研报掘金丨中邮证券：维持天山铝业“买入”评级，利润有望持续增长

Core Viewpoint - Tianshan Aluminum achieved a net profit attributable to shareholders of 3.34 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 8.31% [1] - The company is expected to continue profit growth due to rising volume and price [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders reached 1.256 billion yuan, showing a year-on-year increase of 24.30% and a quarter-on-quarter increase of 22.42% [1] Project Development - The construction of the 1.4 million tons electrolytic aluminum green low-carbon energy efficiency improvement project is progressing smoothly, with all tasks being carried out as planned [1] - The company aims to achieve the first batch of electrolytic cells powered by the end of November and complete the powering and production of all electrolytic cells by Q2 2026 [1] Technological Advancements - The renovation project utilizes fully graphitized cathode carbon blocks and new energy-saving cathode structure technology, which offers several advantages such as high lining life, low resistivity, low sodium expansion rate, good thermal shock resistance, high operational stability, and high current efficiency [1] Global Expansion - The company is expanding its global footprint by securing bauxite resources in Indonesia and Guinea, enhancing its integrated industrial chain layout [1] - Benefiting from lower energy prices in Xinjiang, the company has a significant cost advantage, and the overseas resource segment shows growth potential [1] - The new electrolytic aluminum production capacity is expected to enhance future profits [1]