天山铝业：产业链一体化优势凸显，进一步夯实上游资源端

Investment Rating - The investment rating for Tianshan Aluminum is "Outperform the Market" [5][15][18] Core Views - The company demonstrated significant growth in net profit, with a year-on-year increase of 103% in H1 2024, achieving a revenue of 13.78 billion yuan, a decrease of 6.8% compared to the previous year [1][6] - The rise in aluminum prices is a key driver for profit growth, with H1 2024 aluminum prices at 19,800 yuan per ton, up 1,300 yuan per ton from the same period last year [1][6] - The company is focusing on solidifying its upstream resource base by developing overseas bauxite projects in Indonesia and Guinea, aiming for an annual bauxite production capacity of 7 million tons to meet its 2.5 million tons of alumina production needs [1][14] Summary by Relevant Sections Financial Performance - In H1 2024, the company reported a net profit attributable to shareholders of 2.07 billion yuan, a 103.4% increase year-on-year, and a non-recurring net profit of 1.96 billion yuan, up 168.4% [1][6] - The operating cash flow reached 2.23 billion yuan, reflecting a 195% increase [1][6] - The main products' production volumes remained stable, with electrolytic aluminum production at 585,400 tons and alumina production at 1,093,000 tons [1][6] Future Outlook - The company plans to continue enhancing its upstream resource capabilities, including securing low-cost bauxite resources to mitigate long-term price risks [1][14] - The projected revenues for 2024-2026 are estimated at 39.1 billion, 39.2 billion, and 39.4 billion yuan, with expected growth rates of 35.0%, 0.2%, and 0.5% respectively [15][16] - The forecasted net profits for the same period are 4.067 billion, 4.211 billion, and 4.438 billion yuan, with growth rates of 84.4%, 3.6%, and 5.4% [15][16]