天山铝业（002532）：全年业绩高增，资源布局推进

Investment Rating - The investment rating for Tianshan Aluminum is "Recommended" [1] Core Views - Tianshan Aluminum achieved significant growth in its annual performance, with a revenue of 28.089 billion yuan in 2024, a year-on-year decrease of 3.06%, while the net profit attributable to shareholders increased by 102.03% to 4.455 billion yuan [5] - The company is progressing in its resource layout, with plans for overseas projects in Indonesia and Guinea to enhance its bauxite self-sufficiency and reduce costs [8][9] - The aluminum foil business is also expanding, with production lines ramping up to leverage cost advantages [9] Financial Summary - In 2024, Tianshan Aluminum's revenue is projected at 28.089 billion yuan, with a net profit of 4.455 billion yuan, and a significant increase in net profit expected in Q1 2025 to 1.05 billion yuan, a year-on-year increase of 46% [5] - The company’s gross margin is expected to improve from 23.3% in 2024 to 27.9% by 2027, indicating a positive trend in profitability [7] - The projected earnings per share (EPS) for 2025 is 1.08 yuan, with a price-to-earnings (P/E) ratio of 6.8, suggesting the stock is undervalued [7][9]