Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Views - In Q1 2024, the company's net profit attributable to shareholders increased by 27% quarter-on-quarter, aligning with expectations. The company reported revenue of 6.8 billion yuan, a 3% increase quarter-on-quarter, and a net profit of 720 million yuan, also up 27% quarter-on-quarter. The basic earnings per share (EPS) was 0.15 yuan, reflecting a 27% increase quarter-on-quarter. Operating cash flow reached 1.1 billion yuan, down 36% quarter-on-quarter, with a debt-to-asset ratio of 56.38%, a decrease of 1.39 percentage points from the end of 2023. The main drivers for this performance were the rise in aluminum and alumina prices, which contributed an increase of 194 million yuan in revenue, while costs decreased by 65 million yuan [1][2]. Financial Summary - The company is projected to achieve revenues of 33.54 billion yuan, 35.36 billion yuan, and 35.36 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 15.8%, 5.4%, and 0.0% [2]. - The net profit attributable to shareholders is expected to be 3.34 billion yuan, 3.44 billion yuan, and 3.53 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 51.6%, 2.8%, and 2.7% [2]. - The EPS forecast for 2024, 2025, and 2026 is 0.72 yuan, 0.74 yuan, and 0.76 yuan, respectively [2]. - The report estimates a price-to-earnings (P/E) ratio of 15 for 2024, leading to a target price of 10.78 yuan per share [1][2].

Investment Rating - The report maintains a "Recommended" investment rating for Tianshan Aluminum, with a target price of 8.22 CNY, representing an 18% upside from the current price of 6.95 CNY [2][3]. Core Views - The company's performance in Q1 2024 is primarily driven by rising aluminum prices and decreasing production costs, leading to a significant increase in net profit [3]. - The average domestic electrolytic aluminum price in Q1 2024 was 19,047 CNY/ton, up 3.2% year-on-year, while the average price of prebaked anodes decreased by 33% year-on-year [3]. - The company achieved a gross margin of 18.69%, an increase of 6.2 percentage points year-on-year, supported by the favorable pricing environment [3]. - The company has initiated a share repurchase plan, reflecting shareholder confidence in its future development [3]. - The aluminum price is expected to remain high due to stable supply, recovering demand, and macroeconomic support, which bodes well for the company's profitability [3]. Financial Summary - In Q1 2024, Tianshan Aluminum reported total revenue of 68.25 billion CNY, a year-on-year decline of 1.71%, while net profit attributable to shareholders was 7.2 billion CNY, up 43.55% year-on-year [2][3]. - The company’s operating cash flow net amount reached 10.53 billion CNY, a remarkable increase of 952.81% year-on-year [2][3]. - The forecasted net profits for 2024, 2025, and 2026 are 31.9 billion CNY, 41.3 billion CNY, and 49.3 billion CNY, respectively, indicating year-on-year growth rates of 44.6%, 29.4%, and 19.5% [3][4].

Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [4][11]. Core Views - The company's Q1 2024 performance showed revenue of 6.825 billion RMB, a quarter-on-quarter increase of 2.92% and a year-on-year decrease of 1.71%. The net profit attributable to shareholders was 720 million RMB, up 26.70% quarter-on-quarter and up 43.55% year-on-year [2][3]. - The integrated aluminum industry chain has provided cost advantages, with the company achieving self-sufficiency in key raw materials and utilizing green electricity to enhance product competitiveness [3][4]. Summary by Sections Financial Performance - Q1 2024 aluminum price averaged 19,100 RMB/ton, up 0.46% quarter-on-quarter, while petroleum coke price averaged 1,733 RMB/ton, down 1.37% [3]. - Revenue for 2024 is projected at 34.302 billion RMB, with net profit expected to be 3.018 billion RMB, leading to an EPS of 0.65 RMB [4][7]. Cost Management - The company reported a decrease in operating costs by 1.16% to 5.550 billion RMB in Q1 2024, resulting in a gross profit increase of 25.41% to 1.275 billion RMB and a gross margin improvement of 3.36 percentage points to 18.69% [3][4]. Capital Structure - As of Q1 2024, the company's debt-to-asset ratio was 56.38%, down 1.4 percentage points from the end of 2023 [3][4]. Strategic Developments - The company is focusing on a green low-carbon aluminum industry model, with plans to utilize approximately 35% of its electricity from renewable sources in 2024 [3][4].

