TIANSHAN ALUMINUM(SZ:002532) Tebon Securities·2026-03-30 07:28Investment Rating - The investment rating for Tianshan Aluminum is "Buy" (maintained) [1] Core Views - The company has shown stable growth in its core business, with significant downstream expansion and a well-formed upstream layout [5] - The company reported a revenue of 29.502 billion yuan for 2025, representing a year-on-year growth of 5.03%, and a net profit attributable to shareholders of 4.818 billion yuan, up 8.13% year-on-year [8] - The production of electrolytic aluminum reached 1.1858 million tons, with an average selling price of approximately 20,600 yuan per ton, reflecting a 4% increase year-on-year [8] - The company is advancing its upstream resource projects, which are expected to enhance raw material security and reduce production costs [8] - Cost control measures have led to a significant reduction in production costs, with a 7% decrease in electrolytic aluminum production costs year-on-year [8] Financial Data Summary - Total shares outstanding: 4,628.74 million [7] - Market capitalization: 74,615.25 million yuan [7] - Revenue forecast for 2026-2028: 30.484 billion, 37.171 billion, and 38.156 billion yuan respectively [9] - Net profit forecast for 2026-2028: 6.992 billion, 7.799 billion, and 8.218 billion yuan respectively [9] - Earnings per share (EPS) forecast for 2026-2028: 1.51, 1.69, and 1.78 yuan respectively [9] - Gross margin forecast for 2026-2028: 30.8%, 27.8%, and 28.6% respectively [9]