证券代码：002532 证券简称：天山铝业 公告编号：2024-068 更正前： 5、会议的召开方式：本次股东大会采用现场表决与网络投票相结合的方式召开。 本次股东大会提供网络投票方式，公司将通过深圳证券交易所交易系统和互联 网投票系统（http://wltp.cninfo.com.cn）向全体股东提供网络形式的投票平台，股东 可以在网络投票时间内通过上述系统行使表决权。 公司股东应选择现场投票、网络投票中的一种方式，如果同一表决权出现重复 投票表决的，以第二次投票表决结果为准。 更正后： 天山铝业集团股份有限公司 关于召开 2024 年第二次临时股东大会通知的更正公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 天山铝业集团股份有限公司（以下简称"公司"或"本公司"）于 2024 年 10 月 26 日在《证券时报》《证券日报》《中国证券报》《上海证券报》和巨潮资讯网 （http://www.cninfo.com.cn）披露了《关于召开 2024 年第二次临时股东大会的通知》 （公告编号：2024-067）。现经检查发现，上述公告中需更正内容，具体情况如 ...

来源：公司年报、国金证券研究所 天山铝业 (002532.SZ) 事件 10 月 25 日，公司披露 24 年三季报，前三季度营收 207.96 亿元， 同比-6.93%；归母净利 30.84 亿元，同比+88.36%；扣非归母净利 29.61 亿元，同比+122.72%。3Q24 实现归母净利 10.10 亿元，环 比-25.35%，同比+63.48%。 点评 电解铝利润显著提升，氧化铝量利双增，公司业绩同比增厚。前 三季度，公司自产铝锭对外销售均价同比+6%，氧化铝对外销售均 价同比+30%，氧化铝产量同比+6%，而电解铝和氧化铝的生产成本 保持相对稳定，进而推动前三季度公司电解铝板块和氧化铝板块 的利润同比显著提升。3Q24，长江有色铝均价 1.96 万元/吨，环 比-4.7%，行业平均利润自低位修复，部分拖累业绩环比表现；氧 化铝均价 3939 元/吨，环比+7.5%，继续实现增长，驱动 Q3 业绩 同比高增。 利润大幅增长贡献充裕现金，财务指标显著改善。前三季度公司 净利润同比大幅增长，带动公司经营活动现金流净额同比大增 62.11%，货币资金同比+38.41%。公司大幅降低有息负债，归还短 期借款 ...

Investment Rating - The report maintains a "Recommend" rating for Tianshan Aluminum (002532) with a target price of 9.7 RMB, compared to the current price of 8.46 RMB [1] Core Views - Tianshan Aluminum's Q3 2024 performance met expectations, driven by rising alumina prices [1] - The company achieved revenue of 20.796 billion RMB in the first three quarters of 2024, a year-on-year decrease of 6.93%, but net profit attributable to shareholders increased by 88.36% to 3.084 billion RMB [1] - In Q3 2024, the company's revenue was 7.011 billion RMB, a year-on-year decrease of 7.12%, but net profit attributable to shareholders increased by 63.48% to 1.01 billion RMB [1] - The company focuses on shareholder returns, implementing both share repurchases and dividend distributions [1] Financial Performance - In Q3 2024, domestic aluminum ingot prices averaged 19,600 RMB/ton, up 3.8% year-on-year, while Guangxi alumina prices averaged 3,917 RMB/ton, up 37% year-on-year [1] - The company's operating income for the first three quarters of 2024 was 20.796 billion RMB, with a net profit attributable to shareholders of 3.084 billion RMB, a year-on-year increase of 88.36% [1] - The company's period expenses remained stable, with total expenses of 1 billion RMB in the first three quarters, a year-on-year decrease of 1.9% [1] Shareholder Returns - The company completed a share repurchase in July 2024, repurchasing 15.1553 million shares, accounting for 0.33% of the total shares [1] - The company proposed an interim dividend plan in October 2024, distributing 2 RMB per 10 shares, with a total cash dividend of 920 million RMB, accounting for 29.92% of the net profit attributable to shareholders for the first three quarters of 2024 [1] Industry and Market Performance - The aluminum industry is expected to benefit from tight alumina supply, which may improve in the future [1] - The company's market performance over the past 12 months shows a significant increase, with a 24% rise compared to the broader market [4]

