Ping An Securities: Maintains a "buy" rating on Tianshan Aluminium, which is expected to benefit substantially from the increase in aluminum prices.

Ping An Securities research report pointed out that the rise in aluminum prices has led to increased performance for Tianshan Aluminum, opening up growth opportunities. In 2025, the company achieved revenue of 29.5 billion yuan, a year-on-year growth of 5%; achieved a net profit attributable to shareholders of 4.82 billion yuan, a year-on-year growth of 8.1%. In 2025, the company's average selling price of aluminum produced by itself was 20,600 yuan per ton, an increase of approximately 4% compared to the previous year. The production cost of electrolytic aluminum decreased by about 7% year-on-year, with the cost of self-generated electricity decreasing by about 23%. The rise in aluminum prices led to a decrease in costs, and the company's profitability improved simultaneously. The first batch of electrolytic cells for the company's 1.4 million tons green low-carbon energy efficiency improvement project has been officially energized, with the remaining sections planned to be put into operation in the first half of 2026, increasing the company's electrolytic aluminum production capacity to 1.4 million tons per year. The rigidity of domestic and overseas aluminum supply is gradually becoming apparent, and aluminum prices may enter a long-term prosperous period. Due to overseas geopolitical influences, aluminum prices have fluctuated greatly, leading to adjustments in the company's profit forecasts. As a high-quality integrated aluminum enterprise, the company is expected to benefit fully from the rise in aluminum prices, and maintains a "Buy" rating.