TIANSHAN ALUMINUM(SZ:002532) Xin Lang Cai Jing·2025-10-27 00:33Core Viewpoint - The company reported its Q3 2025 financial results, showing stable revenue growth and significant profit increases, primarily driven by rising aluminum prices [1][2][3]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 22.32 billion yuan, a year-on-year increase of 7.3%, and a net profit attributable to shareholders of 3.34 billion yuan, up 8.3% year-on-year [1]. - In Q3 2025, revenue was 6.99 billion yuan, a slight decrease of 0.3% year-on-year and a 5.5% decline quarter-on-quarter, while net profit rose to 1.26 billion yuan, reflecting a year-on-year increase of 24.3% and a quarter-on-quarter increase of 22.4% [1]. - The company's gross margin for Q1-Q3 2025 was 22.4%, up 0.3 percentage points year-on-year, with a net margin of 15.0%, an increase of 0.2 percentage points year-on-year [2]. Production and Pricing - The company has an electrolytic aluminum production capacity of 1.2 million tons, with an actual annual output of approximately 1.16 million tons, and is expected to operate at full capacity for alumina in Q3 2025 [2]. - The average aluminum price for Q1-Q3 2025 was 20,447 yuan per ton, up 3.7% year-on-year, with Q3 2025 prices reaching 20,710 yuan per ton, a year-on-year increase of 5.9% [2]. Future Outlook - The company is expanding its electrolytic aluminum capacity by 200,000 tons, with completion expected in 2026, enhancing its integrated layout and raw material security [4]. - The company is investing in a 200,000-ton alumina production line in Indonesia, with a total investment of $1.556 billion, which is expected to further expand its electrolytic aluminum production capabilities [4]. - The company has secured a 50% stake in Elite Mining Guinea S.A. and exclusive purchasing rights for bauxite, with plans for an annual production capacity of 5-6 million tons [4]. Investment Recommendation - The supply-demand dynamics for electrolytic aluminum are favorable, and the company's integrated advantages are expected to continue driving performance growth. Projected net profits for 2025-2027 are 4.7 billion yuan, 5.74 billion yuan, and 6.33 billion yuan, corresponding to price-earnings ratios of 13, 11, and 10 times, respectively [5].