27,795 | | 2,848.77/8,162.18 | | | | --- | --- | |--------------------------|----------------| | 基础数据: | 年 06 月 30 日 | | 每股净资产（元） | 5.46 | | 资产负债率% | 55.02 | | 总股本/流通 A 股（百万） | 4,652/4,130 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-2209-2210-2211-2212-2201-2202-2203-2204-2205-2206-2207-2208-22 -40% -20% 0% 20% 40% 天山铝业 沪深300指数 (收益率) 相关研究 - 报告原因：有业绩公布需要点评 买入（ ...

公司点评报告 · 有色金属行业 铝价上涨带动业绩,一体化布局优势尽显 天山铝业 2024 年中报点评 2024年08月20日 ● 事件:公司发布 2024年半年报,公司 2024年上半年实现营业收入 137.85亿 元,同比减少 6.83%;实现归属母公司股东净利润 20.74 亿元,同比增长 103.45%;实现扣非后归属于母公司股东净利润 19.61 亿元,同比增长 168.42%。公司 2024Q2 单季度实现营业收入 69.60亿元,同比减少 11.36%, 环比增加 1.97%;实现归属母公司股东净利润 13.54亿元,同比增长 161.47%, 环比增长 88.06%;实现扣非后归属于母公司股东净利润 12.55 亿元,同比增 长 200.95%，环比增长 77.88%。 ● 铝价全面上涨,公司盈利大幅释放:公司 2024 年上半年生产电解铝 58.54 万吨,同比增长 1.28%;生产氧化铝 109.3万吨,同比增长 6.81%;生产高纯 铝 1.6 万吨,同比减少 25.58%;生产铝箔 0.6万吨。2024年上半年国内电解 铝均价(含税)达到19798.38元/吨,同比上涨 7.08%。公司 ...

天山铝业（002532.SZ） 优于大市 产业链一体化优势凸显，进一步夯实上游资源端 2024H1公司归母净利润同比增长103%。2024H1实现营收137.8亿元（-6.8%）， 归母净利润 20.7 亿元（+103.4%），扣非归母净利润 19.6 亿元（+168.4%）， 经营性净现金流 22.3 亿元（+195%）。公司盈利增长主因铝价上涨，2024H1 铝价 19800 元/吨，比去年同期上涨 1300 元/吨；2024H1 氧化铝价格 3500 元 /吨，比去年同期上涨 600 元/吨，公司氧化铝百分百自给，冶炼利润没有被 氧化铝涨价挤占；2024H1 预焙阳极价格 4500 元/吨，比去年同期下降 1500 元/吨，可使吨铝降本超过 600 元。如果把氧化铝和电解铝拆分来看，氧化 铝经营主体天桂铝业今年上半年净利润 5.5 亿元，去年同期仅 50 万元。另 外，2023 年底公司全资子公司天铝有限获评"国家高新技术企业"，按 15% 的税率缴纳企业所得税，另外可享受先进制造业企业增值税加计抵减政策， 对公司报告期内业绩有积极贡献。 主要产品产量：2024H1 电解铝产量 58.54 万吨，氧化铝 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) for 2024H1 [2] Core Views - The significant increase in net profit is attributed to the rise in aluminum prices and cost advantages [2] - The company reported a revenue of 13.785 billion yuan for the first half of 2024, a year-on-year decrease of 6.83%, while the net profit attributable to shareholders was 2.074 billion yuan, a year-on-year increase of 103.45% [2][4] - The average selling price of electrolytic aluminum increased by approximately 6.7% year-on-year, while the production of electrolytic aluminum reached 585,400 tons, a year-on-year increase of 1.28% [2][4] Summary by Sections Financial Performance - In H1 2024, the company's revenue was 13.785 billion yuan, down 6.83% year-on-year; net profit attributable to shareholders was 2.074 billion yuan, up 103.45% year-on-year; and net profit after deducting non-recurring gains and losses was 1.961 billion yuan, up 168.42% year-on-year [2] - For Q2 2024, the company reported a revenue of 6.960 billion yuan, down 11.36% year-on-year but up 1.97% quarter-on-quarter; net profit attributable to shareholders was 1.354 billion yuan, up 161.47% year-on-year and up 88.06% quarter-on-quarter [2] Production and Sales - The production of electrolytic aluminum in H1 2024 was 585,400 tons, up 1.28% year-on-year; the production of alumina was 1.093 million tons, up 6.81% year-on-year [2] - The sales volume of alumina increased by 4%, and the average selling price of alumina rose by 26.1% year-on-year [2] Price Trends - The average price of electrolytic aluminum in H1 2024 was 19,781 yuan per ton, up 6.99% year-on-year and up 4.58% quarter-on-quarter; the average price of alumina was 3,505 yuan per ton, up 12.76% year-on-year [2][4] Future Outlook - The company forecasts revenues of 33.07 billion yuan, 35.267 billion yuan, and 38.501 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 4.211 billion yuan, 4.774 billion yuan, and 5.257 billion yuan for the same years [4] - The current stock price corresponds to a PE ratio of 7.6, 6.7, and 6.1 for the years 2024, 2025, and 2026 respectively [4]

