TIANSHAN ALUMINUM(SZ:002532) Huaan Securities·2025-10-30 01:45Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [8] Core Views - Tianshan Aluminum reported a revenue of 22.32 billion yuan for the first three quarters of 2025, a year-on-year increase of 7.34%, and a net profit attributable to shareholders of 3.34 billion yuan, up 8.31% year-on-year [5] - The average price of electrolytic aluminum in Q3 2025 was 20,740 yuan per ton, an increase of 5.96% year-on-year and 2.64% quarter-on-quarter, driven by overseas production cuts and domestic inventory reduction [6] - The company is progressing well with its 1.4 million tons electrolytic aluminum green low-carbon efficiency enhancement project, expected to energize the first batch of electrolytic cells by the end of November 2025 [7] Financial Performance - In Q3 2025, Tianshan Aluminum achieved a revenue of 6.994 billion yuan, a slight decrease of 0.25% year-on-year and a 5.53% decrease quarter-on-quarter, while net profit reached 1.256 billion yuan, up 24.30% year-on-year and 22.41% quarter-on-quarter [5] - The projected net profits for 2025-2027 are 4.867 billion, 5.633 billion, and 6.672 billion yuan respectively, with corresponding P/E ratios of 13.19, 11.40, and 9.62 [8][10] Market Context - The domestic spot price of electrolytic aluminum reached 21,176.67 yuan per ton on October 28, 2025, benefiting the company's revenue and profit [6] - The company is also advancing its alumina project in Indonesia, which has completed environmental assessments and is currently working on port and terminal engineering designs [7]