Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5] Core Viewpoints - Continuous attention is recommended for investment opportunities in the steel sector, especially given the recent changes in tariffs and the domestic market's pricing dynamics [14][8] - The steel industry has experienced a three-year adjustment period, and current valuations present a high cost-performance ratio [14] - The upstream iron ore supply landscape is expected to undergo significant changes, potentially leading to a recovery of profitability within the domestic steel industry [14] Summary by Sections 1. Core Viewpoints - Continuous focus on investment opportunities in the steel sector is emphasized, particularly in light of recent tariff increases and potential economic stagnation in the U.S. [14] - The steel sector has seen a three-year downturn, but current conditions suggest improved profitability and stability for leading companies [14] 2. Steel Market Overview - The weekly consumption of rebar increased to 2.74 million tons, reflecting an 8.37% week-on-week rise [15][18] - The overall price index for common steel decreased by 0.72%, with specific products showing varied price movements [15][37] 3. Industrial Metals - The copper smelting fee has deepened into negative territory, indicating challenges in the copper market [17] - The production costs for electrolytic aluminum have decreased significantly, leading to improved profitability for producers [17] 4. Precious Metals - Gold prices have shown a notable increase, with COMEX gold closing at $3,341.3 per ounce, a 2.65% rise week-on-week [17] - The increase in tariffs is expected to drive demand for gold as a safe-haven asset, suggesting potential investment opportunities in the gold sector [17] 5. New Energy Metals - Lithium production in China saw a significant year-on-year increase of 57.44% in February 2025, indicating strong growth in the new energy sector [16] - The demand for nickel and cobalt remains robust, with notable increases in production and consumption in the electric vehicle market [45][50]

Investment Rating - The investment rating for Tianshan Aluminum is "Outperform the Market" [4][33] Core Views - The company is expected to benefit from its full industry chain advantages, with smelting profits being fully released. In 2024, the company achieved a net profit attributable to shareholders of 4.46 billion yuan, a year-on-year increase of 102% [1][6] - The increase in profits is primarily due to rising aluminum prices and the complete self-sufficiency in alumina, with alumina sales gross profit reaching 2.12 billion yuan, an increase of 2 billion yuan year-on-year [1][6] - The company plans to distribute a total dividend of 1.85 billion yuan in 2024, accounting for 41.4% of the net profit attributable to shareholders [1][6] Financial Performance - In 2024, the company achieved revenue of 28.09 billion yuan, a decrease of 3.1% year-on-year, while the net profit attributable to shareholders was 4.46 billion yuan, reflecting a growth of 102% [1][3] - The operating cash flow reached 5.22 billion yuan, an increase of 33.3% [1][6] - The company’s main products saw significant production increases, with electrolytic aluminum production reaching 1.176 million tons, the highest level in recent years, and alumina production increasing to 2.28 million tons, up by 160,000 tons year-on-year [1][6] Product Margins - The selling price of self-produced aluminum ingots in 2024 was 17,493 yuan per ton, an increase of 948 yuan per ton year-on-year, while the cost was 13,582 yuan per ton, up by 474 yuan per ton, resulting in a gross margin of 3,912 yuan per ton, an increase of 474 yuan per ton [2][7] - The selling price of alumina was 3,505 yuan per ton, an increase of 992 yuan per ton year-on-year, with a cost of 2,488 yuan per ton, up by 48 yuan per ton, leading to a gross margin of 1,016 yuan per ton, an increase of 945 yuan per ton [2][7] Future Outlook - The company is expected to maintain a strong growth trajectory, with projected net profits for 2025, 2026, and 2027 estimated at 4.81 billion yuan, 5.70 billion yuan, and 6.13 billion yuan, respectively, reflecting year-on-year growth rates of 8.0%, 18.5%, and 7.5% [3][33] - The company is also set to enhance its resource security by starting the construction of 240,000 tons of electrolytic aluminum capacity and has obtained mining rights for alumina resources in Guangxi [2][32]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant profit growth, with a 102.03% year-on-year increase in net profit for 2024, driven by rising alumina prices and production increases [6] - The company is expected to continue benefiting