TIANSHAN ALUMINUM(SZ:002532) Orient Securities·2025-11-28 11:08Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The expansion project enhances the company's scarce attributes and the green transformation strengthens its cost advantages [2] - The company is expected to benefit from a steady increase in aluminum prices, leading to improved profitability as both volume and price rise [11] Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecasts for 2025-2027 are maintained at 1.05, 1.35, and 1.51 yuan respectively [4] - Based on comparable company valuations, a target price of 14.85 yuan is set for 2026, corresponding to an 11x PE ratio [4] - Revenue projections show a recovery with expected growth rates of 25.5% in 2025, 11.1% in 2026, and 6.1% in 2027 [13] - The company's operating profit is projected to increase significantly, with a forecast of 5,506 million yuan in 2025 and 7,073 million yuan in 2026 [13] Company Progress and Strategic Initiatives - The company is on track to complete its 1.4 million tons electrolytic aluminum green low-carbon efficiency improvement project by Q2 2026, which will enhance its production capacity and energy efficiency [11] - The project utilizes advanced energy-saving technologies, contributing to the company's green transformation and competitive advantage in electricity costs [11] - The company anticipates a significant increase in profitability following the completion of the project, driven by both volume and price increases in the electrolytic aluminum sector [11]