Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum [3] Core Views - The company is implementing a 1.4 million ton electrolytic aluminum energy efficiency improvement plan, which is expected to enhance its production capacity and long-term cost advantages [6] - The projected earnings per share for 2025-2027 are adjusted to 1.17, 1.37, and 1.58 yuan respectively, with a target price of 9.36 yuan based on an 8x PE valuation for 2025 [2][3] Financial Performance Summary - Revenue is forecasted to decline from 28,975 million yuan in 2023 to 28,089 million yuan in 2024, before increasing to 35,501 million yuan in 2025, representing a growth of 26.4% [2][8] - Operating profit is expected to rise significantly from 2,642 million yuan in 2023 to 5,219 million yuan in 2024, and further to 6,096 million yuan in 2025, indicating a year-on-year growth of 97.6% [2][8] - Net profit attributable to the parent company is projected to increase from 2,205 million yuan in 2023 to 4,455 million yuan in 2024, and to 5,426 million yuan in 2025, reflecting a growth of 102.0% [2][8] - The gross margin is expected to improve from 14.1% in 2023 to 23.3% in 2024, and stabilize around 21.5% to 23.6% in the following years [2][8] Market Position and Competitive Advantage - The company is positioned as a leading player in the electrolytic aluminum industry, benefiting from a significant reduction in energy costs due to falling coal prices [6] - The implementation of advanced energy-saving technologies in the production process is expected to further reduce production costs and enhance operational efficiency [6] - The company has demonstrated strong cash flow generation capabilities, which supports stable dividend distributions [6]