分析师登记编码：S0130516080004 公司点评报告 · 有色金属行业 Q3 业绩符合预期,产业链一体化优势显著 天山铝业 2024 年三季报点评 2024 年 10月 27 日 ● 事件:公司发布 2024年三季报,公司 2024年前三季度实现营业收入 207.96 亿元，同比减少 6.93%;实现归属母公司股东净利润 30.84 亿元,同比增长 88.36%;实现扣非后归属于母公司股东净利润 29.61亿元,同比增长 122.72%。公司 2024Q3 单季度实现营业收入 70.11亿元,同比减少 7.12%, 环比增加 0.73%;实现归属母公司股东净利润10.10 亿元,同比增长 63.48%, 环比减少 25.35%;实现扣非后归属于母公司股东净利润 10亿元,同比增长 66.96%，环比减少 20.35%。 ● 分红预案:公司拟定 2024年中期利润分配预案,拟向全体股东每 10 股派发 现金红利2元(含税),拟派发现金红利为 9.23 亿元(含税),占公司 2024 年 1-9 月实现归属上市公司股东净利润的 29.92%。 ● 2024Q3公司氧化铝板块业绩提升,电解铝板块业绩环比下降: ...

Investment Rating - The report maintains a "Recommend" rating for Tianshan Aluminum (002532 SZ) [1][3] Core Views - Tianshan Aluminum achieved revenue of RMB 20 8 billion in the first three quarters of 2024, up 6 9% YoY, with net profit attributable to shareholders of RMB 3 08 billion, up 88 4% YoY [1] - In Q3 2024, revenue was RMB 7 01 billion, down 7 1% YoY, while net profit attributable to shareholders was RMB 1 01 billion, up 63 5% YoY but down 25 4% QoQ [1] - The company's integrated layout is complete, with self-sufficiency in prebaked anodes and alumina, and 80%-90% self-sufficiency in electricity [1] - The company has a significant cost advantage due to low energy prices in Xinjiang, where its electrolytic aluminum capacity is located [1] - Strategic layout includes 2 million tons of alumina capacity in Indonesia and securing bauxite resources in Guinea [1] Financial Performance - For 2024-2026, the company is expected to achieve net profits attributable to shareholders of RMB 3 893 billion, RMB 4 485 billion, and RMB 4 937 billion, respectively, with corresponding P/E ratios of 10x, 9x, and 8x [1] - The company's revenue is projected to grow from RMB 28 975 billion in 2023 to RMB 33 590 billion in 2026, with a net profit margin increasing from 7 61% to 14 71% over the same period [4] - ROE is expected to improve from 9 15% in 2023 to 14 83% in 2026 [4] Production and Operations - In Q3 2024, the company's electrolytic aluminum and alumina production was nearly full, with electrolytic aluminum output of around 290,000 tons and alumina output of around 600,000 tons [1] - The company's 2024 production targets include 1 16 million tons of primary aluminum, 13 billion kWh of power generation, 2 35 million tons of alumina, and 550,000 tons of prebaked anodes [1] - Alumina gross profit increased in Q3 2024, while electrolytic aluminum gross profit declined due to a RMB 975/ton drop in aluminum prices [1] Strategic Developments - The company has completed the acquisition of three bauxite mines in Indonesia and plans to invest USD 1 556 billion to build a 2 million-ton alumina production line [1] - In late 2023, the company acquired 100% of Galicomininglimited, indirectly obtaining 50% of Elite Mining Guinea S A and exclusive purchase rights for bauxite, with planned annual production capacity of 5-6 million tons [1] Valuation and Dividends - The company proposed a cash dividend of RMB 2 00 per 10 shares, totaling RMB 923 million, accounting for 29 92% of the net profit attributable to shareholders in the first nine months of 2024 [1] - The company's EV/EBITDA is expected to decrease from 10 28x in 2023 to 5 46x in 2026 [5]

证券代码：002532 证券简称：天山铝业 公告编号：2024-067 天山铝业集团股份有限公司 关于召开 2024 年第二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 1、股东大会届次：2024 年第二次临时股东大会。 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 10 月 25 日召开第六届董事会第十次会议审议通过了《关于召开 2024 年第二次临 时股东大会的议案》，公司董事会同意于 2024 年 11 月 11 日召开公司 2024 年第二次 临时股东大会。 3、会议召开的合法、合规性：公司 2024 年第二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： 7、出席对象： （2）公司董事、监事和高级管理人员； （1）现场会议召开时间：2024 年 11 月 11 日 14:45 （2）网络投票时间：2024 年 11 月 11 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 11 ...

