TIANSHAN ALUMINUM(SZ:002532)2024-08-23 02:10Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company's H1 2024 performance met expectations, with revenue of 13.78 billion yuan (down 6.8% year-on-year) and a significant increase in net profit to 2.07 billion yuan (up 103.5% year-on-year) [5]. - The company is enhancing its bauxite resource layout, having acquired mining rights for three bauxite mines in Indonesia and completed a local mining company acquisition in Guinea, which has a production capacity of 6 million tons per year [5]. - The company is extending its product line into high-value downstream products, including battery aluminum foil and high-purity aluminum, with significant production capacity planned [6]. Financial Summary - For H1 2024, the company produced 585,000 tons of electrolytic aluminum (up 1.3% year-on-year) and 1,093,000 tons of alumina (up 6.8% year-on-year) [5]. - The average selling price of electrolytic aluminum increased by approximately 6.7% year-on-year, while the selling price of alumina rose by about 26.1% [5]. - The company expects net profits for 2024-2026 to be 3.8 billion, 4.2 billion, and 4.4 billion yuan, respectively, with corresponding P/E ratios of 8, 8, and 7 times [6][7].