全产业链布局，充分享受铝价上涨收益

Investment Rating - The investment rating for Tianshan Aluminum (002532.SZ) is "Buy" [1][5][17]. Core Views - The company is expected to benefit from a full industry chain layout, allowing it to fully enjoy the benefits of rising aluminum prices. The company’s net profit for 2023 decreased by 17% year-on-year, but it is projected to increase by 44% in Q1 2024 [1][17]. - The decline in profit in 2023 was primarily due to falling aluminum prices and a 30% export tariff on high-purity aluminum. However, the removal of this tariff in 2024 is expected to positively impact the company's high-purity aluminum business [1][6][17]. - The company is actively working on cost reduction and efficiency improvement, including local bauxite resource development and a recent acquisition in Guinea, which will lower procurement costs [1][17]. Summary by Relevant Sections Financial Performance - In 2023, Tianshan Aluminum achieved revenue of 28.97 billion yuan, a decrease of 12.2% year-on-year, and a net profit of 2.21 billion yuan, down 16.8% year-on-year. The operating cash flow increased by 24% to 3.92 billion yuan [1][6][18]. - For Q1 2024, the company reported revenue of 6.83 billion yuan, a slight decrease of 1.7% year-on-year, but a net profit increase of 43.5% year-on-year to 720 million yuan [1][6][18]. Production and Cost Structure - The company produced 1.166 million tons of electrolytic aluminum in 2023, a slight increase of 0.64% year-on-year. The production of alumina reached 2.119 million tons, up 37.6% year-on-year, achieving self-sufficiency [9][17]. - The average selling price of self-produced aluminum ingots in 2023 was 16,545 yuan/ton, down 5% year-on-year, while the cost was 13,108 yuan/ton, down 2% year-on-year, leading to a decrease in gross profit per ton [1][6][17]. Future Outlook - The company expects significant improvements in profitability for alumina in 2024 due to rising prices and changes in bauxite sourcing, which will enhance its cost structure [17]. - The tax rate for the electrolytic aluminum production subsidiary will decrease to 15% from 2023 to 2025, positively impacting the company's earnings [17]. - The completion of a dedicated railway line is anticipated to reduce logistics costs significantly, further enhancing operational efficiency [17].