Financial Performance - The company's revenue for Q3 2024 was ¥7,010,805,078.78, a decrease of 7.12% compared to the same period last year[1]. - Net profit attributable to shareholders for Q3 2024 reached ¥1,010,484,998.41, an increase of 63.48% year-on-year[1]. - The net profit excluding non-recurring gains and losses for Q3 2024 was ¥999,777,782.91, up 66.96% from the previous year[1]. - Basic earnings per share for Q3 2024 was ¥0.22, representing a 69.23% increase year-on-year[1]. - Total operating revenue for the period was CNY 20,795,599,700.97, a decrease of 6.93% compared to CNY 22,343,517,284.79 in the previous period[12]. - Net profit attributable to shareholders of the parent company increased to CNY 2,200,000,000, representing a growth of 10% year-over-year[11]. - The net profit for Q3 2024 reached CNY 3,085,479,591.62, a significant increase of 88.6% compared to CNY 1,638,828,987.83 in Q3 2023[13]. - The total operating profit for the quarter was CNY 3,640,008,424.94, up from CNY 2,098,300,884.06 in the same period last year, reflecting a growth of 73.5%[13]. - The total comprehensive income for Q3 2024 was CNY 3,090,265,666.63, significantly higher than CNY 1,636,388,063.92 in Q3 2023[13]. Cash Flow and Assets - The operating cash flow for the year-to-date period reached ¥3,671,157,998.25, reflecting a 62.11% increase compared to the same period last year[1]. - Cash and cash equivalents increased by 38.41% to ¥10,812,191,650.30 due to significant net cash inflow from operating activities[4]. - Cash flow from operating activities generated a net amount of CNY 3,671,157,998.25, compared to CNY 2,264,673,816.22 in the previous year, indicating a year-over-year increase of 62.0%[14]. - Cash and cash equivalents at the end of the period totaled CNY 1,619,011,037.37, a decrease from CNY 1,628,106,648.96 at the end of Q3 2023[15]. - The company incurred a net cash outflow from financing activities of CNY -2,591,842,144.74, compared to CNY -409,150,554.97 in the previous year[15]. - Total assets as of September 30, 2024, were ¥58,589,941,470.25, a 2.61% increase from the end of the previous year[1]. - Total assets reached CNY 58,589,941,470.25, up from CNY 57,097,016,803.02, reflecting a growth of 2.62%[11]. - Total liabilities decreased to CNY 32,183,068,778.83 from CNY 32,988,026,120.80, a reduction of 2.44%[10]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 50,351[5]. - The largest shareholder, Shihezi Jinlong Energy Industry Chain Co., Ltd., holds 19.63% of shares, totaling 913,175,412 shares[5]. - The second-largest shareholder, Zeng Chaoyi, holds 8.46% of shares, totaling 393,778,364 shares[5]. - The company has repurchased a total of 15.1553 million shares, accounting for 0.33% of the total share capital, with a total expenditure of 100.0024 million RMB[7]. - The highest repurchase price of shares was 8.17 RMB per share, while the lowest was 4.86 RMB per share[7]. - The company has a significant number of pledged shares, with the largest shareholder having 412,511,000 shares pledged[5]. - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending[5]. - The company has not disclosed any preferred shareholders or their holdings[6]. Operational Metrics - Total operating costs amounted to CNY 17,560,716,511.69, down 14.06% from CNY 20,642,004,798.23 in the prior period[12]. - Inventory levels decreased to CNY 9,115,563,395.44 from CNY 9,543,302,748.06, a decline of 4.48%[10]. - Research and development expenses were CNY 158,817,639.62, slightly up from CNY 155,006,216.33, indicating a focus on innovation[12]. - Deferred income tax assets increased to CNY 453,258,532.07 from CNY 400,901,730.58, an increase of 12.97%[10]. - Contract liabilities surged by 346.71% to ¥323,549,585.60, indicating an increase in advance payments received for sales[4]. - The company completed the construction acceptance of the Guangxi Jingxi Tiangui alumina project, allowing for the permanent allocation of 764.6623 million RMB of remaining raised funds to supplement working capital[8]. - The company reported total revenue from sales of goods and services of CNY 23,398,353,255.16, slightly up from CNY 23,231,564,925.09 in Q3 2023[14].

证券代码：002532 证券简称：天山铝业 公告编号：2024-065 天山铝业集团股份有限公司 第六届监事会第九次会议决议公告 本公司及监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、 监事会会议召开情况 天山铝业集团股份有限公司（以下简称"公司"）第六届监事会第九次会议 于 2024 年 10 月 25 日 15:00 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 10 月 21 日以电子邮件方式向全体监事发出。 会议采取现场表决方式召开，应到监事 3 人，实到监事 3 人。本次监事会会议由 监事会主席刘素君主持，董事会秘书列席了会议。本次监事会会议的召开符合法 律法规和公司章程的规定。 二、监事会会议审议情况 2、以 3 票同意、0 票反对、0 票弃权，审议通过了《关于公司 2024 年中期 利润分配预案的议案》 监事会认为：公司 2024 年中期利润分配预案符合公司的实际情况和全体股 东的长远利益，符合相关法律、行政法规以及《公司章程》的规定，不存在损害 公司及全体股东利益的情形。 三、备查文件 1、第 ...

