Core Viewpoint - Tianshan Aluminum is expected to achieve a record high net profit of 4.45 billion yuan in 2024, representing a year-on-year growth of 101.79% [1] Financial Performance - The company anticipates a net profit of 4.32 billion yuan after deducting non-recurring items, marking a 129.41% increase compared to the previous year [1] - The increase in profits is attributed to the strong performance of both the alumina and electrolytic aluminum segments [1] Operational Highlights - The average selling price of self-produced alumina increased by approximately 40%, with production volume rising by about 7.5%, leading to significant profit growth in the alumina segment [1] - The average selling price of self-produced aluminum ingots rose by about 6.5%, while costs of other production factors decreased, contributing to profit growth in the electrolytic aluminum segment [1] Industry Position - Tianshan Aluminum has a comprehensive integrated aluminum industry chain, covering bauxite, alumina, carbon anodes, power generation, electrolytic aluminum, high-purity aluminum, battery aluminum foil, and aluminum deep processing [1] - The company’s alumina production in Guangxi can fully meet the raw material needs for electrolytic aluminum in Xinjiang, effectively mitigating risks from raw material price fluctuations [2] Strategic Developments - The company has extended its industrial chain to the upstream bauxite sector, with the Guinea bauxite project set to enhance its supply stability and cost competitiveness [2] - Tianshan Aluminum aims to achieve a 100% self-sufficiency rate in bauxite within two years, ensuring a stable and low-cost resource supply [2] Market Outlook - The aluminum price is expected to perform well in 2025, with a projected range of 19,500 to 22,000 yuan per ton, supported by supply constraints as electrolytic aluminum production capacity approaches its ceiling [2] Shareholder Returns - In November 2024, Tianshan Aluminum distributed a cash dividend of 2 yuan per share, totaling 920 million yuan, and has distributed over 5.3 billion yuan in dividends since its listing in 2020 [3] - The company plans to determine future dividend ratios based on various factors, including capital expenditure and business layout, as part of its "Quality Return Dual Improvement" initiative [3]

Group 1 - Tianshan Aluminum (002532) announced a profit forecast for 2024, expecting a net profit of 4.45 billion yuan, representing a year-on-year increase of 101.79% [1] - The stock closed at 8.78 yuan, up 0.69%, with a turnover rate of 1.09% and a trading volume of 397 million yuan, showing a 2.57% increase over the past five days [1] - Statistics indicate that 70.97% of stocks with a profit forecast increase of over 50% saw their prices rise on the announcement day, with 16 stocks hitting the daily limit [1] Group 2 - The stock experienced a net outflow of 59.50 million yuan today, with a total net outflow of 174 million yuan over the past five days [1] - As of January 17, the margin trading balance was 599 million yuan, with a financing balance of 592 million yuan, reflecting a 4.52% increase from the previous trading day, while the financing balance decreased by 2.35% over the past five days [1]

Financial Performance Forecast - The company expects a net profit attributable to shareholders of 4,450 million yuan for 2024, representing a 101.79% increase compared to 2,205.31 million yuan in the same period last year[2] - The net profit after deducting non-recurring gains and losses is projected to be 4,320 million yuan, up 129.41% from 1,883.10 million yuan year-on-year[2] - Basic earnings per share are estimated at 0.97 yuan, compared to 0.48 yuan in the previous year[2] Factors Contributing to Profit Growth - The significant growth in performance is primarily due to a 40% year-on-year increase in the average selling price of self-produced alumina and a 7.5% increase in production volume[4] - The average selling price of self-produced aluminum ingots increased by approximately 6.5% year-on-year, contributing to profit growth in the electrolytic aluminum segment[4] - Other production cost factors, excluding alumina, have decreased, further enhancing profitability in the electrolytic aluminum sector[4] Reporting and Estimates - The performance forecast is based on preliminary estimates by the company's finance department, with final figures to be confirmed in the 2024 annual report[6]

证券代码：002532 证券简称：天山铝业 公告编号：2024-086 天山铝业集团股份有限公司 2024 年第三次临时股东大会决议公告 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。 特别提示： 1.本次股东大会未出现否决提案的情形； 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 1）会议召开时间：2024 年 12 月 27 日 14:45 2）会议召开地点：上海市浦东新区张杨路 2389 弄 3 号普洛斯大厦 9 楼 公司会议室 1 / 3 代表的股份数共计 2,098,190,879 股，占公司有表决权股份总数的 45.4786%。其 中，参加现场表决的股东及股东代理人共 7 人，代表股份数 1,954,667,829 股， 占公司有表决权股份总数的 42.3677%；参加网络投票的股东 374 名，代表股份 数 143,523,050 股，占公司有表决权股份总数的 3.1109%。参加本次股东大会投 票的中小股东（中小股东指除公司董事、监事、高管、单独或者合计持有公司 5% 以上股份的股东以外的其他股 ...

