Financial Performance - Revenue increased by approximately 12.0% year-on-year, amounting to RMB 73,592,249,000[2] - Gross profit surged by approximately 202.1% year-on-year, reaching RMB 17,801,761,000[2] - Profit for the period rose by approximately 236.7% year-on-year, totaling RMB 10,007,876,000[2] - Net profit attributable to shareholders increased by approximately 272.7% year-on-year, amounting to RMB 9,154,911,000[2] - Basic earnings per share rose by approximately 273.0% year-on-year, reaching RMB 0.966[2] - The group's revenue from aluminum product sales for the six months ended June 30, 2024, was RMB 73,592,249 thousand, an increase of 11.4% compared to RMB 65,733,870 thousand for the same period in 2023[15] - Revenue from liquid aluminum alloy reached RMB 45,216,442 thousand, up from RMB 40,359,290 thousand, reflecting a growth of 10.3%[15] - The revenue from aluminum alloy processing products increased significantly to RMB 7,582,091 thousand, compared to RMB 5,644,526 thousand, marking a growth of 34.3%[15] - Basic and diluted earnings per share for the six months ended June 30, 2024, were RMB 9,154,911,000 compared to RMB 2,456,623,000 for the same period in 2023, representing a significant increase[22] Dividends - The board declared an interim dividend of HKD 0.59 per share, compared to HKD 0.34 per share for the same period last year[2] - The company declared an interim dividend of HKD 0.59 per share, totaling approximately HKD 5,590,568,000[8] Assets and Liabilities - Total assets less current liabilities amounted to RMB 137,238,218,000, up from RMB 126,290,959,000[7] - Current liabilities totaled RMB 76,469,447,000, compared to RMB 74,029,126,000 last year[7] - Cash and cash equivalents increased to RMB 37,501,630,000 from RMB 31,721,122,000[6] - Trade receivables rose to RMB 7,239,475,000 from RMB 5,488,751,000[6] - The total liabilities of the group as of June 30, 2024, were approximately RMB 103,632,190,000, with a debt-to-asset ratio of about 48.5%[53] - The group had bank borrowings totaling approximately RMB 44,043,273,000, with about 87.3% of these borrowings at fixed interest rates[54] Expenses - Selling and distribution expenses were approximately RMB 366,499,000, an increase of about 20.5% year-on-year, mainly due to increased sales volume of alumina and aluminum alloy processing products[45] - Administrative expenses decreased by approximately 12.6% year-on-year to about RMB 2,453,793,000, primarily due to a reduction in R&D expenses[46] - Financial expenses increased by approximately 5.9% year-on-year to about RMB 1,561,045,000, mainly due to an increase in interest expenses from higher interest-bearing debt[47] Taxation - The income tax expense for the six months ended June 30, 2024, totaled RMB 3,863,113 thousand, significantly higher than RMB 871,674 thousand for the same period in 2023, reflecting a rise in tax obligations[19] - Income tax for the first half of 2024 was approximately RMB 3,863,113,000, an increase of about 343.2% year-on-year due to a significant increase in pre-tax profit[51] Impairment and Losses - The group reported a total impairment loss of RMB 596,468 thousand for the six months ended June 30, 2024, compared to RMB 89,388 thousand in the same period of 2023, indicating a substantial increase in impairment losses[17] - The company recognized an impairment loss of approximately RMB 534,225,000 on certain power plants during the reporting period[23] - Inventory write-downs amounted to RMB 57,550,000, while reversals of previously impaired inventory totaled RMB 106,365,000[24] - The group reported a foreign exchange loss of approximately RMB 361,202,000 for the six months ended June 30, 2024, compared to a loss of RMB 354,012,000 for the same period in 2023[56] Shareholding