TIANSHAN ALUMINUM(SZ:002532) Xin Lang Cai Jing·2025-11-12 06:40Core Viewpoint - The company reported a steady growth in revenue and net profit for the first three quarters of 2025, with ongoing expansion projects in electrolytic aluminum and resource acquisition in Indonesia and Guinea [1][2][3] Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 22.321 billion yuan, a year-on-year increase of 7.34%, and a net profit attributable to shareholders of 3.340 billion yuan, up 8.31% year-on-year [1] - In Q3 2025, the company recorded a revenue of 6.994 billion yuan, a slight decrease of 0.25% year-on-year and a 5.53% decrease quarter-on-quarter; however, the net profit for the same period was 1.256 billion yuan, reflecting a significant year-on-year increase of 24.30% and a quarter-on-quarter increase of 22.42% [1] Project Developments - The electrolytic aluminum expansion is progressing steadily, with plans to contribute an additional 1.4 million tons by 2026, aiming for the first batch of electrolytic cells to be powered by the end of November 2025 [1] - The company is implementing a green low-carbon efficiency improvement project using advanced technologies, which include high lifespan, low resistivity, and stable operational efficiency [1] Global Resource Strategy - The company is expanding its global footprint by acquiring bauxite resources in Indonesia and Guinea, with the completion of 100% share transfer of PT Inti Tambang Makmur and the acquisition of mining rights for three bauxite mines in Indonesia [2] - A planned investment of 1.556 billion USD for a 2 million ton alumina production line in Indonesia is underway, with the first phase already recognized as a national strategic project [2] - The Guinea bauxite project has entered the production phase, with ongoing efforts to enhance capacity and ensure a stable supply of low-cost raw materials [2] - In Guangxi, the company has secured bauxite mining rights for 1 million tons and is looking to further acquire local resource projects [2] Profit Forecast - The company anticipates a gradual increase in electrolytic aluminum production and stable price growth, projecting net profits of 4.793 billion, 6.203 billion, and 7.166 billion yuan for 2025-2027, with year-on-year growth rates of 7.57%, 29.43%, and 15.52% respectively [3] - The integrated industrial chain and low energy costs in Xinjiang provide a competitive advantage, with new production capacity expected to enhance future profits [3]