证券代码：002532 证券简称：天山铝业 公告编号：2024-066 天山铝业集团股份有限公司 关于公司 2024 年中期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（以下简称"公司"）于 2024 年 10 月 25 日召开 第六届董事会第十次会议和第六届监事会第九次会议，审议通过了《关于公司 2024 年中期利润分配预案的议案》，本议案尚需提交公司 2024 年第二次临时股 东大会审议。现将有关情况公告如下： 根据中国证监会《关于进一步落实上市公司现金分红有关事项的通知》《上 市公司监管指引第 3 号—上市公司现金分红》《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》和《公司章程》的相关规定，结合当 前经营情况和未来发展，公司拟定 2024 年中期利润分配预案为：以实施权益分 派股权登记日登记的总股本扣除公司回购专用账户中的股份数量为基数，向全体 股东每 10 股派发现金红利 2 元（含税），不送红股、不进行资本公积金转增股 本，剩余未分配利润结转至下一期。截至 2024 年 9 ...

天山铝业集团股份有限公司（以下简称"公司"）第六届董事会第十次会议 于 2024 年 10 月 25 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 10 月 21 日以电子邮件方式向全体董事、监 事发出。会议采取现场结合通讯表决方式召开，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： 证券代码：002532 证券简称：天山铝业 公告编号：2024-064 天山铝业集团股份有限公司 第六届董事会第十次会议决议公告 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、董事会会议召开情况 1、以 5 票同意、0 票反对、0 票弃权，审议通过了《关于<2024 年第三季度 报告>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 山铝业集团股份有限公司 2024 年第三季度 ...

证券代码：002532 证券简称：天山铝业 公告编号：2024-062 天山铝业集团股份有限公司 关于持股 5%以上股东股份减持计划的预披露公告 持股 5%以上股东华融致诚柒号（深圳）投资合伙企业（有限合伙）保证向 本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示：持有本公司股份 232,651,416 股（占本公司总股本比例 5.001228%， 占本公司剔除回购专用账户股份数量后股份总数的 5.042750%）的股东华融致诚 柒号（深圳）投资合伙企业（有限合伙）（以下简称"华融致诚柒号"）计划在 2024 年 10 月 31 日至 2025 年 1 月 30 日期间以集中竞价交易方式减持公司股份不超 过 57,200 股（占本公司总股本比例 0.00123%，占本公司剔除回购专用账户股份 数量后股份总数的 0.00124%）。 天山铝业集团股份有限公司（以下简称"公司"或"本公司"）于 2024 年 9 月 30日收到公司持股5%以上股东华融致诚柒号出具的《关于减持股份的告知函》， 现将相关事项公告如 ...

Financial Performance - The net profit attributable to shareholders for the first three quarters of 2024 is estimated at 307,350.90 million CNY, representing an 88% increase compared to the same period last year[2]. - The net profit after deducting non-recurring gains and losses is estimated at 295,083.37 million CNY, reflecting a 122% increase year-on-year[2]. - Basic earnings per share for the first three quarters is estimated at 0.67 CNY, up from 0.35 CNY in the previous year[2]. - For Q3 2024, the net profit attributable to shareholders is estimated at 100,000.00 million CNY, a 62% increase compared to the same period last year[3]. - The net profit after deducting non-recurring gains and losses for Q3 is estimated at 99,000.00 million CNY, compared to 59,882.26 million CNY last year[3]. - Basic earnings per share for Q3 is estimated at 0.22 CNY, up from 0.13 CNY in the previous year[4]. Production and Pricing - The average selling price of self-produced aluminum ingots increased by approximately 6% year-on-year, while the average selling price of alumina rose by about 30%[5]. - Alumina production volume increased by approximately 6% year-on-year, contributing to significant profit growth in both the electrolytic aluminum and alumina segments[5]. - The production costs for electrolytic aluminum and alumina remained relatively stable, supporting the profit increase[5]. Risk Disclosure - The financial data presented is preliminary and subject to confirmation in the official Q3 report, highlighting the need for investors to be aware of investment risks[6].

请稍后大家好欢迎参加国庆金属电解旅标的梳理天山旅业生活股份目前所有参会者全处于静音状态下面开始播 本次会议为国信证券白名单会议仅面向国信证券的专业投资机构客户或受邀客户会议嘉宾发言内容仅代表其个人观点会议内容不构成对任何人的投资建议敬请会议参会者充分了解各类投资风险根据自身情况自主作出投资决策并自行承担投资风险本次会议禁止录音录像未经国信证券事先 书面许可,任何机构和个人不得以任何形式转发、转载、复制、发布或引用会议全部或部分内容亦不得从未经国姓证券书面授权的任何机构、个人或其运营的媒体平台转发、转载、复制或引用会议的全部或部分内容不当传播会议内容或违反上述要求的国姓证券保留追究相关方法律责任的权利 各位投资者晚上好我是国信证券金属团队的焦方然那么今天我来汇报一下我们电解铝系列的最后两个标的天山铝业和神火股份这也是关注度比较高的两个标的今年上半年其实走势都不错那么我们还是先上来看一看几个主流的电解铝标的它的产业链情况那么我们就看一下天山铝业天山铝业呢 他是一个很典型的全产业链都配套的配齐了的那个企业他也是今年刚刚把产业链配齐了他最早是只做电解铝是在2010年到13年啊就十年以前搞的电解铝和自备电厂然后在202 ...