TIANSHAN ALUMINUM(002532) 东莞证券·2025-04-21 07:22Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum Industry (002532.SZ) [2][4] Core Views - The company's net profit has doubled due to rising prices of main products, with a significant increase in both revenue and profit margins [4] - The company achieved a total revenue of 28.09 billion yuan in 2024, a decrease of 3.06% year-on-year, while net profit reached 4.45 billion yuan, an increase of 102.03% year-on-year [4] - The report highlights the company's strong performance in Q4 2024, with a revenue of 7.29 billion yuan, up 10% year-on-year, and a net profit of 1.37 billion yuan, up 141.43% year-on-year [4] Summary by Relevant Sections Financial Performance - In 2024, the company reported a gross margin of 23.27%, an increase of 9.17 percentage points year-on-year, and a net margin of 15.86%, an increase of 8.25 percentage points year-on-year [4] - The production of electrolytic aluminum reached 1.18 million tons, a year-on-year increase of approximately 1%, while alumina production was 2.28 million tons, up 7.55% year-on-year [4] - The average selling price of self-produced electrolytic aluminum was approximately 19,800 yuan per ton, a year-on-year increase of about 6%, and the average selling price of self-produced alumina was approximately 4,000 yuan per ton, a year-on-year increase of about 40% [4] Industry Position and Strategy - The company has a significant advantage in its full industry chain development, achieving 100% self-sufficiency in core raw materials such as alumina and prebaked anodes [4] - The company has enhanced its supply chain autonomy with domestic and overseas resource guarantees, including its own bauxite mines in Guangxi and projects in Guinea and Indonesia [4] - The report emphasizes the company's technological advancements in high-purity aluminum production and its strategic partnerships in the downstream processing sector [4] Future Earnings Forecast - The forecast for earnings per share (EPS) is 1.03 yuan for 2025 and 1.22 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 7.39 and 6.24 times based on the closing price on April 18 [4][5]