（一）股东股份质押基本情况 | 股东 | 是否为控股 股东或第一 | 本次质押 | 占其所持 | 占公司 | 是否 | 是否 为补 | 质押起 | 质押到 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 | 数量(万 | 股份比例 | 总股本 | 为限 | 充质 | 始日 | 期日 | 质权人 | 用途 | | | | 股) | | 比例 | 售股 | | | | | | | | 一致行动人 | | | | | 押 | | | | | | 锦隆 能源 | 是 | 15,632.00 | 17.12% | 3.36% | 否 | 否 | 2024/4/ 9 | 2025/4/ 8 | 华泰证 券(上 | | | | | | | | | | | | | 自身 | | | | | | | | | | | 海)资产 | 融资 | | 锦汇 | | | | | | | | | 管理有 | 需求 | | 投资 | | 8,251.00 | 23.89% | 1.77% | | | | | 限 ...

Investment Rating - The report maintains a "Recommended" rating for Tianshan Aluminum [2][17]. Core Views - Tianshan Aluminum's integrated industrial chain enhances its cost moat, indicating promising future growth potential. The target price is set at 8.22 CNY, representing a 19% upside from the current price [2]. Financial Performance Summary - In 2023, Tianshan Aluminum achieved total revenue of 28.975 billion CNY, a year-on-year decrease of 12.22%. The net profit attributable to shareholders was 2.205 billion CNY, down 16.8% year-on-year. The net profit excluding non-recurring items was 1.883 billion CNY, a decline of 25.81%. However, the net cash flow from operating activities increased by 24.05% to 3.916 billion CNY [2][3]. - The production volumes of key products showed stable growth, with electrolytic aluminum production at 1.165 million tons (up 0.64% year-on-year), alumina at 2.119 million tons (up 37.6%), and anode carbon at 599,000 tons (up 16.9%). However, the average selling prices of electrolytic aluminum and aluminum ingots fell by 5.1% and 5%, respectively, impacting overall revenue [2][3]. Product Performance Summary - The profitability of alumina improved significantly, with sales volume increasing by 60.32% and average selling prices rising by 3%, leading to a revenue increase of 65.21%. The gross margin for alumina reached 2.86%, up 1.37 percentage points year-on-year [2]. - High-purity aluminum sales volume decreased by 58%, with gross profit dropping by 66.93%, primarily due to export tariff adjustments and a weak domestic consumer electronics market. However, the resolution of export tariff issues and entry into the aerospace supply chain are expected to improve performance in 2024 [2]. Strategic Developments Summary - Tianshan Aluminum has strengthened its upstream bauxite resource security by acquiring a local mining company in Guinea, which is projected to produce 5-6 million tons of bauxite annually starting in 2024. This will significantly reduce raw material costs [2]. - The company is advancing its integrated industrial chain with ongoing projects in battery aluminum foil production, with planned capacities of 300,000 tons, including various new production lines set to gradually commence operations in 2024 [2]. Financial Forecast Summary - The forecast for net profit attributable to shareholders for 2024-2026 is 3.19 billion CNY, 4.13 billion CNY, and 4.93 billion CNY, respectively, reflecting year-on-year growth rates of 44.6%, 29.4%, and 19.5% [2][3].

[Table_Header] 公司点评●工业金属 2024年 04月 09 日 [Table_Title] [Table_StockCode] 天山铝业(002532) 布局资源，产业链一体化进一步完善 [Table_InvestRank] 推荐 (维持) --2023 年年报点评 核心观点： 分析师 [Table_ Sum事m件ar：y] 公司发布 2023年年报，公司 2023年实现营业收入 289.75亿元， [华Ta立b le_Authors] 同比减少 12.22%；实现归属母公司股东净利润 22.05 亿元，同比减少 ：021-20252629 16.80%；实现扣非后归属于母公司股东净利润 18.83 亿元，同比减少 ：huali@chinastock.com.cn 25.81%。公司 2023Q4单季度实现营业收入 66.31亿元，同比减少 19.90%； 分析师登记编码：S0130516080004 实现归属母公司股东净利润 5.68 亿元，同比增长 130.08%，环比减少 8.09%；实现扣非后归属于母公司股东净利润 5.54 亿元，同比增长 164.91%，环比减少 7.51%。 ...

