证券代码：002532 证券简称：天山铝业 公告编号：2024-042 天山铝业集团股份有限公司 关于公司对全资子公司、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"）为恒丰银行股份有限公司上海分行（以 下简称"恒丰银行上海分行"）对本公司全资孙公司上海辛然实业有限公司（以 下简称"上海辛然"）享有的 1 亿元人民币主债权提供最高额保证担保；公司为 中国民生银行股份有限公司乌鲁木齐分行（以下简称"民生银行乌鲁木齐分行"） 对本公司全资子公司新疆生产建设兵团第八师天山铝业有限公司（以下简称"天 铝有限"）享有的 12 亿元人民币主债权提供最高额保证担保；公司为中国进出 口银行新疆分行（以下简称"进出口银行新疆分行"）对本公 ...

证券代码：002532 证券简称：天山铝业 公告编号：2024-041 天山铝业集团股份有限公司 关于股份回购进展的公告 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。 1 / 2 截至 2024 年 5 月 31 日，公司通过回购专用证券账户以集中竞价方式累计回 购公司股份 1292.59 万股，占公司总股本的 0.28%，最高成交价为 7.1 元/股，最 低成交价为 4.86 元/股，已使用资金总额为 8203.09 万元（不含交易费用）。本次 回购符合相关法律法规的要求，符合既定的回购方案。 二、其他说明 （一）公司回购股份的时间、数量、价格、方式及资金来源等符合既定的回 购方案和回购报告书的内容与要求，符合相关法律法规规定。 （二）公司回购股份的时间、数量及集中竞价交易的委托时段符合《上市公 司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》 的相关规定，具体情况如下： 1、公司未在下列期间回购股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； 天山铝业集团 ...

Summary of Conference Call Company/Industry Involved - The conference call was organized by Guosen Securities, specifically for professional institutional clients or invited guests [1] Core Points and Arguments - The content of the meeting represents personal opinions and does not constitute investment advice [1] - Participants are advised to fully understand various investment risks and make independent investment decisions based on their own circumstances [1] - Recording or filming of the meeting is prohibited without prior consent from Guosen Securities [1] Other Important but Possibly Overlooked Content - The meeting emphasizes the importance of understanding investment risks, highlighting the need for due diligence by participants [1]

上述公司使用闲置募集资金临时补充流动资金的起始日期为 2023 年 8 月 22 日，到期还款日为 2024 年 8 月 21 日。 2024 年 5 月 27 日，公司将临时用于补充流动资金的闲置募集资金 3,000.00 万元人民币提前归还至募集资金专用账户，该笔资金使用期限未超过 12 个月。 天山铝业集团股份有限公司 关于闲置募集资金临时补充流动资金提前归还的公告 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"或"本公司"） 于 2023 年 8 月 21 日召开第六届董事会第二次会议和第六届监事会第二次会议，审议通过了《关 于使用部分闲置募集资金临时补充流动资金的议案》，同意公司使用不超过人民 币 80,000.00 万元闲置募集资金临时补充流动资金，使用期限自公司董事会审议 通过之日起不超过 12 个月。保荐机构、独立董事和监事会均发表了同意的意见。 具体内容详见公司于 2023 年 8 月 22 日在《证券时报》、《证券日报》、《中国证券 报》、《上海证券报》及巨潮资讯网（http://www.cnin ...

证券代码：002532 证券简称：天山铝业 公告编号：2024-039 天山铝业集团股份有限公司 2023 年年度权益分派实施公告 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： 天山铝业集团股份有限公司（以下简称"公司/本公司"）本次利润分配方案 以公司总股本 4,651,885,415 股扣除回购 专用账户中持 有的 本公司股份 36,073,900 股后的 4,615,811,515 股为基数，向全体股东每 10 股派发现金红利 1.5 元（含税），不送红股、不进行资本公积金转增股本，共计派发现金红利人民币 692,371,727.25 元。 除权（息）参考价格=[（股权登记日收盘价格-现金红利）+配（新）股价格 ×流通股份变动比例]÷（1+流通股份变动比例）。由于公司本次分红为差异化分 红，上述现金红利指以实际分派根据总股本摊薄调整后计算的每股现金红利。公 司本次仅进行现金红利分配，无送股和转增分配，因此公司流通股不会发生变化， 流通股股份变动比例为 0。 每股现金红利=本次实际参与分配的股本数×每股分红金额÷本次权益分派 股权登记日的总股 ...

