长江商报消息 国内铝业龙头天山铝业（002532.SZ）综合竞争力释放，盈利能力明显增强。 近期，天山铝业披露的2025年第一季度报告显示，公司实现营业收入约79亿元，同比增长约16%；归属 母公司股东的净利润（简称"归母净利润"）10.58亿元，同比增长约47%。 营收净利均为快速增长，但公司在一季度报告中没有进行说明。 此前披露的2024年年报显示，公司实现的营业收入为280.89亿元，同比下降约3%；归母净利润约为45 亿元，较上年同期翻了一倍。 天山铝业主营电解铝、氧化铝等，是中国民营500强企业。2024年，国内铝价呈现 M 型走势，价格重心 整体抬高。公司抓住了市场机遇，实现了产销量增长。 经营业绩增长的同时，天山铝业的经营现金流净流入增加。2024年，公司经营现金流净额为52.20亿 元，同比增长33.29%。 天山铝业的资产负债率持续下降，2024年底为52.74%，较上年末下降5.04个百分点，这已经是2020年底 以来连续四年下降。 据披露，2024 年全年，国内铝价呈现 M 型走势，价格重心整体抬高。整体而言，全年电解铝现货价格 同比上涨约 7%，氧化铝现货价格同比上涨约 40%。 在产 ...

证券代码：002532 证券简称：天山铝业 天山铝业集团股份有限公司 投资者关系活动记录 编号：2025-002 投资者关系 活动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 电话会议 主要参与单 位名称及人 员姓名 投资者网上提问 时间 2025 年 4 月 25 日 15:00-16:00 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接 待人员姓名 公司董事长兼总经理曾超林、副总经理李亚洲、独立董事李书锋、 副总经理兼董事会秘书周建良、财务总监胡春华 投资者关系 活动主要内 容介绍 1.祝贺公司 2024 年取得了不错的业绩，请问净利润增长的主 要原因是什么？ 答:尊敬的投资者您好！公司 2024 年业绩同比实现大幅增长 的主要原因如下：2024 年公司自产氧化铝对外销售均价同比上升 约 40%，产量同比增加约 7.5%，氧化铝板块利润同比实现较大幅 度增长。另外，公司自产铝锭对外销售均价同比上升约 6.5%，除 氧化铝之外的其他生产要素成本有所下降，电解铝板块利润同比 亦实现增长。 2.去年公司氧化铝的产量有多少？销售价格 ...

2025 年 04 月 25 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈晨 S0350522110007 chenc09@ghzq.com.cn 证券分析师： 王璇 S0350523080001 wangx15@ghzq.com.cn ——天山铝业（002532）2025 年一季报&2024 年年报点评 最近一年走势 | 相对沪深 | 300 | 表现 | | 2025/04/24 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 天山铝业 | | -16.8% | -16.4% | 12.5% | | 沪深 300 | | -3.8% | -1.3% | 7.5% | | 市场数据 | 2025/04/24 | | --- | --- | | 当前价格（元） | 7.57 | | 52 周价格区间（元） | 6.08-9.88 | | 总市值（百万） | 35,214.77 | | 流通市值（百万） | 31,264.14 | | 总股本（万股） | 465,188.54 | | 流通股本（万股） | 413,000. ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 24 年 月 日 天山铝业（002532.SZ） 主营产品价格环比双减影响 Q1 利润，一体化布局成本优势凸显 以资源保障为重点，拓展资源获取能力和上游产业的布局，使公司铝土矿 自给率达到 100%。公司在几内亚完成了一家本土矿业公司的股权收购 并获得矿产品独家购买权，在几内亚直接锁定铝土矿资源供应和采购成 本，该项目规划年产能 500-600 万吨铝土矿，矿产品开采后运回国内满足 自身氧化铝生产原料需求。2025 年，该项目已进入大规模开采的全链条 运营阶段，矿产品陆续发运回国。同时，公司广西自有铝土矿探转采工作 取得实质性进展，公司已取得广西壮族自治区自然资源厅颁发的采矿权 证，项目已进入开采阶段。随着上述两个项目的推进，未来公司上游资源 的保障度将达到 100%。另外，基于国内铝土矿对外依存度不断提高、优 质资源获取难度日益加大的背景，公司项目团队继续在国内外探寻优质铝 土矿资源，加大资源供给多元化，进一步提高整体抗风险能力。 投资建议：公司作为铝行业龙头企业，铝全产业链一体化布局凸显强大的 资源优势和成本优势，当前时点下产能兑现及降 ...

