TIANSHAN ALUMINUM(SZ:002532) Shenwan Hongyuan Securities·2025-09-03 13:45Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [6] Core Views - The company reported its 2025 mid-year results, which met expectations, with a revenue of 15.33 billion yuan in H1 2025, reflecting a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 2.08 billion yuan, up 0.5% year-on-year [6] - The company plans to distribute a total cash dividend of 9.2 billion yuan for H1 2025, which is 44% of the net profit for that period, and aims for a cumulative dividend payout ratio of at least 50% for the year 2025, exceeding the previous year's ratio of 41.42% [6] - A 240,000-ton expansion project for electrolytic aluminum is progressing steadily, with the company aiming to increase its annual production capacity from 1.16 million tons to 1.4 million tons [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 31.13 billion yuan, with a year-on-year growth rate of 10.8% [2] - Net profit attributable to shareholders is projected to be 5.03 billion yuan for 2025, representing a 12.8% increase year-on-year [2] - Earnings per share are expected to be 1.08 yuan for 2025, with a gross margin of 23.2% [2] - The return on equity (ROE) is forecasted to be 16.7% for 2025 [2] Market Data - The closing price of Tianshan Aluminum on September 3, 2025, was 10.49 yuan, with a market capitalization of 43.32 billion yuan [3] - The company has a price-to-earnings (PE) ratio of 10 for 2025 [3] - The dividend yield is calculated at 3.81% based on the most recent dividend announcement [3]