证券代码：002532 证券简称：天山铝业 公告编号：2024-038 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 1 月 23 日分别 召开第六届董事会第六次会议和第六届监事会第五次会议，审议通过了《关于以 集中竞价交易方式回购公司股份方案的议案》，根据相关法律法规及《公司章程》 的规定，本次回购股份方案属于董事会审批权限范围，无需提交股东大会审议。 公司使用自有资金以集中竞价交易方式回购公司发行在外的部分 A 股普通股股 票，本次用于回购股份的资金总额不低于人民币 10,000 万元（含），不超过人民 币 20,000 万元（含）；在本次回购股份价格不超过 8.6 元/股（含）的条件下，按 照本次回购资金总额上限测算预计可回购股份总数约为 2,325.58 万股，约占公司 当前总股本的 0.50%，按照本次回购资金总额下限测算预计可回购股份总数约为 1,162.79 万股，约占公司当前总股本的 0.25%，具体以公司公告回购方案实施完 毕之日的实际回购股份数量为准；本次回购股份的实施期限为自 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set to achieve a relative return of over 20% within six months [5][16]. Core Insights - The company has demonstrated a significant improvement in its operating performance, with a notable increase in net profit attributed to its integrated supply chain advantages and reduced operating costs [2][3]. - The company is expected to benefit from favorable market conditions in the aluminum sector, with anticipated increases in demand and price support due to macroeconomic factors [4]. Financial Data and Valuation - Revenue for 2023 is projected at 28,974.77 million, with a growth rate of -12.22%. However, a recovery is expected in 2024 with revenue forecasted at 34,980.71 million, reflecting a growth rate of 20.73% [1][10]. - The company's net profit attributable to the parent company is expected to rebound significantly in 2024, reaching 3,627.89 million, a growth of 64.51% compared to 2023 [1][12]. - The earnings per share (EPS) is projected to increase from 0.47 in 2023 to 0.78 in 2024, indicating a positive trend in profitability [1][12]. - The price-to-earnings (P/E) ratio is expected to decrease from 15.80 in 2023 to 9.60 in 2024, suggesting that the stock may be undervalued compared to its earnings potential [1][12]. Operational Performance - The company has successfully reduced its total operating costs by 8.46% year-on-year, which has positively impacted profit margins despite a slight decline in revenue [3]. - The integrated production model from bauxite mining to aluminum processing has provided the company with a competitive edge, allowing for lower production costs compared to industry averages [3][4]. Market Expansion - The company is actively expanding its overseas operations, including a project in Guinea with a production capacity of 6 million tons of bauxite per year, which is now in the production phase [4]. - The company is also developing projects in Indonesia for bauxite mining and alumina production, which are expected to contribute additional revenue in the medium to long term [4].

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上海辛然实业有限公司提供的担保， 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。 证券代码：002532 证券简称：天山铝业 公告编号：2024-036 天山铝业集团股份有限公司 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"）为上海农村商业银行股份有限公司上海自 贸试验区分行（以下简称"农商银行上海自贸区分行"）对本公司全资孙公司上 海辛然实业有限公司（以下简称"上海辛然"）享有的 1.144 亿元人民币主债权 提供最高额保证担保；公司为乌鲁木齐银行股份有限公司阿克苏华能支行（以下 简称"乌鲁木齐银行阿克苏支行"）对本公司全资孙公司阿拉尔市南疆碳素新材 料有限公司（以下简称"南疆碳素"）享有的 1.5 亿元人民币主债权提供保证担 保。 公司全资子公司新疆生产建设兵团第八师天山铝业有限公司 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 10.75 CNY per share based on a 15x PE for 2024 [3]. Core Views - In Q4 2023, the company's net profit attributable to shareholders decreased by 8% quarter-on-quarter, aligning with expectations. The company reported a revenue of 6.6 billion CNY, down 12% from the previous quarter, and a net profit of 568 million CNY, also down 8% [1]. - The decline in Q4 performance is attributed to a drop in aluminum product sales, with revenue decreasing by 917 million CNY while operating costs only fell by 707 million CNY. The high-purity aluminum sales were impacted by export tariff policies, resulting in an estimated loss of approximately 180 million CNY in gross profit [1]. - The average aluminum price and electrolytic aluminum costs increased in Q4, leading to a slight rise in estimated gross profit per ton of electrolytic aluminum by 88 CNY [1]. - The company maintained stable production levels for electrolytic aluminum in 2023 and anticipates increased production of bauxite and alumina in 2024 to lower costs and enhance resource security [1]. - The company plans to achieve production targets of 1.16 million tons of primary aluminum, 2.35 million tons of alumina, 550,000 tons of anodes, and 3 million tons of bauxite in 2024 [1]. - Earnings per share (EPS) forecasts for 2024-2026 are projected at 0.72, 0.72, and 0.74 CNY, respectively, reflecting a stable low-cost advantage and improved resource security [2]. Financial Summary - The company's revenue for 2022 was 33.008 billion CNY, which decreased to 28.975 billion CNY in 2023, with a projected increase to 33.495 billion CNY in 2024 [2]. - The net profit attributable to shareholders was 2.650 billion CNY in 2022, dropping to 2.205 billion CNY in 2023, with an expected recovery to 3.333 billion CNY in 2024 [2]. - The EPS for 2022 was 0.57 CNY, decreasing to 0.48 CNY in 2023, with forecasts of 0.72 CNY for 2024 and 0.74 CNY for 2026 [2].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue for 2023 was 28.975 billion yuan, a year-on-year decrease of 12.22%, with a net profit attributable to shareholders of 2.205 billion yuan, down 16.80% year-on-year [4][5] - The company has completed an acquisition of a local mining company in Guinea, which will enhance its resource security and cost advantages, with plans to produce 3 million tons of bauxite in 2024 [4] - The company is expanding its production capacity in Indonesia, with a planned 2 million tons of alumina production line, ensuring a stable and low-cost supply of bauxite [4] - The battery foil project is entering a ramp-up phase, with significant production expected in 2024 [4] - The company is expected to benefit from the rising demand in the photovoltaic and new energy vehicle sectors, with projected revenues of 31.810 billion yuan in 2024 and a net profit of 3.670 billion yuan [4][5] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 6.631 billion yuan, a year-on-year decrease of 19.90%, but a net profit increase of 130.10% year-on-year [4] - The company forecasts revenues of 31.810 billion yuan, 32.073 billion yuan, and 32.352 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.670 billion yuan, 4.488 billion yuan, and 4.617 billion yuan for the same years [5] Production and Expansion - The company plans to produce 300 million tons of bauxite in 2024, enhancing its upstream resource security to 100% [4] - The company has a total of 1.4 million tons of compliant electrolytic aluminum indicators, with ongoing projects to increase production capacity [4] Market Outlook - The company is positioned to benefit from the expected stabilization and increase in aluminum prices due to high growth in aluminum consumption driven by the photovoltaic and new energy vehicle sectors [4]