Structure - As of June 30, 2024, the total number of shares held by Shi Ping Xing Wang Private Trust Company is 6,090,031,073, representing approximately 64.27% of the total issued share capital[62] - Zhang Hongxia and Zhang Yanhong each hold 6,098,901,073 shares, which accounts for approximately 64.36% of the total issued share capital, as part of a concerted action arrangement[62] - CITIC International Capital Limited holds 660,690,170 shares, representing 6.97% of the total issued share capital[62] - CITIC Limited has a beneficial interest in 850,625,461 shares and a short position of 185,000,000 shares, totaling 8.98% and 1.95% respectively[62] - The total shareholding structure indicates significant concentration of ownership, with major shareholders holding over 64% of the total issued shares[62] Corporate Governance - The company established an audit committee consisting of three independent non-executive directors to review and supervise the financial reporting process and internal controls as of June 30, 2024[69] - The company complied with the Corporate Governance Code, with the exception of the CEO also serving as the Chairman, which the board believes is beneficial for stable business development[75] - The board consists of twelve directors, including four executive directors and eight non-executive directors, ensuring a balance of power and authority[76] Strategic Initiatives - The company continues to focus on high-quality development and has emphasized innovation and digital empowerment as part of its strategic initiatives[34] - The company is actively promoting low-carbon transformation and increasing the use of green energy sources such as hydropower and photovoltaic power[35] - The company is enhancing its integrated industrial chain and has achieved significant cost advantages through the integration of overseas bauxite resources[35] - The company plans to continue investing in technology innovation and digital transformation to enhance traditional industries[36] - The company received the "Best Sustainable Development Linked Loan (Aluminum Industry) China Offshore" award from a well-known international financial magazine, reflecting its commitment to sustainability[36] Financing Activities - The company successfully issued a total of RMB 9.5 billion in short-term financing bonds and medium-term notes, achieving a historical low in long-term bond interest rates[37] - The company issued convertible bonds with an initial principal amount of $300,000,000, with a conversion price adjusted from HK$8.91 to HK$6.54 due to dividend declarations, effective May 31, 2024[71] - The company issued senior unsecured notes totaling $500,000,000 due in 2024 and $300,000,000 due in 2025, with net proceeds of approximately $297,600,000 from the latter issuance[72] Production and Sales - Aluminum alloy product output reached approximately 3.22 million tons, an increase of about 5.3% compared to the same period last year[39] - The average selling price of aluminum alloy products rose by approximately 6.7% to about RMB 17,379 per ton (excluding VAT) compared to the previous year[41] - The company’s aluminum alloy processing product output increased by approximately 30.6% to about 493,000 tons compared to the same period last year[39] - Revenue from aluminum alloy products was approximately RMB 49,311,554,000, accounting for about 67.0% of total revenue, a year-on-year increase of approximately 7.2%[43] - The overall gross profit margin for the company's products was approximately 24.2%, an increase of about 15.2 percentage points compared to the same period last year[44] - The average selling price of alumina products increased by approximately 16.9% to about RMB 2,942 per ton (excluding VAT) compared to the previous year[41]