证券研究报告 | 2024年10月27日 天山铝业（002532.SZ） 优于大市 产业链一体化优势凸显，盈利能力稳健 2024Q3公司归母净利润同比增长64%。2024Q1-Q3实现营收208亿元（-6.9%）， 归母净利润 30.8 亿元（+88.4%），扣非归母净利润 29.6 亿元（+122.7%）， 经营性净现金流 36.7 亿元（+62%）。2024Q3 营业收入 70.1 亿元（同比-7.1%， 环比+0.7%），归母净利润 10.1 亿元（同比+63.5%，环比-25.4%）。 三季度归母净利润环比下滑主因铝价下跌，2024Q3 电解铝均价 19550 元/吨， 环比二季度下降 1000 元/吨。公司单季度电解铝产量约 29 万吨，以此测算 铝价下跌带来减利 2.6 亿元。三季度铝产业链最大的变动是氧化铝价格，三 季度均价达到 3950 元/吨，环比增加 300 元/吨，四季度以来的均价更是攀 升至 4600 元/吨。公司得益于完整的产业链配套，铝冶炼利润没有受到氧化 铝挤占，盈利能力稳健。 公司公告了中期利润分配预案。向全体股东每 10 股派发现金红利 2 元（含 税），共计派发现金红利 9 ...

分析师登记编码：S0130516080004 公司点评报告 · 有色金属行业 Q3 业绩符合预期,产业链一体化优势显著 天山铝业 2024 年三季报点评 2024 年 10月 27 日 ● 事件:公司发布 2024年三季报,公司 2024年前三季度实现营业收入 207.96 亿元，同比减少 6.93%;实现归属母公司股东净利润 30.84 亿元,同比增长 88.36%;实现扣非后归属于母公司股东净利润 29.61亿元,同比增长 122.72%。公司 2024Q3 单季度实现营业收入 70.11亿元,同比减少 7.12%, 环比增加 0.73%;实现归属母公司股东净利润10.10 亿元,同比增长 63.48%, 环比减少 25.35%;实现扣非后归属于母公司股东净利润 10亿元,同比增长 66.96%，环比减少 20.35%。 ● 分红预案:公司拟定 2024年中期利润分配预案,拟向全体股东每 10 股派发 现金红利2元(含税),拟派发现金红利为 9.23 亿元(含税),占公司 2024 年 1-9 月实现归属上市公司股东净利润的 29.92%。 ● 2024Q3公司氧化铝板块业绩提升,电解铝板块业绩环比下降: ...

Investment Rating - The report maintains a "Recommend" rating for Tianshan Aluminum (002532 SZ) [1][3] Core Views - Tianshan Aluminum achieved revenue of RMB 20 8 billion in the first three quarters of 2024, up 6 9% YoY, with net profit attributable to shareholders of RMB 3 08 billion, up 88 4% YoY [1] - In Q3 2024, revenue was RMB 7 01 billion, down 7 1% YoY, while net profit attributable to shareholders was RMB 1 01 billion, up 63 5% YoY but down 25 4% QoQ [1] - The company's integrated layout is complete, with self-sufficiency in prebaked anodes and alumina, and 80%-90% self-sufficiency in electricity [1] - The company has a significant cost advantage due to low energy prices in Xinjiang, where its electrolytic aluminum capacity is located [1] - Strategic layout includes 2 million tons of alumina capacity in Indonesia and securing bauxite resources in Guinea [1] Financial Performance - For 2024-2026, the company is expected to achieve net profits attributable to shareholders of RMB 3 893 billion, RMB 4 485 billion, and RMB 4 937 billion, respectively, with corresponding P/E ratios of 10x, 9x, and 8x [1] - The company's revenue is projected to grow from RMB 28 975 billion in 2023 to RMB 33 590 billion in 2026, with a net profit margin increasing from 7 61% to 14 71% over the same period [4] - ROE is expected to improve from 9 15% in 2023 to 14 83% in 2026 [4] Production and Operations - In Q3 2024, the company's electrolytic aluminum and alumina production was nearly full, with electrolytic aluminum output of around 290,000 tons and alumina output of around 600,000 tons [1] - The company's 2024 production targets include 1 16 million tons of primary aluminum, 13 billion kWh of power generation, 2 35 million tons of alumina, and 550,000 tons of prebaked anodes [1] - Alumina gross profit increased in Q3 2024, while electrolytic aluminum gross profit declined due to a RMB 975/ton drop in aluminum prices [1] Strategic Developments - The company has completed the acquisition of three bauxite mines in Indonesia and plans to invest USD 1 556 billion to build a 2 million-ton alumina production line [1] - In late 2023, the company acquired 100% of Galicomininglimited, indirectly obtaining 50% of Elite Mining Guinea S A and exclusive purchase rights for bauxite, with planned annual production capacity of 5-6 million tons [1] Valuation and Dividends - The company proposed a cash dividend of RMB 2 00 per 10 shares, totaling RMB 923 million, accounting for 29 92% of the net profit attributable to shareholders in the first nine months of 2024 [1] - The company's EV/EBITDA is expected to decrease from 10 28x in 2023 to 5 46x in 2026 [5]