Financial Performance - The company's operating revenue for Q1 2024 was ¥6,825,089,442.22, a decrease of 1.71% compared to ¥6,943,733,101.44 in the same period last year[4] - Net profit attributable to shareholders increased by 43.55% to ¥719,819,784.57 from ¥501,448,270.72 year-on-year[4] - The net profit after deducting non-recurring gains and losses surged by 125.14% to ¥705,635,157.24 compared to ¥313,427,448.76 in the previous year[4] - Basic and diluted earnings per share rose by 45.45% to ¥0.16 from ¥0.11 year-on-year[4] - The net profit for Q1 2024 was CNY 723,374,449.47, an increase of 42.9% compared to CNY 505,849,046.57 in Q1 2023[19] - The total comprehensive income for Q1 2024 was CNY 723,187,968.11, compared to CNY 504,948,739.10 in the previous year, indicating a growth of 43.3%[19] Cash Flow - The net cash flow from operating activities reached ¥1,053,339,609.25, a significant increase of 952.81% from ¥100,050,047.86 in the same quarter last year[4] - The company reported a significant increase in the net cash flow from operating activities, primarily due to higher profits and a reduction in accounts payable[7] - The cash flow from operating activities showed a net increase of CNY 1,053,339,609.25, significantly higher than CNY 100,050,047.86 in the same period last year[20] - The company’s cash inflow from financing activities was CNY 3,084,748,567.72, a decrease from CNY 3,332,550,000.00 in Q1 2023[21] - The cash outflow from financing activities increased to CNY 3,300,929,113.70, compared to CNY 3,058,171,256.62 in the previous year[21] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥56,872,859,856.85, a slight decrease of 0.39% from ¥57,097,016,803.02 at the end of the previous year[4] - Total liabilities decreased to CNY 32,065,741,856.29, down from CNY 32,988,026,120.80, a reduction of 2.8%[16] - Cash and cash equivalents increased to CNY 7,948,675,212.40 from CNY 7,811,551,592.08, an increase of 1.8%[16] - Inventory decreased to CNY 9,276,050,417.21 from CNY 9,543,302,748.06, a decline of 2.8%[16] - The company reported a decrease in short-term borrowings to CNY 8,670,071,614.09 from CNY 8,813,176,341.93, a reduction of 1.6%[16] Shareholder Information - The company has a total of 67,394 common shareholders as of the end of the reporting period[9] - The largest shareholder, Shihezi Jinlong Energy Industry Chain Co., Ltd., holds 19.63% of the shares, totaling 913,175,412 shares[9] - The second-largest shareholder, Zeng Chaoyi, holds 8.46% of the shares, totaling 393,778,364 shares[9] - The third-largest shareholder, Shihezi Jinhui Energy Investment Co., Ltd., holds 7.42% of the shares, totaling 345,357,966 shares[9] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending[10] - The company has not disclosed any preferred shareholders or their holdings[11] Share Repurchase - The company plans to repurchase shares using between RMB 100 million and RMB 200 million of its own funds through centralized bidding[12] - As of March 29, 2024, the company has repurchased a total of 4.72 million shares, accounting for 0.10% of the total share capital, with a total expenditure of RMB 25.06 million[12] - The first repurchase occurred on February 5, 2024, with 3.01 million shares bought at a maximum price of RMB 5.09 per share[12] Operating Costs - Total operating costs decreased to CNY 5,984,793,694.01, down 8.5% from CNY 6,537,852,426.03 in the same period last year[18] - Research and development expenses were CNY 46,414,224.28, down from CNY 54,593,688.54, a decrease of 15.1%[18] Other Information - The company received government subsidies amounting to ¥14,734,047.57 during the reporting period[5] - The company experienced a 30.77% decrease in notes receivable, attributed to a reduction in the balance of notes received from sales[7] - The company has changed its office address and contact information, with details disclosed on April 8, 2024[13]

证 券 2024 年 04 月 18 日 研 究 一体化布局持续推进，电池箔及氧化铝投产 报 告 —天山铝业（002532.SZ）公司事件点评报告 买入(维持) 事件 分析师：傅鸿浩 S1050521120004 天山铝业发布 2023 年年度报告：2023 年公司营业收入为 fuhh@cfsc.com.cn 289.75 亿元，同比-12.22%；归母净利润为 22.05 亿元，同 分析师：杜飞 S1050523070001 比-16.80%；扣除非经常性损益后的归母净利润为 18.83 亿 dufei2@cfsc.com.cn 元，同比-25.81%。 基本数据 2024-04-18 投资要点 当前股价（元） 7.01 总市值（亿元） 326 ▌ 公司各产品产量稳步提升，电解铝生产成本下降 总股本（百万股） 4652 量：公司各产品产量均实现增长。公司 2023 年铝锭产量 流通股本（百万股） 4130 116.55 万吨，同比+0.64%；高纯铝产量 4.28 万吨，同比 52周价格范围（元） 4.91-7.97 +3.38%；电池铝箔产量 0.10 万吨，同比+233.33%，产量大增 日均成交额（百 ...

Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [5] Core Views - Tianshan Aluminum achieved a revenue of 28.97 billion yuan in 2023, a year-on-year increase of 12.22%, but the net profit attributable to shareholders decreased by 16.80% to 2.21 billion yuan [5] - The company has strengthened its full industry chain layout, showcasing cost advantages, particularly in the production of aluminum ingots and aluminum foil [5][6] - The average aluminum price in China for 2023 was 18,700 yuan per ton, reflecting a year-on-year decline of 6.2% despite a recovery trend [5] - The company plans to distribute a cash dividend of 694 million yuan for 2023, with a payout ratio of 31.5% [5] Financial Performance Summary - In Q4 2023, Tianshan Aluminum reported a revenue of 6.63 billion yuan, a year-on-year increase of 19.90%, but a quarter-on-quarter decrease of 12.1% [5] - The gross margin for self-produced aluminum ingots was 20.78%, down 2.16 percentage points year-on-year due to falling aluminum prices and rising raw material costs [5] - The production volume of self-produced aluminum ingots reached 1.1655 million tons, a year-on-year increase of 0.64%, with a capacity utilization rate of 97.1% [5] Production and Capacity Expansion - The aluminum foil production line has a planned capacity of 300,000 tons, with the first phase of 150,000 tons nearing full-scale production [6] - The company has secured exclusive purchasing rights for bauxite from a local mining company in Guinea, with a production capacity of approximately 6 million tons per year [6] - Tianshan Aluminum is also planning to invest 1.556 billion USD in Indonesia to build a 2 million ton alumina production line [6] Earnings Forecast - The forecasted net profits for Tianshan Aluminum for 2024, 2025, and 2026 are 3.21 billion yuan, 3.55 billion yuan, and 3.70 billion yuan, respectively, with growth rates of 45.6%, 10.6%, and 4.3% [5][19] - The price-to-earnings ratio (P/E) for the years 2024, 2025, and 2026 is projected to be 10.07x, 9.10x, and 8.73x, respectively [5][19]

Investment Rating - The report maintains a "Recommended" rating for Tianshan Aluminum [2][35]. Core Views - The company experienced a decline in revenue and net profit in 2023 due to falling aluminum prices, but the fourth quarter showed significant improvement in net profit year-on-year [2][9][22]. - Tianshan Aluminum has a strong cost advantage in electrolytic aluminum production, supported by its integrated operations and strategic acquisitions in bauxite resources [2][30][33]. - Future growth is expected as the company expands its production capacity and benefits from lower energy costs [2][35]. Summary by Sections 1. Event: Company Releases 2023 Annual Report - In 2023, Tianshan Aluminum reported revenue of 28.975 billion yuan, a year-on-year decrease of 12.22%, and a net profit attributable to shareholders of 2.205 billion yuan, down 16.80% [2][9]. 2. 2023 Annual Performance: Aluminum Price Decline, Profit Drop - The company's self-produced aluminum ingot output was 1.1655 million tons, up 0.64% year-on-year, while sales decreased by 3.40% [2][14]. - The average price of self-produced aluminum ingots fell to 16,545.42 yuan per ton, a decrease of 890.63 yuan per ton year-on-year [2][16]. 3. 2023Q4 Performance: Significant Year-on-Year Improvement - In Q4 2023, the company achieved a net profit of 568 million yuan, a year-on-year increase of 130.70% [2][22]. - The improvement was driven by higher aluminum prices and lower raw material costs [2][22]. 4. Electrolytic Aluminum Cost Advantage and Upstream Bauxite Layout - The company has completed its integrated layout, achieving self-sufficiency in prebaked anodes and alumina, with a power self-sufficiency rate of 80%-90% [2][30]. - Tianshan Aluminum is expanding its bauxite resources through acquisitions in Indonesia and Guinea, enhancing its resource supply security [2][33]. 5. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 3.069 billion yuan, 3.433 billion yuan, and 3.766 billion yuan from 2024 to 2026, with corresponding PE ratios of 11, 9, and 9 [2][35].

Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum with a target price of 9.06 CNY, indicating an expected upside of over 20% in the next six months [5][18]. Core Insights - The company's 2023 annual report shows a revenue of 28.975 billion CNY, down 12.2% year-on-year, and a net profit of 2.205 billion CNY, down 16.8% year-on-year. The fourth quarter of 2023 saw revenues of 6.63 billion CNY, a decrease of 12.1% quarter-on-quarter, and a net profit of 570 million CNY, down 8.1% quarter-on-quarter [3][4]. - In 2023, the decline in aluminum prices and limited sales of high-purity aluminum led to a decrease in net profit by 4.5 billion CNY year-on-year. However, the production of alumina increased by 37.6% to 2.119 million tons, and sales rose by 60.3% to 1.712 million tons [3][4]. - For 2024, the company expects both volume and price increases, projecting alumina production of 2.35 million tons and electrolytic aluminum production of 1.16 million tons. The average price for alumina is anticipated to rise to 3,300 CNY per ton, and electrolytic aluminum to 20,000 CNY per ton [3][4]. Summary by Sections Financial Performance - In 2023, Tianshan Aluminum reported a revenue of 28.975 billion CNY and a net profit of 2.205 billion CNY. The expected revenue for 2024 is projected to be 32.641 billion CNY, with a net profit of 3.833 billion CNY, reflecting a significant recovery [4][11]. - The earnings per share (EPS) for 2023 was 0.47 CNY, with projections of 0.82 CNY for 2024 and 0.99 CNY for 2025 [4][11]. Production and Pricing Outlook - The report highlights a significant increase in alumina production and sales, with alumina production expected to reach 2.35 million tons in 2024. The average price for alumina is projected to increase to 3,300 CNY per ton [3][4]. - The company is also expanding its overseas operations, including a 15.56 billion USD investment in Indonesia for a 2 million ton alumina production line, which is currently undergoing environmental assessments [3][4]. Profitability Forecast - The report forecasts net profits of 3.8 billion CNY in 2024, 4.619 billion CNY in 2025, and 5.128 billion CNY in 2026, reflecting a strong recovery trajectory [3][4][11].

Investment Rating - The investment rating for Tianshan Aluminum is "Buy-A" with a 6-month target price of 9.75 CNY per share [3]. Core Views - The company reported a revenue of 28.975 billion CNY in 2023, a decrease of 12.2% year-on-year, and a net profit of 2.205 billion CNY, down 16.8% year-on-year. The fourth quarter saw a revenue of 6.631 billion CNY, a year-on-year decrease of 19.9% [1][7]. - The company is experiencing inventory accumulation in its anode carbon and high-purity aluminum segments, which has led to unrealized sales profits. However, rising aluminum prices are expected to enhance profitability [1][6]. - The company has set ambitious production targets for 2024, including 1.16 million tons of primary aluminum and 2.35 million tons of alumina [1][6]. Financial Performance - In 2023, the company produced 1.165 million tons of electrolytic aluminum, 2.119 million tons of alumina, and 0.599 million tons of prebaked anodes, with a slight increase in production compared to the previous year [1][6]. - The average closing price of aluminum on the SHFE in 2023 was 18,624.9 CNY per ton, reflecting a year-on-year decrease of 6.5% [1][2]. - The company’s operating cash flow was robust, with a net operating cash flow of 3.916 billion CNY in 2023, an increase of 759 million CNY from 2022 [6][8]. Production and Strategic Initiatives - Tianshan Aluminum is advancing its integrated projects in Indonesia and Guinea, aiming to secure resource supply and reduce procurement costs. The Indonesian project includes a planned investment of 1.556 billion USD for a 2 million ton alumina production line [6][7]. - The company has completed a local mining company acquisition in Guinea, securing exclusive purchasing rights for mineral products, with plans for large-scale mining in 2024 [6][7]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 36.580 billion CNY, 37.563 billion CNY, and 38.205 billion CNY, respectively, with net profits expected to reach 2.690 billion CNY, 3.067 billion CNY, and 3.194 billion CNY [7][8]. - The company’s earnings per share (EPS) are projected to be 0.58 CNY, 0.66 CNY, and 0.69 CNY for the years 2024, 2025, and 2026, respectively [7][8].

证券代码：002532 证券简称：天山铝业 公告编号：2024-034 天山铝业集团股份有限公司 关于控股股东的一致行动人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。 一、股东股份质押后续进展 （一）股东股份解除质押 二、其他情况说明 公司当前生产经营情况正常，各项工作有序推进中。锦汇投资持续看好公司 长期高质量稳定发展，质押股份风险可控，且锦汇投资资信状况良好，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。 三、备查文件 1、股份解除质押登记证明。 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 控股股东的一致行动人石河子市锦汇能源投资有限公司（以下简称"锦汇投资"）， 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 | 是否为实际 控制人或第 | 本次解除质 | 占其所持 ...