公司研究/有色金属 证券研究报告 中国宏桥(1378)公司研究报告 2024 年 06 月 30 日 | 股票数据 | | | |----------------------------|----|----| | 市场表现 | | | | 分析师 : 陈先龙 | | | | Tel:02123219406 | | | | Email:cxl15082@haitong.com | | | | 证书 :S0850522120002 | | | | 分析师:甘嘉尧 | | | | Tel:(021)23185615 | | | | Email:gjy11909@haitong.com | | | | 证书 :S0850520010002 | | | | 联系人 : 张恒浩 | | | | Tel:(021)23185632 | | | | Email:zhh14696@haitong.com | | | | 联系人 : 梁琳 | | | | Tel:(021)23185845 | | | | Email:ll15685@haitong.com | | | | 0 [ 6 Ta 月 b 2 le 8 _ 日 S 收 ...

铝产业链价格持续上行，公司盈利加速扩张 中国宏桥(1378.HK)/有色金属 证券研究报告/公司点评 2024年6月19日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：12.32港元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 134,814 136,165 182,545 199,568 217,674 分析师：刘耀齐 增长率yoy% 15% 1% 34% 9% 9% 执业证书编号： S0740523080004 净利润（百万元） 8,702 11,461 20,963 24,793 29,876 Email：liuyq07@zts.com.cn 增长率yoy% -46% 32% 83% 18% 21% 每股收益（元） 0.92 1.21 2.21 2.62 3.15 分析师：郭中伟 每股现金流量 0.80 2.36 1.13 2.92 3.27 执业证书编号：S0740521110004 净资产收益率 10% 13% 20% 20% 20% Email：guozw ...

M N 2024 年 6 月 17 日 招银国际环球市场 | 睿智投资 | 公司更新 中国宏桥 (1378 HK) 全球铝供应紧张局面的主要受益者，估值吸引 目标价 17.90港元 恢复覆盖并给予买入评级。在全球铝供应紧张（中国对铝产能的控制和铝土矿 潜在升幅 50.4% 供应不稳）但需求上升（电动汽车轻量化+ 光伏增长 + 中国房地产政策转变后建 当前股价 11.90港元 筑需求转趋稳定）的背景下，我们预测 2024 年电解铝/氧化铝价格将上涨 中国Materials 4.5%/10%，而2025 年将保持高位。我们认为宏桥（按 2023 年电解铝产量计全 冯键嵘, CFA 球市场份额约为 9%）将受益于单位利润大幅扩张，主要由于公司具备拥有海外 (852) 3900 0826 铝土矿参股权、自备电厂和高比例铝水产品的垂直整合模式。我们预计宏桥 waynefung@cmbi.com.hk 2024 年/25 年盈利增长分别为 61%/5%（高于彭博预期 6%/4%）。我们预计电 公司数据 解铝价格每上涨 1%，宏桥的盈利将增加 4%。尽管自今年年初以来股价大幅上 市值(百万港元） 112,758.9 涨，但 ...

2024 年 6 月 17 日 CMB 国际全球市场 | 股票研究 | 公司更新 中国虹桥 （ 1378 香港 ） 以具有吸引力的估值进行紧张的铝供应交易的主要受 益者 目标价 17.90 港元 继续购买保险。在全球铝 （ Al ） 供应紧张 （ 中国的产能控制和铝土矿供应中断 ） 但需求 涨 / 跌 50.4% 增长 （ 中国房地产政策掉头后，电动汽车和太阳能发电的增长 + 建筑需求的稳定 ） 的背景 现价 11.90 港元中国材料 下，我们预测铝 / 氧化铝价格 2024E 将上涨 4.5 ％ / 10 ％，并在 2025E 保持高位。我们认为 ，虹桥 （ 2023 年铝产量约 9 ％ 的全球市场份额 ） 将受益于单位利润率的扩张，这要归功于 Wayne FUNG, CFA (852) 3900 0826 其与海外铝土矿股权，自备电厂和高比例的熔融铝产品的垂直整合模式。我们预测虹桥在 2024E / 25E 实现 61% / 5% 的盈利增长 （ 比彭博社的共识高出 6% / 4% ） 。我们估计铝价 格每上涨 1% 将使虹桥的收益增加 4% 。尽管自今年年初以来出现了反弹，但虹桥的估值仍处 库存数据 于 ...

M N 17 Jun 2024 CMB International Global Markets | Equity Research | Company Update China Hongqiao (1378 HK) A key beneficiary of tight aluminum supply trading at attractive valuation Target Price HK$17.90 Resume coverage with BUY. On the back of tight global aluminum (Al) supply Up/Downside 50.4% (capacity control in China & disruption of bauxite supply) but rising demand Current Price HK$11.90 (growth of EV & solar power + stabilisation of construction demand following China’s U-turn on property policy), ...

