TIANSHAN ALUMINUM(SZ:002532) Orient Securities·2025-06-10 06:08Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [3] Core Views - The company is implementing a 1.4 million ton electrolytic aluminum energy efficiency improvement plan, which is expected to enhance its production capacity and long-term cost advantages [6] - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027, predicting EPS of 1.17, 1.37, and 1.58 yuan respectively, with a target price of 9.36 yuan based on an 8x PE valuation for 2025 [2][3] Financial Summary - Revenue projections for 2025-2027 are 35,501 million yuan, 40,269 million yuan, and 42,569 million yuan, reflecting growth rates of 26.4%, 13.4%, and 5.7% respectively [2] - Operating profit is expected to increase from 6,096 million yuan in 2025 to 8,250 million yuan in 2027, with corresponding growth rates of 16.8%, 17.6%, and 15.1% [2] - Net profit attributable to the parent company is forecasted to rise from 5,426 million yuan in 2025 to 7,343 million yuan in 2027, with growth rates of 21.8%, 17.6%, and 15.1% [2] - The company’s gross margin is projected to be 21.5% in 2025, increasing to 23.6% by 2027 [2] - The net profit margin is expected to stabilize around 15.3% to 17.2% from 2025 to 2027 [2] - The return on equity (ROE) is forecasted to improve from 18.6% in 2025 to 19.0% in 2027 [2] Market Performance - As of June 9, 2025, the stock price was 8.06 yuan, with a 52-week high of 9.64 yuan and a low of 5.8 yuan [3] - The company has shown a relative performance of 3.37% over the past week and 10.47% over the past month [4]