公司主营产品价格环比双减影响 Q1 利润水平。1）量，2025 年公司全年 主要生产经营目标为原铝产量 116 万吨、发电量 130 亿度、氧化铝产量 240 万吨、预焙阳极产量 55 万吨、铝土矿产量 300 万吨、高纯铝产量 2 万吨、铝箔及铝箔坯料产量 15 万吨。2）价，据 SMM，25Q1 电解铝价格 为 2.04 万元/吨，同比增长 7.3%，环比减少 0.5%；25Q1 氧化铝价格为 3833 元/吨，同比增长 15.2%，环比减少 28.1%。 复制国内成功经验，加快建设海外一体化铝产业园。公司计划在印尼建设 铝一体化产业链，打造铝土矿、氧化铝、电解铝、深加工和配套产业链的 大型一体化铝工业园，形成资源优势、成本优势、技术优势和管理优势协 同并进，面向全球铝市场，不断提高公司在铝行业中的规模和竞争力。公 司已在当地拥有三个铝土矿权，2025 年将进入开采阶段，下一步将在印 尼投资兴建 200 万吨氧化铝项目，目前该项目已被列入印尼国家战略项目 清单，已完成可研报告和环评审批，进入项目设计、土建场平阶段。 以资源保障为重点，拓展资源获取能力和上游产业的布局，使公司铝土矿 自给率达到 100%。公 ...

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, with no false records or misleading statements [2][3] - The quarterly report has not been audited [3][7] Financial Data - The company does not require retrospective adjustments or restatements of previous accounting data [3] - There are no non-recurring profit and loss items applicable for the current quarter [3] - The company has not defined any non-recurring profit and loss items as recurring [3] Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders are not disclosed in the provided documents [5] - There are no changes in the top ten shareholders due to securities lending activities [5] Other Important Matters - The company has changed its website to http://www.tslyjt.com and its email to 002532@tslyjt.com [5]

