研報掘金丨中郵證券:維持天山鋁業“買入”評級,電解鋁擴產落地,降本增效可期
中郵證券研報指出,天山鋁業擬擴產20萬噸電解鋁項目,降本增效可期。項目完工後,公司電解鋁產量將提升至140萬噸/年左右,鋁液綜合交流電耗將達到行業領先水平。該項目技術成熟,社會、經濟效益良好,符合國家的產業政策和循環經濟要求,並已獲得相關政府部門的備案及批覆。鋁液綜合交流電耗將達到行業領先水平。另外,公司資源佈局亟待釋放,佈局印尼和幾內亞鋁土礦資源,全球化佈局徐徐展開。公司產業鏈一體化佈局完善,受益新疆能源價格較低,成本優勢明顯,海外資源端具備成長性,同時電解鋁新增產能落地增厚遠期利潤。綜上,維持“買入”評級。
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