有色金属/工业金属 公 司 研 究 天山铝业（002532.SZ） 2024 年 08 月 21 日 区域优势突出的一体化铝企，半年报业绩表现亮眼 ——公司信息更新报告 | --- | --- | --- | --- | |------------------------|-----------|--------------------------|--------------------------| | 投资评级：买入（维持） | | 李怡然（分析师） | 温佳贝（分析师） | | | | liyiran@kysec.cn | wenjiabei@kysec.cn | | 日期 | 2024/8/20 | 证书编号：S0790523050002 | 证书编号：S0790524040009 | | 当前股价(元) | 6.86 | | | | 一年最高最低(元) | 9.15/4.68 | | | | 总市值(亿元) | 319.12 | | | | 流通市值(亿元) | 283.32 | | | | 总股本(亿股) | 46.52 | | | | 流通股本(亿股) | 41.30 | | | 近 3 个月 ...

Investment Rating - The investment rating for Tianshan Aluminum is "Buy" (maintained) as of August 20, 2024 [1]. Core Insights - The significant increase in Q2 performance is attributed to the rise in aluminum and alumina prices, along with an increase in alumina production [2][3]. - The company achieved a revenue of 13.5 billion yuan in Q2 2024, representing a quarter-on-quarter increase of 88.1% and a year-on-year increase of 161.5% in net profit [2]. - The company is expected to maintain a strong growth trajectory due to ongoing projects and favorable market conditions [4]. Financial Performance Summary - For the first half of 2024, Tianshan Aluminum reported a revenue of 13.78 billion yuan, a year-on-year decrease of 6.83%, while net profit increased by 103% to 2.07 billion yuan [2]. - In Q2 2024, the average selling price of self-produced aluminum increased by 6.7% year-on-year, while the production volume was 585,400 tons, a year-on-year increase of 1.3% [3]. - The alumina production reached 1.093 million tons in the first half of 2024, a year-on-year increase of 6.8%, with the average selling price rising by 26.1% [3]. Future Growth Potential - The company has multiple growth projects in the pipeline, including a 200,000-ton electrolytic aluminum project and alumina projects in Indonesia and Guinea [4]. - Revenue projections for 2024-2026 are estimated at 33.7 billion, 35.4 billion, and 38.4 billion yuan, with net profits expected to be 4.22 billion, 4.51 billion, and 4.95 billion yuan respectively [6][7].

证券代码：002532 证券简称：天山铝业 天山铝业集团股份有限公司 投资者关系活动记录 | --- | |------------| | | | 投资者关系 | | 活动类别 | | | | | | | | | | | | | | | | | | | | | | 主要参与单 | | | | 位名称及人 | | | | 员姓名 | | | | | | | | | | | | | | | | | | | 1 / 4 保险、大家资产等 时间 2024 年 8 月 20 日 10:30-11:30 地点 上海市浦东新区张杨路 2389 弄 3 号普洛斯大厦 9 层公司会议室 形式 电话会议 副总经理李亚洲 上市公司接 待人员姓名 副总经理、董事会秘书周建良 一、公司上半年业绩情况介绍 今年上半年，公司实现营收 137.85 亿元，实现归母净利润 20.74 亿元，同比增长 103.45%，扣除经常性损益的归母净利润 19.61 亿元，同比增长 168.42%。从业绩环比表现看，公司今年第 二季度实现归母净利润 13.54 亿元，环比一季度增长 88%。 从上述数据可以看出，公司今年上半年的业绩同比实现了较 大幅度的 ...

[Table_Main] 证券研究报告 | 公司点评 天山铝业(002532.SZ) 2024 年 08 月 20 日 买入（维持） 所属行业：有色金属/工业金属 当前价格(元)：6.94 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谷瑜 邮箱：guyu5＠tebon.com.cn 市场表现 天山铝业 沪深300 -29% -14% 0% 14% 29% 43% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |--------------|--------|--------|--------| | 沪深 300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -11.03 | -13.47 | -10.91 | | 相对涨幅(%) | -6.37 | -8.15 | -2.18 | 资料来源：德邦研究所，聚源数据 相关研究 1.《天山铝业（002532.SZ）：全产业 链 布 局 加 强 ， 成 本 优 势 凸 显 》， 2024.4.12 2.《天山铝业（002532. ...