Financial Performance - The company's revenue for Q1 2025 reached ¥7,925,025,818.02, representing a 16.12% increase compared to ¥6,825,089,442.22 in the same period last year[5] - Net profit attributable to shareholders was ¥1,058,092,960.94, a significant increase of 46.99% from ¥719,819,784.57 year-on-year[5] - Basic and diluted earnings per share increased by 43.75% to ¥0.23, compared to ¥0.16 in the same period last year[5] - Net profit for the current period was ¥1,057,673,550.25, representing a 46.2% increase from ¥723,374,449.47 in the previous period[17] Cash Flow - The net cash flow from operating activities decreased by 23.95% to ¥801,046,015.79, down from ¥1,053,339,609.25 in the previous year[5] - Cash generated from operating activities was ¥8,558,488,884.44, an increase from ¥7,403,619,693.82 in the previous period[19] - Operating cash inflow totaled approximately ¥8.63 billion, an increase from ¥7.51 billion year-over-year[20] - Cash outflow from operating activities was approximately ¥7.83 billion, compared to ¥6.45 billion in the previous year[20] - Net cash flow from operating activities decreased to approximately ¥801 million from ¥1.05 billion year-over-year[20] - Cash inflow from financing activities was approximately ¥1.56 billion, down from ¥3.08 billion in the previous year[20] - Cash outflow from financing activities totaled approximately ¥2.93 billion, compared to ¥3.30 billion in the previous year[20] - Net cash flow from financing activities showed a significant decline to approximately -¥1.37 billion from -¥216 million year-over-year[20] - The net increase in cash and cash equivalents was approximately -¥817 million, compared to -¥59.58 million in the previous year[20] - The ending balance of cash and cash equivalents was approximately ¥590 million, down from ¥1.82 billion year-over-year[20] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥54,992,859,101.35, a decrease of 3.15% from ¥56,780,292,031.26 at the end of the previous year[5] - Total liabilities decreased to ¥27,112,969,389.76 from ¥29,946,396,702.13, a reduction of 9.5%[15] - The company's equity attributable to shareholders rose by 3.90% to ¥27,878,065,797.83 from ¥26,831,388,895.23 at the end of the last year[5] - Total current assets decreased from 20,931,363,173.13 CNY to 19,305,417,048.92 CNY, a decline of about 7.8%[13] Shareholder Information - The total number of common shareholders at the end of the reporting period is 47,545[9] - The largest shareholder, Shihezi Jinlong Energy Industry Chain Co., Ltd., holds 19.63% of shares, totaling 913,175,412 shares, with 370,000,000 shares pledged[9] - The second-largest shareholder, Zeng Chao Yi, owns 8.46% of shares, totaling 393,778,364 shares, with 175,000,000 shares pledged[9] Operational Costs and Expenses - Total operating costs amounted to ¥6,740,758,568.95, up 12.7% from ¥5,984,793,694.01 in the prior period[16] - Research and development expenses were ¥48,983,469.91, slightly up from ¥46,414,224.28, indicating continued investment in innovation[16] - The company reported a significant increase in payments for goods and services, totaling approximately ¥6.46 billion, compared to ¥5.70 billion in the previous year[20] - Payments to employees increased to approximately ¥244 million from ¥208 million year-over-year[20] Other Financial Metrics - The financial expenses decreased by 32.41% to ¥124,727,272.59, down from ¥184,524,936.33 in the previous year[8] - Other income increased significantly by 207.51% to ¥63,758,969.45, compared to ¥20,733,967.57 in the same period last year[8] - The net cash flow from investing activities improved by 71.96%, reaching -¥253,561,919.51, compared to -¥904,196,027.56 in the previous year[8] - The company has changed its website and email address for operational needs[11] - There are no significant changes in the top 10 shareholders' participation in margin trading[9]

Core Insights - Tianshan Aluminum reported a net profit of 1.058 billion yuan for Q1 2025, representing a year-on-year increase of 46.99% [1] - The company's operating revenue for the same period reached 7.925 billion yuan, showing a year-on-year growth of 16.12% [1] Financial Performance - The net profit attributable to shareholders increased significantly, indicating strong financial health and operational efficiency [1] - The revenue growth suggests a positive trend in sales and market demand for the company's products [1]

Investment Rating - The report maintains a "Recommendation" rating for Tianshan Aluminum [1][3] Core Views - The company is expected to achieve a record high net profit attributable to shareholders in 2024, driven by an integrated business layout and rising aluminum prices [1][7] - The target price is set at 9 CNY, with the current price at 7.45 CNY, indicating potential upside [3][7] Financial Performance Summary - In 2024, the company reported total revenue of 28,089 million CNY, a decrease of 3.06% year-on-year, while net profit attributable to shareholders reached 4,455 million CNY, an increase of 102.03% year-on-year [7][8] - The fourth quarter of 2024 saw revenue of 7,294 million CNY, up 9.99% year-on-year, and net profit of 1,371 million CNY, up 141.43% year-on-year [7] - For Q1 2025, the company anticipates a net profit of approximately 1,050 million CNY, a growth of 46% year-on-year [7] Production and Pricing Insights - The average selling price of self-produced electrolytic aluminum was approximately 19,800 CNY/ton, up about 6% year-on-year, while the average selling price of self-produced alumina was about 4,000 CNY/ton, up about 40% year-on-year [7] - The company achieved record production levels in electrolytic aluminum (1,175,900 tons), alumina (2,278,900 tons), and electricity generation (over 13.8 billion kWh) in 2024 [7] Strategic Developments - The company is making steady progress in its integrated projects, including the acquisition of mining rights in Indonesia and the commencement of production in Guinea [7] - The integration of upstream and downstream operations is expected to enhance cost advantages and operational efficiency [7] Future Profitability Projections - The company is projected to achieve net profits of 4,647 million CNY, 5,463 million CNY, and 6,267 million CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 4.3%, 17.6%, and 14.7% [7][8]