证券代码：002532 证券简称：天山铝业 公告编号：2024-067 天山铝业集团股份有限公司 关于召开 2024 年第二次临时股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东大会届次：2024 年第二次临时股东大会。 2、股东大会的召集人：天山铝业集团股份有限公司（以下简称"公司"）于 2024 年 10 月 25 日召开第六届董事会第十次会议审议通过了《关于召开 2024 年第二次临 时股东大会的议案》，公司董事会同意于 2024 年 11 月 11 日召开公司 2024 年第二次 临时股东大会。 3、会议召开的合法、合规性：公司 2024 年第二次临时股东大会会议的召开符 合法律法规、深圳证券交易所业务规则和公司章程的规定。 4、会议召开的日期、时间： 7、出席对象： （2）公司董事、监事和高级管理人员； （1）现场会议召开时间：2024 年 11 月 11 日 14:45 （2）网络投票时间：2024 年 11 月 11 日。其中，通过深圳证券交易所交易系 统进行网络投票的具体时间为 2024 年 11 ...

证券代码：002532 证券简称：天山铝业 公告编号：2024-065 天山铝业集团股份有限公司 第六届监事会第九次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、 监事会会议召开情况 天山铝业集团股份有限公司（以下简称"公司"）第六届监事会第九次会议 于 2024 年 10 月 25 日 15:00 在上海市浦东新区张杨路 2389 弄 3 号普洛斯大厦 9 层会议室召开，会议通知于 2024 年 10 月 21 日以电子邮件方式向全体监事发出。 会议采取现场表决方式召开，应到监事 3 人，实到监事 3 人。本次监事会会议由 监事会主席刘素君主持，董事会秘书列席了会议。本次监事会会议的召开符合法 律法规和公司章程的规定。 二、监事会会议审议情况 2、以 3 票同意、0 票反对、0 票弃权，审议通过了《关于公司 2024 年中期 利润分配预案的议案》 监事会认为：公司 2024 年中期利润分配预案符合公司的实际情况和全体股 东的长远利益，符合相关法律、行政法规以及《公司章程》的规定，不存在损害 公司及全体股东利益的情形。 三、备查文件 1、第 ...

证券代码：002532 证券简称：天山铝业 公告编号：2024-066 天山铝业集团股份有限公司 关于公司 2024 年中期利润分配预案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 天山铝业集团股份有限公司（以下简称"公司"）于 2024 年 10 月 25 日召开 第六届董事会第十次会议和第六届监事会第九次会议，审议通过了《关于公司 2024 年中期利润分配预案的议案》，本议案尚需提交公司 2024 年第二次临时股 东大会审议。现将有关情况公告如下： 根据中国证监会《关于进一步落实上市公司现金分红有关事项的通知》《上 市公司监管指引第 3 号—上市公司现金分红》《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》和《公司章程》的相关规定，结合当 前经营情况和未来发展，公司拟定 2024 年中期利润分配预案为：以实施权益分 派股权登记日登记的总股本扣除公司回购专用账户中的股份数量为基数，向全体 股东每 10 股派发现金红利 2 元（含税），不送红股、不进行资本公积金转增股 本，剩余未分配利润结转至下一期。截至 2024 年 9 ...

