天山铝业竞争力释放年赚45亿 经营现金流增33%负债率再降

Core Viewpoint - Tianshan Aluminum's comprehensive competitiveness has been released, significantly enhancing its profitability, as evidenced by its financial performance in the first quarter of 2025 and the year 2024 [1][3]. Financial Performance - In Q1 2025, Tianshan Aluminum achieved an operating income of approximately 79 billion yuan, a year-on-year increase of about 16% [1][3]. - The net profit attributable to shareholders reached 10.58 billion yuan, reflecting a year-on-year growth of approximately 47% [1][3]. - For the full year 2024, the company reported an operating income of 280.89 billion yuan, a decrease of about 3% year-on-year, while the net profit attributable to shareholders was approximately 45 billion yuan, doubling compared to the previous year [2][4]. Production and Pricing - Tianshan Aluminum's main products include electrolytic aluminum and alumina, with a notable increase in production and sales volumes due to favorable market conditions in 2024 [2][4]. - The average selling price of self-produced electrolytic aluminum was approximately 19,800 yuan per ton, up about 6% year-on-year, while the average selling price of self-produced alumina was around 4,000 yuan per ton, reflecting a 40% increase [5]. - The company completed an electrolytic aluminum production of 1.1759 million tons in 2024, a year-on-year increase of about 1%, and alumina production of 2.2789 million tons, up 7.55% [4]. Cost Management and Cash Flow - Tianshan Aluminum's operating cash flow net inflow increased to 52.20 billion yuan in 2024, a year-on-year growth of 33.29% [2][9]. - The company's total operating costs for 2024 were 233.54 billion yuan, a reduction of approximately 33.70 billion yuan compared to 2023 [6]. - The company's asset-liability ratio has been decreasing for four consecutive years, reaching 52.74% at the end of 2024, down 5.04 percentage points from the previous year [2][9]. Vertical Integration and Competitive Advantage - Tianshan Aluminum has established a vertically integrated industrial chain, enhancing its cost competitiveness and resilience against market price fluctuations [7][8]. - The company has invested in advanced production technologies, particularly in high-purity aluminum, which has improved efficiency and reduced production costs [8]. - The integration of upstream and downstream operations allows Tianshan Aluminum to maintain a strong competitive position within the industry [7][8].