TIANSHAN ALUMINUM(002532) 华鑫证券·2024-07-10 10:00Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company is expected to see a significant increase in net profit for the first half of 2024, with a forecasted net profit of 2.07 billion yuan, representing a year-on-year increase of 103% [4] - The growth in performance is primarily attributed to the rise in alumina and electrolytic aluminum prices, along with stable production costs [5] - The average selling price of aluminum ingots increased by approximately 7% year-on-year, while the average selling price of alumina rose by about 26% [5] - The report highlights the company's ongoing investment in a 2 million-ton alumina project in Indonesia, which is expected to enhance cost advantages through integrated operations [6][7] Financial Performance - The company forecasts revenues of 33.07 billion yuan, 35.27 billion yuan, and 38.50 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 4.21 billion yuan, 4.77 billion yuan, and 5.26 billion yuan for the same years [8][10] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 9.6, 8.5, and 7.7 for the years 2024, 2025, and 2026 respectively [8] Production Goals - The company's production targets for 2024 include 1.16 million tons of primary aluminum, 13 billion kWh of electricity, 2.35 million tons of alumina, and 550,000 tons of prebaked anodes [5]