关于天山铝业集团股份有限公司 2024 年第三次临时股东大会的 法律意见书 法律意见书 致：天山铝业集团股份有限公司 北京市中伦律师事务所 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司 股东大会规则》（以下简称"《股东大会规则》"）、《深圳证券交易所上市公 司股东大会网络投票实施细则》（以下简称"《网络投票实施细则》"）等法律、 行政法规、规章和规范性文件以及《天山铝业集团股份有限公司章程》（以下简 称"《公司章程》"）的规定，北京市中伦律师事务所（以下简称"本所"）作 为天山铝业集团股份有限公司（以下简称"公司"）的常年法律顾问，指派律师 出席公司 2024 年第三次临时股东大会（以下简称"本次股东大会"），并依法 出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序是否符合法律、行政法 规、规章、规范性文件及《公司章程》的规定，以及出席本次股东大会人员的资 格、召集人资格、会议表决程序及表决结果是否合法有效发表意见，而不对本 次股东大会所审议的议案内容以及该等议案所表述的相关事实或数据的真实 性、准确性或合法性发表意见。本次股东大会通过网络投票系统进行投票的股 东资格由网 ...

关于控股股东部分股份解除质押的公告 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。 证券代码：002532 证券简称：天山铝业 公告编号：2024-085 天山铝业集团股份有限公司 公司当前生产经营情况正常，各项工作有序推进中。锦隆能源持续看好公司 长期高质量稳定发展，质押股份风险可控，且锦隆能源资信状况良好，具备良好 的资金偿还能力，其所持有的股份目前不存在平仓风险或被强制过户风险，对上 市公司生产经营、公司治理等不会产生影响，不会出现导致公司实际控制权发生 变更的实质性因素。公司将持续关注股东股份质押的后续进展情况，并按规定及 时履行信息披露义务，敬请投资者注意投资风险。 | 股东 | 是否为控股股 东或第一大股 | 本次解除质 | 占其所持 | 占公司 | 质押起始 | 解除质押日 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 东及其一致行 | 押股份数量 | 股份比例 | 总股本 | 日 | 期 | | | | | (万股) | | 比例 | | | | | | 动人 ...

证券代码：002532 证券简称：天山铝业 公告编号：2024-084 天山铝业集团股份有限公司 关于控股股东发行可交换公司债券办理部分股份解除质押 并质押部分股份的公告 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。 公司近日接到控股股东石河子市锦隆能源产业链有限公司（以下简称"锦隆 能源"）函告，获悉锦隆能源因发行可交换公司债券业务需要，将其所持有的本 公司部分股份解除质押并质押部分股份，具体情况如下： 一、控股股东发行可交换公司债券概况 锦隆能源非公开发行可交换公司债券已获得深圳证券交易所（以下简称"深 交所"）出具的《关于石河子市锦隆能源产业链有限公司非公开发行可交换公司 债券符合深交所挂牌条件的无异议函》（深证函〔2024〕593 号），锦隆能源申 请确认发行面值不超过 20 亿元人民币的 2024 年面向专业投资者非公开发行可 交换公司债券（以下简称"债券"）符合深交所挂牌条件。 二、股东股份质押基本情况和质押后续进展 （一）股东股份解除质押 | | 是否为控股股东 股东 | 本次解除质 | 占其所 | 占公司 | | 解除质押日 | | | -- ...

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 关于控股股东部分股份解除质押的公告 证券代码：002532 证券简称：天山铝业 公告编号：2024-083 一、股东股份质押后续进展 （一）股东股份解除质押 天山铝业集团股份有限公司（以下简称"本公司"或"公司"）近日接到公司 控股股东石河子市锦隆能源产业链有限公司（以下简称"锦隆能源"）函告，获 悉其所持有本公司的部分股份解除质押，具体事项如下 ： | 股东 | 是否为控股股 东或第一大股 | 本次解除质 | 占其所持 | 占公司 | 质押起始 | 解除质押日 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 押股份数量 | | 总股本 | | | | | 名称 | 东及其一致行 | (万股) | 股份比例 | 比例 | 日 | 期 | | | | 动人 | | | | | | | | 能源 | 是 | 13,026.50 | 14.27% | 2.80% | 2024/3/29 | 2024/12/13 | ...

