TIANSHAN ALUMINUM(SZ:002532)2022-11-23 06:56Group 1: Company Overview - Tianshan Aluminum has a complete industrial chain from upstream resources to downstream processing, including bauxite, alumina, electrolytic aluminum, and supporting power generation and carbon products [2] - The company has two main aluminum production bases located in Xinjiang and Guangxi [2] Group 2: Production Capacity - In Xinjiang, Tianshan Aluminum has established an electrolytic aluminum production capacity of 1.2 million tons (out of a total of 1.4 million tons), with supporting power generation capacity of 350,000 kilowatts and 600,000 tons of anode carbon capacity [3] - The Guangxi region is planning to build a total of 2.5 million tons of alumina capacity, with the first phase already completed and the remaining 1.7 million tons under construction, expected to be operational by the end of 2021 [3] Group 3: Cost Advantages - The self-generated power supply covers approximately 90% of the electricity needs, benefiting from low coal prices in Xinjiang due to a relatively closed coal market [3] - The cost of bauxite in Guangxi is significantly lower than in Shanxi and Henan, with prices around 200 RMB per ton compared to over 400 RMB in other regions [3] - The company has built two carbon projects in Xinjiang with a total capacity of 600,000 tons, reducing the need for external purchases of anode carbon [3] Group 4: Financial Performance - The company has reduced its debt-to-asset ratio to 60% following a private placement of 1.5 billion RMB to enhance liquidity [4] - The alumina project in Guangxi is expected to follow market prices for sales, ensuring stable revenue [4] Group 5: Future Plans - Tianshan Aluminum is considering overseas expansion as a future opportunity, contingent on favorable conditions [5] - The company has not yet quantified the specific usage of high-purity aluminum in new energy vehicles, but it is primarily used in high-end applications [5]