证券代码：002532 证券简称：天山铝业 公告编号：2024-059 天山铝业集团股份有限公司 关于实际控制人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。 一、股东股份解除质押的基本情况 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 股东、实际控制人曾超林函告，获悉其所持有本公司的部分股份办理了解除质押 手续，具体情况如下 ： | 股东名 | 是否为控股 股东或第一 | | 本次解除 质押数量 | 占其所持股 | 占公司总 股本比例 | 质押起始日 | 解除质押 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | 大股东及其 一致行动人 | | (万股) | 份比例(%) | (%) | | 日期 | | | 曾超林 | | 是 | 8,847.00 | 29.29% | 1.90% | 2023/10/13 | 2024/9/4 | 华泰证券 （上海） | | | | | | | | | | 资产管理 | ...

法律意见书 北京市中伦律师事务所 关于天山铝业集团股份有限公司 2024 年第一次临时股东大会的 法律意见书 致：天山铝业集团股份有限公司 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 东资格由网络投票系统提供机构验证其身份。 为出具本法律意见书，本所律师列席了本次股东大会，并根据有关法律、 行政法规、规章及规范性文件的规定和要求，对公司提供的与本次股东大会相 法律意见书 关的文件和事实进行了核查和验证，在本所律师对公司提供的有关文件进行核 查和验证的过程中，本所假设： 1．提供给本所的文件中的所有签署、盖章及印章都是真实的，所有作为正 本提供给本所的文件都是真实、准确、完整的； 2．提供给本所的文件中所述的全部事实都是真实、准确、完整的； 3．公司在指定信息披露媒体上公告的所有资料是真实、准确、完整的，并 无隐瞒 ...

证券代码：002532 证券简称：天山铝业 公告编号：2024-060 天山铝业集团股份有限公司 2024 年第一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： 1.本次股东大会未出现否决议案的情形； 2.本次股东大会不涉及变更以往股东大会决议。 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 9 月 4 日 14:30 1 / 3 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 3）会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式 召开 网络投票时间为：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票的具体时间为 2024 年 9 月 4 日 9:15—15:00 期间的任意时间。 4）股权登记日：2024 年 8 月 28 日 5）会议召集人：公司董事会 ...

证券代码：002532 证券简称：天山铝业 公告编号：2024-058 天山铝业集团股份有限公司 关于"质量回报双提升"行动方案的公告 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"天山铝业"、"公司"或"本公司"） 为践行中共中央政治局会议提出的"要活跃资本市场、提振投资者信心"及国务 院常务会议提出的"要大力提升上市公司质量和投资价值，要采取更加有力有效 措施，着力稳市场、稳信心"的指导思想，基于公司对未来发展前景的信心和积 极回报投资者的责任感，围绕立足主业、发展新质生产力、加强投资者沟通等方 面，制定"质量回报双提升"行动方案，具体如下： 一、聚焦主营业务，强化核心竞争力，助力高质量发展 公司专注铝行业三十年，不断优化产业布局，在资源和能源富集的区域兴建 产业基地，拥有铝土矿、氧化铝、预焙阳极、发电、电解铝、高纯铝、铝深加工 的全产业链生产环节，具有完整铝产业链一体化综合优势。随着广西本地的铝土 矿及海外铝土矿项目逐步进入开发和开采，江阴电池铝箔项目投产并逐步产能爬 坡，公司产业链优势进一步得以加强和完善，完全实现 ...

证券代码：002532 证券简称：天山铝业 公告编号：2024-057 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 TITAN AL-TEC & RESOURCE PTE. LTD.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 债率不超过 70%的全资子公司、全资孙公司之间可分别按照实际情况调剂使用担 保额度（含授权期限内新设立或纳入合并范围的全资子公司、全资孙公司），最 近一期资产负债率超过 70%和不超过 70%的公司之间不得调剂使用担保额度（含 授权期限内新设立或纳入合并范围的全资子公司、全资孙公司）。股东大会授权 公司董事长或经营管理层根据实际情况在上述担保额度内，办理担保相关事宜并 签署相关各项法律文件。具体内容详见公司 2023 年 12 月 2 日、2023 年 12 月 29 日于巨潮资讯网（http://www.cninfo.com.cn）披露的《第六届董事会第五次会议 ...

