TIANSHAN ALUMINUM(SZ:002532) Orient Securities·2025-10-31 05:55Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.85 CNY based on a 2026 PE valuation of 11 times [3][5]. Core Insights - The company is expected to benefit from a decrease in raw material costs, particularly in aluminum ore, leading to improved profitability in the coming years [2][8]. - The company is actively progressing on key projects aimed at enhancing its integrated aluminum industry layout, which is anticipated to support future growth [8]. - The report forecasts significant growth in earnings per share (EPS) from 1.05 CNY in 2025 to 1.51 CNY in 2027, reflecting a positive outlook for the company's financial performance [3][10]. Financial Performance Summary - Revenue is projected to decline from 28,975 million CNY in 2023 to 28,089 million CNY in 2024, before rebounding to 35,253 million CNY in 2025, representing a growth of 25.5% [4][10]. - Operating profit is expected to increase significantly from 2,642 million CNY in 2023 to 5,506 million CNY in 2025, with a notable growth rate of 97.6% in 2024 [4][10]. - Net profit attributable to the parent company is forecasted to rise from 2,205 million CNY in 2023 to 4,901 million CNY in 2025, with a growth of 102.0% in 2024 [4][10]. - The gross margin is expected to improve from 14.1% in 2023 to 23.3% in 2027, indicating enhanced profitability [4][10]. Market Performance - The company's stock has shown strong performance, with a 70.32% increase over the past 12 months [6]. - The stock price as of October 29, 2025, was 13.8 CNY, with a 52-week high of 13.9 CNY and a low of 6.48 CNY [5].