Investment Rating - The investment rating for Tianshan Aluminum is "Buy" (maintained) as of August 20, 2024 [2]. Core Views - Tianshan Aluminum is highlighted as an integrated aluminum enterprise with significant regional advantages, showcasing impressive performance in its semi-annual report [2][3]. - The company is expected to benefit from a rebound in aluminum prices as the traditional peak season approaches, despite facing pressure in the third quarter due to seasonal demand and macroeconomic factors [3]. Financial Performance Summary - In the first half of 2024, Tianshan Aluminum achieved operating revenue of 137.8 billion yuan, a year-on-year increase of 103.5% [2]. - The net profit attributable to shareholders reached 20.7 billion yuan, with a non-recurring net profit of 1.35 billion yuan [2]. - The company forecasts net profits of 41.3 billion yuan, 46.9 billion yuan, and 51.9 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth of 87.3%, 13.7%, and 10% [2][3]. Production and Profitability - In H1 2024, the company maintained stable production levels with an electrolytic aluminum output of 585,400 tons (up 1.3% year-on-year) and alumina output of 1,093,000 tons (up 6.8% year-on-year) [3]. - The increase in operating profit was primarily driven by higher product prices, with electrolytic aluminum prices rising by 6.7% and alumina sales prices increasing by 26.1% year-on-year [3]. - The effective tax rate was reduced to 15% due to the recognition of a subsidiary as a "National High-tech Enterprise," contributing positively to the company's performance [3]. Strategic Developments - Tianshan Aluminum is actively expanding its industrial chain by investing in bauxite projects in Guangxi and Guinea, and a 2 million-ton alumina project in Indonesia, which will help reduce raw material costs [4]. - The company has additional compliant production capacity of 200,000 tons pending construction in Xinjiang, enhancing its profitability stability [4]. Financial Projections - The company projects revenues of 27.63 billion yuan in 2024, with a gradual increase to 29.33 billion yuan by 2026 [5]. - The expected earnings per share (EPS) are forecasted to be 0.89 yuan, 1.01 yuan, and 1.12 yuan for 2024, 2025, and 2026, respectively [5].

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].

Financial Performance - In the first half of the year, the company achieved revenue of CNY 13.785 billion, with a net profit attributable to shareholders of CNY 2.074 billion, representing a year-on-year increase of 103.45% [3] - The net profit excluding non-recurring gains and losses was CNY 1.961 billion, up 168.42% year-on-year [3] - In Q2, the net profit attributable to shareholders was CNY 1.354 billion, an 88% increase compared to Q1 [3] Production and Sales - The production volume of electrolytic aluminum in the first half of the year was 585,400 tons, showing a slight increase year-on-year [3] - Alumina production reached 1.093 million tons, a year-on-year increase of 6.8% [3] - The production of high-purity aluminum was 16,000 tons, while aluminum foil production was 6,000 tons [3] Price and Cost Dynamics - The average selling prices for self-produced aluminum ingots and alumina increased by approximately 7% and 26% year-on-year, respectively [3] - The total cost of electrolytic aluminum remained stable compared to the previous year, with a decrease in costs for prebaked anodes and transportation, while alumina procurement costs increased [5] Future Projects and Developments - The company is advancing its Guinea bauxite project, which has entered the actual mining phase, with the first batch of mineral products expected to be shipped back to China [5] - The Indonesian alumina project is currently undergoing environmental assessments and land acquisition, and it has been included in Indonesia's national strategic project list [5] - The company is also progressing with its own bauxite resources in Guangxi, with mining rights applications underway [5] Dividend Policy - From 2020 to 2023, the company achieved a cumulative net profit of CNY 10.6 billion and distributed cash dividends of CNY 4.409 billion, maintaining a high dividend rate within the industry [5] - Future dividend considerations will take into account capital expenditures, balance sheet recovery, shareholder demands, and sustainable development factors [5] Green Energy Initiatives - The electrolytic aluminum plant is a major consumer of green electricity in the region, with multiple green energy projects under development, aiming to increase the proportion of green electricity used in the future [5]

[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. ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue for 1H24 was 13.785 billion RMB, a year-on-year decrease of 6.83%, while the net profit attributable to shareholders was 2.074 billion RMB, an increase of 103.45% year-on-year [2] - The significant increase in profits in Q2 2024 was driven by a substantial rise in aluminum ingot and alumina prices, with the average domestic aluminum ingot price reaching 20,500 RMB per ton, up 7.82% quarter-on-quarter and 10.9% year-on-year [3] - The company's integrated layout advantages are becoming more evident, with the Guinea bauxite project entering production, expected to meet the company's raw material needs and significantly reduce bauxite raw material costs [3] Summary by Sections Financial Performance - In 1H24, the company achieved an electrolytic aluminum production of 585,400 tons, slightly up year-on-year, and alumina production of 1.093 million tons, an increase of 6.8% year-on-year [3] - The company forecasts revenues of 36 billion RMB, 38.1 billion RMB, and 40.7 billion RMB for 2024, 2025, and 2026 respectively, with net profits of 4.338 billion RMB, 4.803 billion RMB, and 5.061 billion RMB for the same years [4][8] Market Position and Strategy - The completion of the Tianzu Railway dedicated line is expected to reduce transportation costs and emissions, enhancing operational efficiency [3] - The company benefits from tax incentives as its subsidiary was recognized as a "National High-tech Enterprise," allowing it to pay a reduced corporate income tax rate of 15% [3] Industry Outlook - The report anticipates that the supply-demand gap in the electrolytic aluminum sector will widen, leading to improved profitability stability in the industry, particularly as demand from new energy vehicles and photovoltaics grows [3]

