Tianshan Aluminum Group (002532) Fair Value & Analysis

Basic Materials · CN · Market cap 55.5B CNY

A solid business, but screening 12% overvalued on our models.

What matters now

• Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder.
• Our model range runs from ¥8.79 (bear) to ¥14.66 (bull), base ¥11.73. The closer the price sits to the lower half, the larger the margin of safety.
• Quality 68/100 (solid quality) with high evidence: the data supports the verdict.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range ¥4.44 – ¥20.30 · fair‑value band ¥8.79 – ¥14.66 · the ¥13.40 price screens above the ¥11.73 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

Full chart & analysis →

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Analysis

Tianshan Aluminum Group (002532) currently trades at ¥13.40, while our model-based Fair Value estimate is ¥11.73, implying the stock looks roughly 12.5% overvalued today. We read business quality at 68/100 (solid quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Tianshan Aluminum Group generated revenue of 30.0B CNY at a net margin of 19.9%. Revenue grew 6.6% year over year. It earns a return on equity of 20.2%. Net debt stands at 2.3B CNY. Fundamentals as of Jul 18, 2026

Our scenario range runs from ¥8.79 (bear case) to ¥14.66 (bull case); at ¥13.40, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 37% below its 52-week high and 82% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at 19% fair-value upside, at -12%, 002532 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Growth Earnings (¥46.94) versus Asset-Based (¥4.28). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Tianshan Aluminum Group Co.,Ltd, together with its subsidiaries, produces and sells primary aluminum, prebaked anodes, high-purity aluminum, alumina, and aluminum foil products in China and internationally. It operates through Original Aluminum Plate, High-Purity Aluminum, Aluminum Oxide Plate, Aluminum Foil and Aluminum Foil Stock, and other segments.

Full company description

Tianshan Aluminum Group Co.,Ltd, together with its subsidiaries, produces and sells primary aluminum, prebaked anodes, high-purity aluminum, alumina, and aluminum foil products in China and internationally. It operates through Original Aluminum Plate, High-Purity Aluminum, Aluminum Oxide Plate, Aluminum Foil and Aluminum Foil Stock, and other segments. The company offers bauxite, anode carbon, electrolytic aluminum, and power battery aluminum foil, as well as power generation and aluminum deep processing services. It also provides aluminum ingots; carbon and its products; furnace charge products; aluminum alloy materials; aluminum hydroxide; comprehensive services for the energy industry chain; aluminum smelting; high-precision aluminum engineering-related technical services; and vocational and technical training services. In addition, it engages in the wholesale of metals and metal ores; construction and operation of railways; quicklime mining and sales; unit logistics management services; and international trade and foreign investment activities. Tianshan Aluminum Group Co.,Ltd was founded in 1997 and is based in Shanghai, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tianshan Aluminum Group reported revenue of ¥29.5B in FY2025 versus ¥28.7B in FY2021, a compound +0.7%/yr. Reported net income was ¥4.8B in FY2025, compounding +5.9%/yr from FY2021.

002532 screens 12% overvalued. Compare with Shandong Hongqiao Aluminum Industry Holding →

Peer Group

Aluminum · 83 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Aluminum median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.