Investment Rating - The investment rating for Tianshan Aluminum is maintained at "Buy-A" with a target price of 9.75 CNY per share [4]. Core Views - The report highlights significant profit growth due to rising aluminum prices, with a year-on-year increase in net profit of 103.45% in the first half of 2024 [1]. - The company is advancing its integration strategy, which is expected to enhance long-term competitive advantages [10]. - Government subsidies and the completion of the Tianzu Railway are contributing to profit growth and reducing transportation costs [2]. Financial Performance Summary - In the first half of 2024, Tianshan Aluminum achieved operating revenue of 13.785 billion CNY, a decrease of 6.83% year-on-year, while net profit reached 2.074 billion CNY, an increase of 103.45% year-on-year [1]. - For Q2 2024, the company reported operating revenue of 6.960 billion CNY, down 11.36% year-on-year, but net profit increased by 88.06% quarter-on-quarter [1]. - The company’s production figures for H1 2024 included 585,400 tons of electrolytic aluminum, a slight increase of 0.74% year-on-year, and 1.093 million tons of alumina, up 6.97% year-on-year [3]. Price and Volume Trends - The average price of aluminum in H1 2024 was 19,856 CNY per ton, reflecting a year-on-year increase of 7.5% [3]. - The average price of alumina in H1 2024 was 3,508 CNY per ton, up 18.3% year-on-year [3]. Future Projections - The company is projected to achieve operating revenues of 31.188 billion CNY, 37.452 billion CNY, and 39.576 billion CNY for 2024, 2025, and 2026 respectively, with net profits expected to be 4.219 billion CNY, 4.435 billion CNY, and 4.696 billion CNY [11]. - The earnings per share (EPS) are forecasted to be 0.91 CNY, 0.95 CNY, and 1.01 CNY for the same years [11].

Investment Rating - The report maintains an "Increase" rating for Tianshan Aluminum (002532) [1] Core Views - The company has significantly benefited from the integration of the aluminum industry chain, with a notable increase in net profit by 103.45% year-on-year in the first half of 2024, despite a 6.83% decrease in revenue [1][2] - The report highlights the company's strong performance in both electrolytic aluminum and alumina, with the average price of electrolytic aluminum rising by 7.1% year-on-year and alumina by 20.2% year-on-year [1][3] - The company is expected to maintain high profitability levels due to its integrated operations and low-cost advantages in Xinjiang, with projected net profits of 4.29 billion, 4.83 billion, and 5.22 billion yuan for 2024, 2025, and 2026 respectively [2][3] Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 13.785 billion yuan, a decrease of 6.83% year-on-year, while net profit attributable to shareholders reached 2.074 billion yuan, an increase of 103.45% year-on-year [1] - The average price of electrolytic aluminum was 19,801 yuan/ton, with a gross profit per ton of 3,682 yuan, up 630 yuan year-on-year [1][2] Production and Capacity - The company has established a 2.5 million ton alumina production line in Guangxi and is planning a 2 million ton alumina production line in Indonesia, ensuring a stable and low-cost supply of bauxite [2][3] - The company aims to produce 1.16 million tons of primary aluminum, 1.35 million tons of alumina, and 25,000 tons of high-purity aluminum in 2024 [3] Market Outlook - The report anticipates a tight supply-demand balance in the electrolytic aluminum market, with domestic consumption expected to grow by 8% year-on-year in the first seven months of 2024, driven by demand from the new energy vehicle sector and other industries [1][3] - The company is well-positioned to benefit from rising aluminum prices and is expected to maintain high profitability levels due to its integrated operations and low-cost advantages [3]

