TIANSHAN ALUMINUM(002532) 证券时报网·2025-01-21 01:28Core Viewpoint - Tianshan Aluminum is expected to achieve a record high net profit of 4.45 billion yuan in 2024, representing a year-on-year growth of 101.79% [1] Financial Performance - The company anticipates a net profit of 4.32 billion yuan after deducting non-recurring items, marking a 129.41% increase compared to the previous year [1] - The increase in profits is attributed to the strong performance of both the alumina and electrolytic aluminum segments [1] Operational Highlights - The average selling price of self-produced alumina increased by approximately 40%, with production volume rising by about 7.5%, leading to significant profit growth in the alumina segment [1] - The average selling price of self-produced aluminum ingots rose by about 6.5%, while costs of other production factors decreased, contributing to profit growth in the electrolytic aluminum segment [1] Industry Position - Tianshan Aluminum has a comprehensive integrated aluminum industry chain, covering bauxite, alumina, carbon anodes, power generation, electrolytic aluminum, high-purity aluminum, battery aluminum foil, and aluminum deep processing [1] - The company’s alumina production in Guangxi can fully meet the raw material needs for electrolytic aluminum in Xinjiang, effectively mitigating risks from raw material price fluctuations [2] Strategic Developments - The company has extended its industrial chain to the upstream bauxite sector, with the Guinea bauxite project set to enhance its supply stability and cost competitiveness [2] - Tianshan Aluminum aims to achieve a 100% self-sufficiency rate in bauxite within two years, ensuring a stable and low-cost resource supply [2] Market Outlook - The aluminum price is expected to perform well in 2025, with a projected range of 19,500 to 22,000 yuan per ton, supported by supply constraints as electrolytic aluminum production capacity approaches its ceiling [2] Shareholder Returns - In November 2024, Tianshan Aluminum distributed a cash dividend of 2 yuan per share, totaling 920 million yuan, and has distributed over 5.3 billion yuan in dividends since its listing in 2020 [3] - The company plans to determine future dividend ratios based on various factors, including capital expenditure and business layout, as part of its "Quality Return Dual Improvement" initiative [3]