TIANSHAN ALUMINUM(002532) 申万宏源·2025-01-23 01:51Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [2][7] Core Views - The company is expected to achieve a significant increase in net profit for 2024, with a forecasted net profit of 4.45 billion yuan, representing a year-on-year increase of 101.8% [7] - The anticipated increase in profit is attributed to higher sales prices for alumina and aluminum ingots, as well as reduced production costs due to improved logistics and tax benefits [7] - The company is progressing in its integrated layout, with ongoing projects in Indonesia and Guinea to secure bauxite resources, and plans to expand alumina production capacity [7] - Tianshan Aluminum is also diversifying into high-value downstream products, such as battery aluminum foil and high-purity aluminum, which are expected to contribute to future growth [7] Financial Data and Profit Forecast - Total revenue is projected to increase from 28,975 million yuan in 2023 to 31,441 million yuan in 2025, with a compound annual growth rate of approximately 8% [6] - The net profit is expected to rise from 2,205 million yuan in 2023 to 4,715 million yuan in 2025, reflecting a strong growth trajectory [6] - The earnings per share (EPS) is forecasted to grow from 0.48 yuan in 2023 to 1.01 yuan in 2025 [6] - The company's return on equity (ROE) is projected to remain robust, with estimates of 16.0% in 2024 and 15.1% in 2025 [6]