事件 4月8日公司公布23年年报，23年营收289.75亿元，同比-12.22%， 归母净利22.05 亿元，同比-16.80%，扣非归母净利18.83 亿元， 同比-25.81%。4Q23 营收66.31 亿元，环比-12.15%，归母净利 5.68 亿元，环比-8.10%，扣非归母净利5.54 亿元，环比-7.51%。 点评 氧化铝盈利能力增强。23 年公司电解铝销量 112.07 万吨，同比 -3.40%，售价 1.65 万元/吨，同比-5.11%，预备阳极和煤炭发电 成本下降带来电解铝生产成本-2.44%至 1.31 万元/吨，成本下降 不及售价下跌导致自产铝锭毛利率-2.16 个百分点至 20.78%，电 解铝单吨净利同比-51.26%至 1612 元/吨；氧化铝销量 171.21 万 吨，同比+60.32%，售价 2512 元/吨，同比+3.05%，海外铝土矿价 格上涨，氧化铝生产成本同比+1.62%至 2440 元/吨，氧化铝毛利 率同比+1.37 个百分点至2.86%，氧化铝单吨净利同比提升 22.63% 人民币(元) 成交金额(百万元) 至15.29 元/吨，盈利能力增强。 9.00 1,0 ...

Dividend Distribution - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares to all shareholders, totaling approximately 4.62 billion RMB[3]. - The company approved a cash dividend of RMB 2 per 10 shares, totaling RMB 925,747,483, with no stock bonus or capital reserve conversion[135]. - The total distributable profit for the company was RMB 2,205,311,394.06, with cash dividends accounting for 31.45% of the total profit distribution[137]. Financial Performance - The company's operating revenue for 2023 was ¥28,974,772,367.83, a decrease of 12.22% compared to ¥33,008,418,336.65 in 2022[14]. - The net profit attributable to shareholders for 2023 was ¥2,205,311,394.06, down 16.80% from ¥2,650,475,330.04 in 2022[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,883,104,476.20, a decrease of 25.81% from ¥2,538,346,977.78 in 2022[14]. - The basic earnings per share for 2023 were ¥0.48, down 15.79% from ¥0.57 in 2022[14]. - The diluted earnings per share for 2023 were also ¥0.48, reflecting the same decrease of 15.79% from ¥0.57 in 2022[14]. - The weighted average return on equity for 2023 was 9.44%, down from 12.06% in 2022, indicating a decline of 2.59%[14]. Risk Management - The company emphasizes the importance of risk awareness regarding future plans and forecasts, urging investors to understand the differences between plans, predictions, and commitments[2]. - The company has detailed potential risks it may face in the report, particularly in the section discussing future development outlooks and risk management strategies[3]. - The company acknowledges risks related to macroeconomic fluctuations and raw material price volatility, which could impact sales and performance[91]. - The company emphasizes the importance of effective management of raw material and energy price fluctuations to mitigate adverse impacts on operational performance[92]. Environmental and Social Responsibility - The report includes a section on environmental and social responsibility, highlighting the company's commitment to sustainable practices[4]. - The company is committed to green development by optimizing energy structure and increasing the use of clean energy, aiming to enhance the proportion of renewable energy in its operations[90]. - The company has been selected as a green factory by the Ministry of Industry and Information Technology, reflecting its commitment to sustainable practices[168]. - The company is actively monitoring and managing its emissions to meet or exceed industry standards, reflecting a commitment to sustainability[154]. Production and Operations - The company produced 1.165 million tons of electrolytic aluminum in the reporting period, showing a slight year-on-year increase[37]. - The alumina production reached 2.119 million tons, a significant increase of 37.6% compared to the previous year[37]. - The company generated nearly 13.5 billion kWh of electricity from its self-owned power plants during the year[37]. - The company is actively pursuing the construction of an alumina project in Indonesia, with a focus on starting the first phase of 1 million tons[90]. Research and Development - R&D investment surged by 141.57% from approximately 549.99 million yuan in 2022 to approximately 1.33 billion yuan in 2023, representing 4.59% of operating revenue[62]. - The company is focusing on the domestic production of high-quality aluminum foil for lithium batteries, which has historically relied on imports from Japan and South Korea[60]. - The company is actively pursuing technological advancements in high-purity aluminum and battery aluminum foil processing to support the growth of the domestic battery industry[62]. Governance and Compliance - The company has established a comprehensive governance structure and has completed the re-election of its board and supervisory committee, ensuring compliance with regulatory requirements[97]. - The company has committed to improving corporate governance and ensuring shareholders can fully exercise their rights, which will support sustainable development[178]. - The company guarantees that there are no significant omissions or misleading statements in the information provided, and it will bear legal responsibility for any inaccuracies[177]. Market Expansion and Strategy - The company plans to enhance its core competitiveness by integrating the entire aluminum industry chain and expanding overseas resource development[86]. - Tianshan Aluminum plans to expand its market presence in Southeast Asia, targeting a 30% increase in sales in that region over the next two years[119]. - The company is exploring potential mergers and acquisitions to enhance its production capabilities and market reach[119]. Employee Development and Welfare - The company emphasizes a competitive salary policy based on market principles to attract and retain talent[132]. - The company conducted various training programs, including new employee training and legal training, benefiting nearly 1,000 employees[134]. - The company has committed to providing accurate and complete information regarding the asset restructuring, ensuring that all documents are consistent and truthful[177].

