TIANSHAN ALUMINUM(002532) GOLDEN SUN SECURITIES·2025-04-24 00:23Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a revenue of 7.925 billion yuan in Q1 2025, representing a year-on-year increase of 16% and a quarter-on-quarter increase of 9%. The gross margin was 20%, while the net profit attributable to shareholders was 1.058 billion yuan, up 47% year-on-year but down 23% quarter-on-quarter, with a net profit margin of 13% [1] - The company plans to accelerate the construction of an integrated aluminum industry park in Indonesia, aiming to enhance its resource, cost, technology, and management advantages in the global aluminum market [2] - The company has completed an equity acquisition of a local mining company in Guinea, securing exclusive purchasing rights for bauxite, with an annual production capacity planned at 5-6 million tons [3] - The company is expected to achieve net profits of 4.8 billion, 5.5 billion, and 6 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 7.3, 6.3, and 5.8 [4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 7.925 billion yuan, with a gross margin of 20% and a net profit of 1.058 billion yuan [1] - The company’s revenue for 2025 is projected to be 31.264 billion yuan, with a year-on-year growth rate of 11.3% [5] - The net profit for 2025 is estimated at 4.791 billion yuan, reflecting a year-on-year growth of 7.5% [5] Strategic Initiatives - The company is constructing an integrated aluminum industry chain in Indonesia, which includes bauxite, alumina, electrolytic aluminum, and deep processing [2] - The company has secured three bauxite mining rights in Indonesia, with plans to start mining in 2025 [2] - The company aims to achieve a 100% self-sufficiency rate for bauxite through acquisitions and exploration efforts [3] Market Outlook - The company has adjusted its aluminum price assumptions for 2025-2027 to 20,000, 20,500, and 21,000 yuan per ton, respectively, due to the impact of U.S. tariffs [4] - The company’s competitive edge is expected to strengthen through its integrated layout and cost advantages, positioning it for significant growth [4]