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 ...

（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 ...