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 2023 年度募集资金存放与使用情况的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"）作为 天山铝业集团股份有限公司（以下简称"公司"、"上市公司"、"天山铝业"）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》、《深圳证券交易所股票上市规则》及《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》等法规的相关规定，对天 山铝业 2023 年度募集资金存放与使用情况进行了认真、审慎的核查，核查的具 体情况如下： 一、募集资金基本情况 （一）实际募集资金数额和资金到账时间 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股票的 发行数量不超过 1,166,557,991 股。根据发行结果，天山铝业实际向 29 名特定对 象发行股票 763,358,778 股，每股面值为人民币 1 ...

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 2023 年度持续督导年度保荐工作报告 | 保荐人：华泰联合证券有限责任公司 | 被保荐公司：天山铝业集团股份有限公司 | | --- | --- | | 保荐代表人姓名：张涛 | 电话：13466577863 | | 保荐代表人姓名：杜由之 | 电话：18678155755 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限 | | | 于防止关联方占用公司资源的制度、募集资金管理 制度、内控制度、内部审计制度、关联交易制度） | 是 | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | | | 4.公司治理督导 ...

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 重大资产置换及发行股份购买资产暨关联交易 之 2023 年度持续督导的核查意见 暨持续督导总结报告书 独立财务顾问 签署日期：二〇二三年四月 2、本独立财务顾问已按照规定履行尽职调查义务，有充分理由确信所发表 的专业意见与上市公司披露的文件内容不存在实质性差异。 3、本核查意见暨持续督导总结报告书不构成对上市公司的任何投资建议， 投资者根据本核查意见暨持续督导总结报告书所做出的任何投资决策而产生的 相应风险，本独立财务顾问不承担任何责任。 释 义 在本核查意见暨持续督导总结报告书中，除非文义载明，以下简称具有如下 含义： | 天山铝业/上市公司/公 | 指 | 天山铝业集团股份有限公司，深圳证券交易所上市公司，股 | | --- | --- | --- | | 司 | | 票代码：002532 | | 新界泵业 | 指 | 新界泵业集团股份有限公司，系上市公司曾用名 | | 置出资产 | 指 | 截至评估基准日新界泵业全部资产（扣除预留货币资金 1,50 | | | | 万元以及 年 月 日实施的分红款项）及负债 0 2019 5 7 | | 标的资产 ...

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 2023 年度内部控制自我评价报告的核查意见 华泰联合证券有限责任公司（以下称"华泰联合证券"或"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"、"上市公司"或"公司"） 非公开发行股票的保荐机构，在持续督导期内，根据《证券发行上市保荐业务管 理办法》、《深圳证券交易所股票上市规则》、《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》（2023 年修订）等有关规定，对《天山 铝业集团股份有限公司 2023 年度内部控制自我评价报告》进行了认真、审慎核 查，具体情况如下： 一、保荐机构核查工作 保荐代表人认真审阅了天山铝业出具的《天山铝业集团股份有限公司 2023 年度内部控制自我评价报告》，通过查阅公司内控相关制度、访谈公司相关人员， 从天山铝业内部控制环境、内部控制制度建设、内部控制执行情况等方面对其内 部控制的完整性、合理性、有效性和《天山铝业集团股份有限公司 2023 年度内 部控制自我评价报告》的真实性、客观性进行了核查。 二、公司内部控制评价工作情况 （一）内部控制评价范围 公司按照风险导向原则确定纳入 ...

华泰联合证券有限责任公司 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、深圳证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 关于天山铝业集团股份有限公司 向特定对象发行股票之保荐总结报告书 | 保荐人机构名称 | 华泰联合证券有限责任公司 | | --- | --- | | 保荐机构编号 | Z26774000 | 一、保荐机构及保荐代表人承诺 3 | | 董事回避了表决，独立董事严格按照规定履职，符合《证券 | | --- | --- | | | 发行上市保荐业务管理办法》、《深圳证券交易所上市公司 | | | 保荐工作指引》、《深圳证券交易所股票上市规则》、《深 | | | 圳证券交易所上市公司规范运作指引》等法律法规及《公司 | | | 章程》等制度的要求，审批权限和表决程序合法合规，表决 | | ...