Investment Rating - The investment rating for Tianshan Aluminum is "Buy" [6] Core Views - Tianshan Aluminum reported a revenue of 7.925 billion yuan in Q1 2025, a year-on-year increase of 16% and a quarter-on-quarter increase of 9%, with a gross margin of 20%. The net profit attributable to shareholders was 1.058 billion yuan, a year-on-year increase of 47% but a quarter-on-quarter decrease of 23% [1] - The company plans to build an integrated aluminum industry park in Indonesia, which will include bauxite, alumina, electrolytic aluminum, deep processing, and supporting industries, enhancing its competitive edge in the global aluminum market [2] - Tianshan Aluminum aims to achieve a 100% self-sufficiency rate in bauxite supply by expanding its resource acquisition capabilities and upstream industry layout [3] - The company is expected to achieve net profits of 4.8 billion yuan, 5.5 billion yuan, and 6.0 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 7.3, 6.3, and 5.8 [4] Financial Summary - In 2025, Tianshan Aluminum is projected to have a revenue of 31.264 billion yuan, with a year-on-year growth rate of 11.3% [5] - The net profit attributable to shareholders is expected to be 4.791 billion yuan in 2025, reflecting a year-on-year growth rate of 7.5% [5] - The company's earnings per share (EPS) is projected to be 1.03 yuan in 2025, with a net asset return rate of 16.2% [5]