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Xinjiang-based electrolytic aluminum smelter benefiting from the region's low-cost coal-fired power.
Xinjiang-based electrolytic aluminum smelter benefiting from the region's low-cost coal-fired power.
In one line: A coal-power-advantaged Chinese aluminum smelter.
Moat: narrow (cost advantage). Xinjiang's cheap coal power gives one of the lowest smelting cost bases in China.
Headquarters: Shihezi, China · Founded: 1999 · Employees: 8,022
Size Tianshan Aluminum (002532.SZ) is a China Materials company (Aluminum) with a market value of $8.36B, the 297th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥12.04 on 6 Nov 2026.
Performance Over six months the shares fell 27.6%, against -25.3% for the median peer and -16.4% for the China market (cap-weighted) — 9th highest of 17 in its peer set.
Growth Revenue grew 16.8% over the last twelve months (peer median +11.9%); the operating margin is 30.8% (peer median 15.2%).
Valuation It trades at 6.4× forward earnings against a peer median of 7.3× (7th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 16.0 points above its cost of capital (6.8% WACC).
Next results Next results expected around 8 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥34.6B | CN¥29.4B | CN¥28.0B | CN¥28.9B | CN¥32.9B |
| Revenue growth | — | +5% | -3% | -12% | — |
| Gross profit | CN¥13.8B | CN¥6.96B | CN¥6.39B | CN¥3.96B | CN¥4.90B |
| EBITDA | n/a | CN¥6.95B | CN¥7.47B | CN¥4.69B | CN¥5.50B |
| Net income | CN¥7.90B | CN¥4.82B | CN¥4.46B | CN¥2.21B | CN¥2.65B |
| Free cash flow | CN¥10.2B | CN¥6.52B | CN¥3.94B | CN¥1.56B | CN¥1.00B |
| Capital expenditure | CN¥1.40B | CN¥1.53B | CN¥1.28B | CN¥2.36B | CN¥2.16B |
| Total debt | CN¥12.7B | CN¥19.4B | CN¥23.2B | CN¥27.0B | CN¥28.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tianshan Aluminum 002532.SZ | $8.36B | -28% | +17% | 31% | 6.4× | -13.0% |
| Henan Shenhuo Coal Industary and Electricity Power 000933.SZ | $8.45B | -21% | +17% | 26% | 6.2× | -16.2% |
| Inner Mongolia Dian Tou Energy 002128.SZ | $12.1B | -16% | +47% | 34% | 9.3× | -15.4% |
| Aluminum Corporation of China 601600.SS | $20.7B | -26% | +5% | 18% | 6.7× | -16.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002532.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.1% | -6.7% | 5th highest of 18 |
| 6-month return | -27.6% | -25.3% | 9th highest of 17 |
| Distance from 52-week high | -45.0% | -41.0% | 8th lowest of 18 |
| Revenue growth (TTM) | +16.8% | +11.9% | 7th highest of 17 |
| Operating margin | 30.8% | 15.2% | 3rd highest of 17 |
| Forward P/E | 6.4× | 7.3× | 7th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -13.0% | -6.2% | 4th least demanding of 15 |
| Growth delivered (Del g) | +1.4% | +11.1% | 2nd lowest of 15 |
| Hurdle (Req g minus delivered) | -14.4 pp | -17.1 pp | 6th most demanding of 15 |
| ROIC minus cost of capital | +16.0 pp | +9.7 pp | 5th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tianshan Aluminum 002532.SZ | China | $8.36B | -28% | +17% | 31% | 6.4× | -13.0% | +1.4% |
| Henan Shenhuo Coal Industary and Electricity Power 000933.SZ | China | $8.45B | -21% | +17% | 26% | 6.2× | -16.2% | +17.0% |
| Shandong Nanshan Aluminium 600219.SS | China | $7.53B | -19% | +4% | 13% | 10.7× | -5.7% | +9.4% |
| Guangdong HEC Technology 600673.SS | China | $10.4B | -35% | +30% | 6% | 51.0× | n/a | n/a |
| Alcoa AA | United States | $10.4B | -37% | +10% | 14% | 7.4× | -4.9% | +7.1% |
| Vedanta VEDL.NS | India | $10.8B | -14% | -37% | 28% | 6.0× | -9.5% | -3.1% |
| National Aluminium NATIONALUM.NS | India | $6.33B | -19% | +14% | 43% | 8.3× | -4.2% | +14.7% |
| Inner Mongolia Dian Tou Energy 002128.SZ | China | $12.1B | -16% | +47% | 34% | 9.3× | -15.4% | +8.5% |
| Yunnan Aluminium 000807.SZ | China | $12.8B | -23% | +16% | 26% | 5.8× | -16.1% | +15.2% |
| Norsk Hydro NHY.OL | Norway | $14.4B | -34% | -4% | 10% | 8.3× | 0.4% | +12.7% |
| Vedanta Aluminium Metal VAML.NS | India | $15.6B | n/a | n/a | n/a | 6.7× | n/a | n/a |
| United Company RUSAL international PJSC 0486.HK | Hong Kong | $4.26B | -34% | -4% | 6% | n/a | n/a | n/a |
| Henan Zhongfu Industrial 600595.SS | China | $3.36B | -28% | +24% | 16% | 5.7× | -10.2% | +23.3% |
| Century Aluminum CENX | United States | $3.31B | -43% | +10% | 15% | 3.2× | 9.9% | +9.5% |
| Grupa Kety KTY.WA | Poland | $3.15B | +11% | +8% | 15% | 16.9× | 6.6% | +9.2% |
| Constellium CSTM | United States | $2.93B | -36% | +26% | 9% | 8.3× | -6.8% | +8.7% |
| Chinahongqiao 1378.HK | Hong Kong | $25.5B | -36% | +7% | 25% | 5.0× | -12.8% | +12.7% |
| Henan Mingtai Aluminum Industrial 601677.SS | China | $2.70B | -17% | +19% | 6% | 7.2× | -2.7% | +16.6% |