Investment Rating - The report assigns a "Buy" rating for the company, citing its vertical integration and low-cost competitive advantages [4][10] Core Investment Thesis - The company has a deep vertical integration strategy, forming a complete aluminum industry chain from bauxite to alumina, electrolytic aluminum, high-purity aluminum, and aluminum foil production, supported by self-owned power plants and prebaked anode facilities [4][24] - Three major cost advantages: low-cost electricity, self-sufficiency in alumina (bauxite), and low-cost prebaked anodes, which together account for 90% of electrolytic aluminum production costs [4][46] - The company benefits from rising aluminum prices, with electrolytic aluminum demand expected to exceed 4500 million tons by 2025, potentially leading to a supply shortage and upward price pressure [5][61] Cost Advantages - **Electricity**: The company owns 6 self-owned power generation units with an annual utilization of 6200 hours, meeting 80-90% of its electrolytic aluminum production needs. The average electricity cost is 0.22 RMB/kWh, significantly lower than the industry average of 0.41 RMB/kWh [4][50] - **Alumina (Bauxite)**: The company has 250 million tons/year of alumina capacity in Guangxi and is building 200 million tons/year in Indonesia. It also owns bauxite mining rights in Indonesia and Guinea, ensuring self-sufficiency in bauxite supply [4][30][52] - **Prebaked Anodes**: The company has 600,000 tons/year of prebaked anode capacity in Xinjiang, benefiting from low-cost petroleum coke and natural gas prices in the region [5][58] Market Demand and Price Trends - Electrolytic aluminum demand reached 41.09 million tons by November 2024, a year-on-year increase of 5.2%. Demand is expected to grow by 5% in 2025, potentially exceeding the 45 million tons capacity ceiling, leading to a sustained upward trend in aluminum prices [5][61] - The company is expected to benefit from rising aluminum prices, with electrolytic aluminum prices forecasted to increase from 20,000 RMB/ton in 2024 to 22,000 RMB/ton in 2026 [11][66] Financial Projections - The company's net profit attributable to shareholders is projected to be 4.116 billion RMB in 2024, 4.806 billion RMB in 2025, and 5.494 billion RMB in 2026, with corresponding P/E ratios of 9.54X, 8.17X, and 7.15X, respectively [10][71] - Revenue is expected to grow from 28.305 billion RMB in 2024 to 34.613 billion RMB in 2026, with a compound annual growth rate (CAGR) of 6.01% [7][70] Industry and Competitive Positioning - The company's vertical integration and low-cost advantages position it as a strong competitor in the aluminum industry, with a focus on self-sufficiency in key raw materials and energy [4][24] - Compared to industry peers, the company's P/E ratios are lower than the industry average, indicating potential undervaluation [10][71]

证券代码：002532 证券简称：天山铝业 公告编号：2024-082 天山铝业集团股份有限公司 关于公司对全资子公司和全资孙公司提供担保以及全资子 公司对全资孙公司提供担保的公告 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。 一、担保情况概述 （一）担保情况 根据公司业务的发展和生产经营的需要，天山铝业集团股份有限公司（以下 简称"天山铝业"、"公司"或"本公司"）为中信银行股份有限公司乌鲁木齐 分行（以下简称"中信银行乌鲁木齐分行"）对本公司全资子公司新疆生产建设 兵团第八师天山铝业有限公司（以下简称"天铝有限"）享有的 25 亿元人民币 主债权和本公司全资孙公司新疆天山盈达碳素有限公司（以下简称"盈达碳素"） 享有的 1 亿元人民币主债权提供最高额保证担保。 本公司全资子公司天铝有限为本公司全资孙公司阿拉尔市南疆碳素新材料 有限公司（以下简称"南疆碳素"）于中国建设银行股份有限公司阿拉尔支行（以 下简称"建设银行阿拉尔支行"）享有的 2 亿元人民币主债权、于中国银行股份 有限公司阿克苏地区分行（以下简称"中国银行阿克苏地区分行"）享有的 1.5 亿元主 ...