证券代码：002532 证券简称：天山铝业 公告编号：2024-055 天山铝业集团股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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、召开会议的基本情况 2、股东大会的召集人：天山铝业集团股份有限公司（以下简称"公司"）于 2024 年 8 月 19 日召开第六届董事会第九次会议审议通过了《关于召开 2024 年第一次临 时股东大会的议案》，公司董事会同意于 2024 年 9 月 4 日召开 2024 年第一次临时股 东大会。 3、会议召开的合法、合规性：公司 2024 年第一次临时股东大会会议的召开符 合法律法规、深圳证券交易所业务规则和公司章程的规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2024 年 9 月 4 日 14:30 （2）网络投票时间：2024 年 9 月 4 日。其中，通过深圳证券交易所交易系统 进行网络投票的具体时间为 2024 年 9 月 4 日的交易时间，即 9:15—9:25，9:30—11:30 和 13:00—15:00；通过互联网投票系统进行网络投 ...

华泰联合证券有限责任公司 关于天山铝业集团股份有限公司部分募投项目结项并将 剩余募集资金永久补充流动资金的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合"、"保荐机构"）作为天 山铝业集团股份有限公司（以下简称"天山铝业"、"公司"）2020 年度非公开发 行 A 股股票（以下简称"本次发行"）的保荐机构，根据《证券发行上市保荐业 务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监 管要求》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》《深圳证券交易所股票上市规则》等有关法律法规和规范性文件规定，对 天山铝业部分募投项目结项并将剩余募集资金永久补充流动资金事项进行了认 真审慎的核查，核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于核准天山铝业集团股份有限公司非 公开发行股票的批复》（证监许可〔2020〕2776 号）核准，公司非公开发行人民 币普通股 763,358,778 股，发行价格为 6.55 元/股，募集资金总额为人民币 4,999,999,995.90 元，扣除发行费用人民币 40,481,132.08 元（不含税 ...

会计机构负责人: -1 上市公司2024年半年度非经营性资金占用及其他关联资金往来情况汇总表 主管会计工作的负责人: 金额单位:人民币万元 | 编制单位:天山铝业集团股份有限公司 | | | | | | | | | 金额早位:人民中力元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金有 用 | 资金日用方名称 | 占用方与上市公 司的关联关系 | 会计科目 | 金余额 | 上市公司核算的 2024年初占用资 2024年半年度占用累计发生 2024年半年度占用资金 2024年半年度度增达 2024年半年度末 金额(不含利息) 的利息(如有) | 累计发生额 | 占用资金余额 | 占用形成原因 | 占用性质 | | 在股股东、实际一无 控制人多的手段 | | | | | | | | | 非经营性占用 | | | | | | | | | | | 非经营性占用 | | 小 计 | | - | - | | | | | - | - | | 前控股股东、实 无 | | | | | | | | | 非经营性占用 | | 际控制人 ...

证券代码：002532 证券简称：天山铝业 公告编号：2024-056 天山铝业集团股份有限公司 关于公司对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。 特别提示：公司本次对下属全资孙公司石河子市新仁电池铝箔科技有限公司 和上海辛然实业有限公司提供担保，属于对资产负债率超过 70%的对象提供担 保。敬请投资者充分关注担保风险。 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"）为中国建设银行股份有限公司石河 子市分行（以下简称"建行石河子分行"）对本公司全资孙公司石河子市新仁电 池铝箔科技有限公司（以下简称"石河子新仁铝箔"）享有的 1.5 亿元人民币主 债权提供最高额保证担保；为中国农业银行股份有限公司靖西市支行（以下简称 "农行靖西支行"）对本公司全资孙公司靖西天桂铝业有限公司（以下简称"靖 西天桂"）享有的 2.7 亿元人民币主债权提供最高额保证担保、为中国银行股份 有限公司百色分行（以下简称"中行百 ...

证券代码：002532 证券简称：天山铝业 公告编号：2024-049 天山铝业集团股份有限公司 第六届董事会第九次会议决议公告 本议案已经董事会审计委员会审议通过。 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、董事会会议召开情况 天山铝业集团股份有限公司（以下简称"公司"）第六届董事会第九次会议 于 2024 年 8 月 19 日 14:00 在上海市浦东新区张杨路 2389 弄 3 号普洛斯大厦 9 层会议室召开，会议通知于 2024 年 8 月 16 日以电子邮件方式向全体董事、监事 发出。会议采取现场表决方式召开，应到董事 5 人，实到董事 5 人。本次董事会 会议由董事长曾超林主持，监事、部分高级管理人员列席了会议。本次董事会会 议的召开符合法律法规和公司章程的规定。 二、董事会会议审议情况 经与会董事认真审议，会议通过如下决议： 1、以 5 票同意、0 票反对、0 票弃权，审议通过了《关于<2024 年半年度报 告>及其摘要的议案》 具体内容详见公司同日于巨潮资讯网（http://www.cninfo.com.cn）披露的《天 山铝业集团股 ...