研報掘金丨東方證券:維持天山鋁業“買入”評級,目標價9.36元
東方證券研報指出,天山鋁業(002532.SZ)6月7日公吿140萬噸電解鋁綠色低碳能效提升方案。項目落地方案及進度超預期,民營電解鋁龍頭展現經營高效率。本次綠色低碳能效提升方案覆蓋公司全部電解鋁產能,項目落地方案及進度大超市場預期。公司作為優秀的民營電解鋁龍頭,展現出較高的行動力,並有望在未來生產經營中,持續展現出優於行業的經營效率。公司管理層深耕電解鋁行業,對產業最新技術保持密切跟蹤與研究,本次低碳改造進一步降低了中長期生產成本。此外,公司資產負債率明顯改善,充沛的現金流也為公司未來穩健分紅提供了堅實的保障。根據可比公司估值,給予2025年8倍PE估值,對應目標價9.36元,維持“買入”評級。
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