TIANSHAN ALUMINUM(002532) 开源证券·2024-10-30 06:56Investment Rating - The investment rating for Tianshan Aluminum is "Buy" (maintained) as of October 29, 2024 [2]. Core Views - The report highlights that Tianshan Aluminum is expected to benefit significantly from the rising aluminum prices, with a positive outlook for Q4 2024 performance [3][4]. - The company is actively expanding its upstream aluminum supply chain, which is anticipated to enhance its growth potential [4]. - A mid-term profit distribution plan has been announced, indicating the company's confidence in its future development [5]. Financial Performance Summary - In Q3 2024, Tianshan Aluminum reported revenue of 70.11 billion yuan, a year-on-year decrease of 7.12%, but a quarter-on-quarter increase of 0.73%. The net profit attributable to the parent company was 10.10 billion yuan, up 63.48% year-on-year but down 25.35% quarter-on-quarter [3]. - The company received approximately 1.47 billion yuan in government subsidies during the reporting period [3]. - For the years 2024 to 2026, the projected revenues are 28.61 billion yuan, 28.78 billion yuan, and 29.53 billion yuan, respectively, with year-on-year changes of +92.6%, +5.4%, and +10.8% [6]. Price and Market Data - The current stock price is 8.50 yuan, with a market capitalization of 395.41 billion yuan [2]. - The stock has seen a 1-year high of 9.41 yuan and a low of 4.68 yuan [2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.91 yuan, 0.96 yuan, and 1.07 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 7.5, 7.1, and 6.4 [6].