Investment Rating - The report maintains a "Recommend" rating for Tianshan Aluminum (002532 SZ) with a target price of 6 69 yuan [1][22] Core Views - Tianshan Aluminum's integrated layout and cost advantages in electrolytic aluminum production are expected to drive future profit growth [1][22] - The company's strategic expansion in Indonesia and Guinea for bauxite resources will further enhance its raw material supply chain and reduce costs [1][19] - The company's electrolytic aluminum business benefits from low energy costs in Xinjiang, which provides a sustainable competitive advantage [1][17] Financial Performance Summary - In H1 2024, Tianshan Aluminum reported revenue of 13 78 billion yuan, a year-on-year decrease of 6 8%, while net profit attributable to shareholders increased by 103 4% to 2 07 billion yuan [1][6] - In Q2 2024, revenue was 6 96 billion yuan, down 11 36% year-on-year, but net profit attributable to shareholders surged 161 47% year-on-year to 1 35 billion yuan [1][6] - The company's electrolytic aluminum and alumina businesses saw significant profit growth, with electrolytic aluminum gross profit per ton increasing by 630 yuan to 3,682 yuan/ton, and alumina gross profit per ton rising by 671 yuan to 695 yuan/ton [1][10] Production and Cost Analysis - In H1 2024, Tianshan Aluminum produced 585,400 tons of self-produced aluminum ingots, a year-on-year increase of 0 64%, and 1 09 million tons of alumina, up 37 57% year-on-year [1][9] - The company's self-produced aluminum ingots contributed 72 29% of total gross profit, while alumina contributed 25 46% [1][8] - The company's electricity self-sufficiency rate is 80%-90%, with the remaining power purchased from the grid, ensuring stable production costs [1][17] Strategic Expansion - Tianshan Aluminum plans to invest 1 556 billion USD to build a 2 million-ton alumina production line in Indonesia, leveraging the country's rich bauxite resources [1][19] - The company acquired a 50% stake in Elite Mining Guinea S A and secured exclusive purchasing rights for bauxite, with a planned annual production capacity of 5-6 million tons [1][19] - The company's high-purity aluminum business is expected to benefit from a reduction in export tariffs from 30% to 0% in 2024, boosting profitability [1][21] Future Outlook - The company's integrated production layout, including self-sufficiency in prebaked anodes and alumina, will enhance operational stability and cost control [1][17] - Tianshan Aluminum's low-cost advantage in electrolytic aluminum production, driven by Xinjiang's abundant coal resources, is expected to sustain high profitability [1][17] - The company's strategic investments in overseas bauxite and alumina projects will support long-term growth and resource security [1][19]

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company's H1 2024 performance met expectations, with revenue of 13.78 billion yuan (down 6.8% year-on-year) and a significant increase in net profit to 2.07 billion yuan (up 103.5% year-on-year) [5]. - The company is enhancing its bauxite resource layout, having acquired mining rights for three bauxite mines in Indonesia and completed a local mining company acquisition in Guinea, which has a production capacity of 6 million tons per year [5]. - The company is extending its product line into high-value downstream products, including battery aluminum foil and high-purity aluminum, with significant production capacity planned [6]. Financial Summary - For H1 2024, the company produced 585,000 tons of electrolytic aluminum (up 1.3% year-on-year) and 1,093,000 tons of alumina (up 6.8% year-on-year) [5]. - The average selling price of electrolytic aluminum increased by approximately 6.7% year-on-year, while the selling price of alumina rose by about 26.1% [5]. - The company expects net profits for 2024-2026 to be 3.8 billion, 4.2 billion, and 4.4 billion yuan, respectively, with corresponding P/E ratios of 8, 8, and 7 times [6][7].

Investment Rating - The report maintains a "Recommended" rating for Tianshan Aluminum [2][3]. Core Views - The company's performance in the first half of 2024 showed a significant increase in net profit, driven by rising aluminum prices, despite a decrease in revenue [2]. - The integrated layout of the aluminum industry chain is becoming increasingly advantageous, enhancing the company's profitability [2]. Summary by Sections Financial Performance - In the first half of 2024, Tianshan Aluminum achieved operating revenue of 13.785 billion yuan, a year-on-year decrease of 6.83%. However, the net profit attributable to shareholders increased by 103.45% to 2.074 billion yuan, and the net profit after deducting non-recurring gains and losses rose by 168.42% to 1.961 billion yuan [2]. - For Q2 2024, the company reported operating revenue of 6.960 billion yuan, a year-on-year decrease of 11.36% but a quarter-on-quarter increase of 1.97%. The net profit attributable to shareholders reached 1.354 billion yuan, up 161.47% year-on-year and 88.06% quarter-on-quarter [2]. Production and Pricing - The company produced 585,400 tons of electrolytic aluminum in the first half of 2024, a year-on-year increase of 1.28%. The average selling price of self-produced electrolytic aluminum rose by 6.7% [2]. - The average domestic price of electrolytic aluminum (including tax) reached 19,798.38 yuan per ton, a year-on-year increase of 7.08% [2]. Industry Positioning - The integrated layout of the aluminum industry chain is highlighted as a competitive advantage, with the company acquiring exclusive purchasing rights for bauxite from a local mining company in Guinea, which is expected to significantly reduce raw material costs [4]. - The report notes that the domestic alumina price (including tax) reached 3,491.77 yuan per ton in the first half of 2024, a year-on-year increase of 20.90% [4]. Future Projections - The forecast for net profit attributable to shareholders for 2024-2026 is 4.114 billion, 4.380 billion, and 5.272 billion yuan, respectively, with corresponding EPS of 0.88, 0.94, and 1.13 yuan, leading to PE ratios of 7.8, 7.3, and 6.1 times [2].