Financial Performance - The company's revenue for Q3 2024 was ¥7,010,805,078.78, a decrease of 7.12% compared to the same period last year[1]. - Net profit attributable to shareholders for Q3 2024 reached ¥1,010,484,998.41, an increase of 63.48% year-on-year[1]. - The net profit excluding non-recurring gains and losses for Q3 2024 was ¥999,777,782.91, up 66.96% from the previous year[1]. - Basic earnings per share for Q3 2024 was ¥0.22, representing a 69.23% increase year-on-year[1]. - Total operating revenue for the period was CNY 20,795,599,700.97, a decrease of 6.93% compared to CNY 22,343,517,284.79 in the previous period[12]. - Net profit attributable to shareholders of the parent company increased to CNY 2,200,000,000, representing a growth of 10% year-over-year[11]. - The net profit for Q3 2024 reached CNY 3,085,479,591.62, a significant increase of 88.6% compared to CNY 1,638,828,987.83 in Q3 2023[13]. - The total operating profit for the quarter was CNY 3,640,008,424.94, up from CNY 2,098,300,884.06 in the same period last year, reflecting a growth of 73.5%[13]. - The total comprehensive income for Q3 2024 was CNY 3,090,265,666.63, significantly higher than CNY 1,636,388,063.92 in Q3 2023[13]. Cash Flow and Assets - The operating cash flow for the year-to-date period reached ¥3,671,157,998.25, reflecting a 62.11% increase compared to the same period last year[1]. - Cash and cash equivalents increased by 38.41% to ¥10,812,191,650.30 due to significant net cash inflow from operating activities[4]. - Cash flow from operating activities generated a net amount of CNY 3,671,157,998.25, compared to CNY 2,264,673,816.22 in the previous year, indicating a year-over-year increase of 62.0%[14]. - Cash and cash equivalents at the end of the period totaled CNY 1,619,011,037.37, a decrease from CNY 1,628,106,648.96 at the end of Q3 2023[15]. - The company incurred a net cash outflow from financing activities of CNY -2,591,842,144.74, compared to CNY -409,150,554.97 in the previous year[15]. - Total assets as of September 30, 2024, were ¥58,589,941,470.25, a 2.61% increase from the end of the previous year[1]. - Total assets reached CNY 58,589,941,470.25, up from CNY 57,097,016,803.02, reflecting a growth of 2.62%[11]. - Total liabilities decreased to CNY 32,183,068,778.83 from CNY 32,988,026,120.80, a reduction of 2.44%[10]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 50,351[5]. - The largest shareholder, Shihezi Jinlong Energy Industry Chain Co., Ltd., holds 19.63% of shares, totaling 913,175,412 shares[5]. - The second-largest shareholder, Zeng Chaoyi, holds 8.46% of shares, totaling 393,778,364 shares[5]. - The company has repurchased a total of 15.1553 million shares, accounting for 0.33% of the total share capital, with a total expenditure of 100.0024 million RMB[7]. - The highest repurchase price of shares was 8.17 RMB per share, while the lowest was 4.86 RMB per share[7]. - The company has a significant number of pledged shares, with the largest shareholder having 412,511,000 shares pledged[5]. - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending[5]. - The company has not disclosed any preferred shareholders or their holdings[6]. Operational Metrics - Total operating costs amounted to CNY 17,560,716,511.69, down 14.06% from CNY 20,642,004,798.23 in the prior period[12]. - Inventory levels decreased to CNY 9,115,563,395.44 from CNY 9,543,302,748.06, a decline of 4.48%[10]. - Research and development expenses were CNY 158,817,639.62, slightly up from CNY 155,006,216.33, indicating a focus on innovation[12]. - Deferred income tax assets increased to CNY 453,258,532.07 from CNY 400,901,730.58, an increase of 12.97%[10]. - Contract liabilities surged by 346.71% to ¥323,549,585.60, indicating an increase in advance payments received for sales[4]. - The company completed the construction acceptance of the Guangxi Jingxi Tiangui alumina project, allowing for the permanent allocation of 764.6623 million RMB of remaining raised funds to supplement working capital[8]. - The company reported total revenue from sales of goods and services of CNY 23,398,353,255.16, slightly up from CNY 23,231,564,925.09 in Q3 2023[14].