from its full industry chain layout, which mitigates the impact of fluctuating alumina prices [6] - New projects in Guinea and Guangxi are set to enhance the company's resource base and production capacity, contributing to future profit growth [6] Financial Performance Summary - In 2024, the company achieved total operating revenue of 280.89 billion yuan, a decrease of 3.06% year-on-year, while net profit reached 44.55 billion yuan [6] - The company's projected net profits for 2025, 2026, and 2027 are 60 billion yuan, 64 billion yuan, and 62 billion yuan respectively, indicating a strong growth trajectory [6] - The company's gross margin is expected to improve, with projections of 28.6% in 2025 and 26.0% in 2026 [7] Market Comparison - The company's stock has underperformed compared to the CSI 300 index, with absolute returns of -19.93% over the past month [4] - The report highlights the company's resilience in maintaining profitability despite market fluctuations, particularly in the alumina and electrolytic aluminum sectors [6] Production and Capacity - The company produced 1.1759 million tons of electrolytic aluminum in 2024, a 1% increase year-on-year, and 2.2789 million tons of alumina, a 7.55% increase [6] - New mining projects in Guinea and Guangxi are expected to significantly boost the company's production capacity and resource availability [6]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant profit growth, with a 102.03% year-on-year increase in net profit for 2024, driven by rising alumina prices and production increases [6] - The company is expected to continue benefiting from its full industry chain layout, which mitigates the impact of fluctuating alumina prices [6] - New projects in Guinea and Guangxi are set to enhance the company's resource base and production capacity, contributing to future profit growth [6] Financial Performance Summary - In 2024, the company achieved total operating revenue of 280.89 billion yuan, a decrease of 3.06% year-on-year, while net profit reached 44.55 billion yuan [6] - The company's projected profits for 2025, 2026, and 2027 are 60 billion yuan, 64 billion yuan, and 62 billion yuan respectively, indicating a strong growth trajectory [6] - The gross profit margin is expected to rise significantly, with estimates of 28.6% in 2025 and 26.0% in 2026 [7] Production and Market Trends - The company produced 1.1759 million tons of electrolytic aluminum in 2024, a 1% increase year-on-year, and 2.2789 million tons of alumina, a 7.55% increase [6] - Alumina prices have shown a gradual increase in 2024, with average prices rising from 3,365 yuan/ton in Q1 to 5,312 yuan/ton in Q2 [6] - Despite a recent decline in alumina prices, the company is expected to maintain profitability due to improved margins in other segments of the industry [6]

Investment Rating - The investment rating for Tianshan Aluminum is "Recommended" [1] Core Views - Tianshan Aluminum achieved significant growth in its annual performance, with a revenue of 28.089 billion yuan in 2024, a year-on-year decrease of 3.06%, while the net profit attributable to shareholders increased by 102.03% to 4.455 billion yuan [5] - The company is progressing in its resource layout, with plans for overseas projects in Indonesia and Guinea to enhance its bauxite self-sufficiency and reduce costs [8][9] - The aluminum foil business is also expanding, with production lines ramping up to leverage cost advantages [9] Financial Summary - In 2024, Tianshan Aluminum's revenue is projected at 28.089 billion yuan, with a net profit of 4.455 billion yuan, and a significant increase in net profit expected in Q1 2025 to 1.05 billion yuan, a year-on-year increase of 46% [5] - The company’s gross margin is expected to improve from 23.3% in 2024 to 27.9% by 2027, indicating a positive trend in profitability [7] - The projected earnings per share (EPS) for 2025 is 1.08 yuan, with a price-to-earnings (P/E) ratio of 6.8, suggesting the stock is undervalued [7][9]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002532 证券简称：天山铝业 公告编号：2025-020 天山铝业集团股份有限公司 关于公司2024年度利润分配预案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、审议程序 天山铝业集团股份有限公司（以下简称"公司"）于2025年4月17日召开第六届董事会第十三次会议，以5 票同意、0票反对、0票弃权，审议通过了《关于公司2024年度利润分配预案的议案》；于2025年4月17 日召开第六届监事会第十一次会议，以3票同意、0票反对、0票弃权，审议通过了《关于公司2024年度 利润分配预案的议案》。 本次利润分配方案尚需提交公司2024年年度股东大会审议。 二、利润分配预案的基本情况 （一）本次利润分配预案的基本内容 1、2024年度财务状况 根据中审众环会计师事务所（特殊普通合伙）对公司2024年度财务报表的审计结果，公司2024年度合并 报表归属于上市公司股东的净利润为4,455,407,938.46元，根据《公司章程》的规定，提取盈余公积金 328,614,551.77元；截至202 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 18 年 月 日 天山铝业（002532.SZ） 2024 年利润创历史新高，30%高分红承诺凸显长期投资价值 事件：公司发布 2024 年年报及 2025 年一季报业绩预告。