有色金属/工业金属 公 司 研 中国宏桥（01378.HK） 成本企稳+铝行业高景气，电解铝龙头扬帆起航 究 2024年06月12日 ——公司首次覆盖报告 投资评级：买入（首次） 李怡然（分析师） 温佳贝（分析师） liyiran@kysec.cn wenjiabei@kysec.cn 日期 2024/6/11 证 书编号：S0790523050002 证书编号：S0790524040009 当前股价(港元) 12.020  成本企稳+铝行业高景气，电解铝龙头扬帆起航 公 一年最高最低(港元) 13.560/5.170 公司拥有电解铝产能 646 万吨/年，是当之无愧的电解铝龙头，同时向上布局原 司 材料降低风险敞口，向下布局铝加工、进军轻量化提高产品附加值，战略规划清 首 总市值(亿港元) 1,138.96 次 流通市值(亿港元) 1,138.96 晰，此外，公司最大的风险敞口预焙阳极和煤炭价格低位运行，相较同行而言， 覆 总股本(亿股) 94.76 公司除了能够享受铝行业高景气带来的利润增厚外，还能够享受原材料价格下行 盖 报 流通港股(亿股) 94.76 带来的利润空间增厚。我们预计公司2024-20 ...

[Ta中ble国_St宏ock桥Nam（eR 0p 1tT 3yp 7e 8] ） 公司研究/港股深度 盈利能力持续改善，一体化优势释放 投资评级：买入（首次） 主要观点： [Table_Rank] 报告日期： 2024-05-24 ⚫[ T全ab产le业_S链um布m局a，ry]高 度自给的优质铝企 中国宏桥2006年开始从事铝产品业务；2014年联合新加坡韦立国际集 [收Ta盘bl价e_（Ba港se元D）at a] 11.42 团、烟台港、几内亚UMS公司在几内亚设立赢联盟，成立矿业公司和 近12个月最高/最低（港元） 12.80/5.17 总股本（百万股） 9,476 港口公司，由几内亚向国内运送铝土矿；2019年将电解铝产能由山东 流通股本（百万股） 9,476 迁至云南，利用能源优势建设203万吨水电铝项目。目前公司已经成为 流通股比例（%） 100.00 一家集热电、采矿、氧化铝、液态铝合金、铝合金锭、铝合金铸轧产品、 总市值（亿港元） 1,122 铝母线、高精铝板带箔、新材料于一体的铝全产业链特大型企业。公司 流通市值（亿港元） 1,122 2023年营业收入/归母净利润分别为1336.24/1 ...

铝产业链一体化龙头，有望享高盈利弹性 [ —Tab中le_C国ove宏rSto桥ck] (1378.HK)公司深度报告 [Table2_0Re2po4rt年Dat5e] 月 16 日 [张Ta航bl e _CoverAuthor] 宋洋 金属&新材料行业首席分析师 金属&新材料行业分析师 S1500523080009 S1500524010002 zhanghang@cindasc.com songyang@cindasc.com ...

是一家集热电、采矿还有氧化链、电解链包括再生链以及下游的一些深加工这样的一个全产业链的企业了那我们的矿石呢主要是来自于几内亚我们在几内亚以雷银公司的形式参与了一个叫零联盟的这样子一个经营集团吧 然后在几内亚有两个矿区年出矿量可以达到5000万吨以上这5000万吨当中大概每年有60%左右运回到我们在山东的这边的一个氧化链的这个基地那大概对应到的是2800到3000万吨的这样的一个体量那余下的部分呢我们在几内亚当地 就找贸易商直接销售掉了也不会去追踪它运到哪个地方再往下游氧化铝这边我们是在山东有1750万吨在印尼有200万吨总产能是1950万吨印尼的这一部分我们就是直接使用印尼当地的矿每年大概产量能够达到210到220万吨 也是直接在当地找贸易商就直接销售掉了山东的这一部分1750万吨我们是有一部分我们在山东就自用了余下的我们也会外售外售的部分大概能够有每年能够有700到800万吨就是山东这一部分 山东的电解铝这一块我们其实总体的电解铝是646万斤的产能由于从18年开始山东省对于煤炭的消耗量有一个压降的计划我们在当年就减少了这个电的比例这一边我们 你电解铝的产能也是同时会有一个搬迁的计划就是我们去寻找更清洁的能源 ...