TIANSHAN ALUMINUM(002532) 国海证券·2024-08-20 14:30Investment Rating - The investment rating for Tianshan Aluminum is "Buy" (maintained) as of August 20, 2024 [1]. Core Insights - The significant increase in Q2 performance is attributed to the rise in aluminum and alumina prices, along with an increase in alumina production [2][3]. - The company achieved a revenue of 13.5 billion yuan in Q2 2024, representing a quarter-on-quarter increase of 88.1% and a year-on-year increase of 161.5% in net profit [2]. - The company is expected to maintain a strong growth trajectory due to ongoing projects and favorable market conditions [4]. Financial Performance Summary - For the first half of 2024, Tianshan Aluminum reported a revenue of 13.78 billion yuan, a year-on-year decrease of 6.83%, while net profit increased by 103% to 2.07 billion yuan [2]. - In Q2 2024, the average selling price of self-produced aluminum increased by 6.7% year-on-year, while the production volume was 585,400 tons, a year-on-year increase of 1.3% [3]. - The alumina production reached 1.093 million tons in the first half of 2024, a year-on-year increase of 6.8%, with the average selling price rising by 26.1% [3]. Future Growth Potential - The company has multiple growth projects in the pipeline, including a 200,000-ton electrolytic aluminum project and alumina projects in Indonesia and Guinea [4]. - Revenue projections for 2024-2026 are estimated at 33.7 billion, 35.4 billion, and 38.4 billion yuan, with net profits expected to be 4.22 billion, 4.51 billion, and 4.95 billion yuan respectively [6][7].