2024 年公司实 现收入 280.89 亿元，同比-3%，归母净利 44.55 亿元，同比+102%。分 季度看， 24Q1-Q4 公司实现营收 68/70/70/73 亿元， Q4 同环比 +10%/+4% ； 归 母 净 利 7.2/13.5/10.1/13.7 亿元， Q4 同环比 +141%/+36%；25Q1 预计实现归母净利 10.5 亿元，同环比+46%/-23%。 25Q1 利润环比减少我们判断主要系电解铝和氧化铝价格环比下降所致。 铝产品"量价齐升"24 年利润创历史新高。1）量：2024 年全年电解铝 产量 117.59 万吨，同比增加约 1%；氧化铝产量 227.89 万吨，同比增加 7.55%；公司自发电机组运行良好，全年发电超 138 亿度，同比增加约 2.5%；阳极碳素产量 54.89 万吨，同比减少 8.35%；加工板块方面，高 纯 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is expected to achieve a record profit in 2024, with a commitment to a high dividend payout of 30% over the next three years, highlighting its long-term investment value [3] - The company reported a revenue of 28.089 billion yuan in 2024, a decrease of 3% year-on-year, while the net profit attributable to shareholders reached 4.455 billion yuan, an increase of 102% year-on-year [1][2] Summary by Sections Financial Performance - In 2024, the company achieved an electrolytic aluminum production of 1.1759 million tons, a year-on-year increase of approximately 1%, and alumina production of 2.2789 million tons, an increase of 7.55% [2] - The average selling price of self-produced electrolytic aluminum was approximately 19,800 yuan per ton, a year-on-year increase of 6%, while the average selling price of self-produced alumina was about 4,000 yuan per ton, a year-on-year increase of 40% [2] - The company’s production costs for electrolytic aluminum and alumina increased by 4% and 2% year-on-year, respectively, but the increase in selling prices significantly outpaced the cost increases, leading to substantial profit growth [2] Dividend Policy - The company distributed a total cash dividend of 1.845 billion yuan in 2024, with a dividend payout ratio of 41.42% and a dividend yield of 5.55% [3] - The company has announced a shareholder return plan for 2025-2027, committing to a cash dividend ratio of no less than 30% of the annual net profit [3] Future Outlook - The company aims for a production target of 1.16 million tons of primary aluminum and 2.4 million tons of alumina in 2025, with a focus on enhancing resource security through overseas acquisitions and domestic mining [2] - The projected net profit attributable to shareholders for 2025-2027 is expected to be 4.8 billion, 5.5 billion, and 6.0 billion yuan, respectively, with corresponding P/E ratios of 6.9, 6.0, and 5.5 times [3]

重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居：控股股东筹划控制权变更事项股票18日起停牌 中国联通：一季度净利润同比增长6.5% 同飞股份：一季度净利润同比增长1104.89% 长盈精密：2024年净利润同比增长800.24% 拟10派1.3元 沪市重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居（603389）公告，因公司控股股东上海亚振投资有限公司正在筹划重大事项，该事项可能导致 公司控制权发生变更，经公司申请，公司股票将于2025年4月18日（星期五）开市起停牌，停牌时间不 超过2天。 圣泉集团：一季度净利润同比增长50.46% 圣泉集团（605589）公告，第一季度实现营业收入24.59亿元，同比增长15.14%；净利润2.07亿元，同 比增长50.46%；基本每股收益0.25元。 中国联通：一季度净利润同比增长6.5% 中国联通（600050）公告，公司2025年第一季度实现营业收入1033.5亿元，同比增长3.9%；归属于母公 司净利润26.1亿元，同比增长6.5%；基本每股收益0.083元。 华鲁恒升（600426）公告，公司拟2亿元—3亿元回购股份用于注销并 ...

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 28.089 billion yuan, a year-on-year decrease of 3.06%, while net profit reached 4.455 billion yuan, a year-on-year increase of 102.03%, with basic earnings per share of 0.96 yuan [1] - The company plans to distribute a cash dividend of 2 yuan per 10 shares, leading to a total cash dividend of 1.845 billion yuan for the year, which represents 41.42% of the net profit for 2024, resulting in a dividend yield of approximately 5.6% [1] - Since its listing in 2020, the total dividend distributed by the company has exceeded 6.2 billion yuan, with a commitment to maintain a cash dividend ratio of no less than 30% of net profit for the next three years [1] Group 2: ESG and Sustainability - The company released its first standalone ESG report, highlighting its sustainable development efforts across governance, environmental protection, industrial value, and quality of life [2] - The company set carbon peak targets, aiming for a 13.5% reduction in energy consumption per unit of output and an 18% reduction in carbon dioxide emissions per unit product by the end of 2025, with a goal of achieving over 30% renewable energy usage in electrolytic aluminum by 2030 [2] Group 3: Operational Insights - The increase in net profit is attributed to higher average sales prices and sales volumes of self-produced alumina and aluminum ingots, with production costs rising at a lower rate than sales prices [2] - The company's integrated supply chain advantages have become more pronounced, ensuring stable raw material and energy supplies, particularly due to local resources in Xinjiang and Guangxi [2] - The company is in a critical phase of reducing debt in 2024 and 2025 to lower financial costs and enhance risk resilience [3]