友邦保险回购数量450.00万股，回购金额2.44亿港元，回购最高价为54.650港元，最低价为53.750港元， 年内累计回购金额64.41亿港元；中国宏桥回购数量269.15万股，回购金额3606.18万港元，回购最高价 为13.440港元，最低价为13.280港元，年内累计回购金额16.58亿港元；太古股份公司A回购数量22.00万 股，回购金额1418.04万港元，回购最高价为64.800港元，最低价为63.700港元，年内累计回购金额13.83 亿港元。 以金额进行统计，4月22日回购金额最多的是友邦保险，回购金额为2.44亿港元；其次是中国宏桥，回 购金额为3606.18万港元；回购金额居前的还有太古股份公司A、瑞声科技等。回购数量上看，4月22日 回购股数最多的是嬴集团，当日回购量为740.00万股；其次是友邦保险、太平洋航运等，回购数量分别 为450.00万股、400.00万股。 值得关注的是，本次回购2.44亿港元的友邦保险，年内则进行多次回购，合计回购金额为64.41亿港元。 （数据宝） 4月22日港股公司回购一览 代码简称回购股数 回购金额 （万港元）01299友邦保险450.00244 ...

以金额进行统计，4月17日回购金额最多的是友邦保险，回购金额为2.44亿港元；其次是中国宏桥，回 购金额为1.11亿港元；回购金额居前的还有瑞声科技、波司登等。回购数量上看，4月17日回购股数最 多的是有赞，当日回购量为1380.00万股；其次是中国宏桥、波司登等，回购数量分别为850.80万股、 500.00万股。 值得关注的是，卡罗特本次回购为年内首次进行回购。本次回购2.44亿港元的友邦保险，年内则进行多 次回购，合计回购金额为61.97亿港元。（数据宝） 证券时报·数据宝统计显示，4月17日有50家香港上市公司进行了股份回购，合计回购4720.10万股，回购 金额4.97亿港元。 友邦保险回购数量450.00万股，回购金额2.44亿港元，回购最高价为54.250港元，最低价为53.000港元， 年内累计回购金额61.97亿港元；中国宏桥回购数量850.80万股，回购金额1.11亿港元，回购最高价为 13.280港元，最低价为12.780港元，年内累计回购金额16.22亿港元；瑞声科技回购数量90.00万股，回购 金额3006.05万港元，回购最高价为33.800港元，最低价为32.450港元，年内累计 ...

4月17日，华泰证券发布了中国宏桥(01378)的最新研究报告，维持"买入"评级，并将目标价从13.91港元 提升至15.37港元。美国关税政策扰动加剧，对铝价形成较大冲击，下调电解铝及氧化铝价格假设，预 期公司25-27年归母净利润(-19.44%/-19.06%/-)为161.29/177.51/212.85亿元。公司17-24年以来PE均值 7.06X，由于公司大幅上调分红比率，给予25年8.5倍PE估值。 盈利方面，2024年公司实现销售毛利率27.0%，同比提高11.3pct，主要系氧化铝、电解铝销售价格上涨 所致，根据年报，2024年公司电解铝/氧化铝销售均价分别为17549/3420元/吨，分别同比提高 6.6%/33.6%。销量方面公司各类产品维持稳定，电解铝/氧化铝分别实现销量583.7/1092.1万吨，分别同 比增长1.5%/5.3%。此外24年铝土矿价格上涨较多带动公司联营企业业绩高增，公司24年联营公司投资 收益为17.58亿元，同比+47.37%。 公司提高分红比例至62.94%，投资价值凸显 根据年报披露，24年公司计划每股派息1.02港元，分红比例提升至62.94%，同比增长1 ...

Summary of Key Points Core Viewpoint - China Hongqiao has been actively repurchasing its shares, indicating a strong commitment to enhancing shareholder value and confidence in its stock performance [2]. Share Buyback Details - On April 17, China Hongqiao repurchased 8.508 million shares at a price range of HKD 12.780 to HKD 13.280, totaling HKD 111 million [2]. - The stock closed at HKD 13.280 on the same day, reflecting a 3.11% increase, with a total trading volume of HKD 476 million [2]. - Since April 8, the company has conducted buybacks for eight consecutive days, acquiring a total of 46.7675 million shares for a cumulative amount of HKD 603 million, during which the stock price increased by 8.67% [2]. - Year-to-date, the company has executed 22 buybacks, totaling 116 million shares and an aggregate buyback amount of HKD 1.622 billion [2]. Buyback Breakdown - A detailed breakdown of the buybacks shows various dates, share quantities, highest and lowest prices, and total amounts spent, highlighting the company's strategic approach to share repurchase [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 156.16 billion RMB for 2024, a year-on-year increase of 16.87%, and a net profit attributable to shareholders of 22.37 billion RMB, reflecting a significant year-on-year growth of 95.21% [1][2] - The dividend payout ratio has been increased to over 60%, specifically to 62.94%, which is a 15.28 percentage point increase year-on-year, enhancing the investment appeal [3][8] - The company benefits from rising prices of alumina and electrolytic aluminum, leading to a notable increase in gross profit margin to 27.0%, up 11.3 percentage points year-on-year [2][4] Summary by Sections Financial Performance - For 2024, the company achieved a gross profit margin of 27.0%, with sales prices for electrolytic aluminum and alumina averaging 17,549 RMB/ton and 3,420 RMB/ton, respectively, marking increases of 6.6% and 33.6% year-on-year [2] - The sales volume for electrolytic aluminum and alumina reached 5.837 million tons and 10.921 million tons, with year-on-year growth of 1.5% and 5.3% respectively [2] Dividend Policy - The company plans to distribute a dividend of 1.02 HKD per share, with a dividend ratio raised to 62.94%, which is expected to boost investor confidence [3][8] Profit Forecast and Valuation - The report forecasts a decline in net profit for 2025-2027, estimating 16.13 billion RMB, 17.75 billion RMB, and 21.29 billion RMB, representing decreases of 19.44% and 19.06% in the first two years [5] - The target price has been adjusted to 15.37 HKD, based on a price-to-earnings (PE) ratio of 8.5 for 2025 [5][9]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 156.16 billion RMB for 2024, a year-on-year increase of 16.87%, and a net profit attributable to shareholders of 22.37 billion RMB, reflecting a significant year-on-year growth of 95.21% [1][2] - The dividend payout ratio has been increased to over 60%, specifically to 62.94%, which is a 15.28 percentage point increase year-on-year, enhancing the investment appeal [3][8] - The company benefits from rising prices of alumina and electrolytic aluminum, leading to a notable increase in gross profit margin to 27.0%, up 11.3 percentage points year-on-year [2] Summary by Sections Financial Performance - For 2024, the company achieved a gross profit margin of 27.0%, driven by higher sales prices of alumina and electrolytic aluminum, with average selling prices of 17,549 RMB/ton and 3,420 RMB/ton respectively, reflecting increases of 6.6% and 33.6% year-on-year [2] - The sales volume for electrolytic aluminum and alumina reached 5.837 million tons and 10.921 million tons, marking year-on-year growth of 1.5% and 5.3% respectively [2] Dividend Policy - The company plans to distribute a dividend of 1.02 HKD per share, with a dividend payout ratio raised to 62.94%, which is expected to boost investor confidence [3] Profit Forecast and Valuation - The report projects a decline in net profit for 2025-2027, estimating 16.13 billion RMB, 17.75 billion RMB, and 21.29 billion RMB respectively, reflecting a decrease of 19.44% and 19.06% in the first two years [5] - The target price has been adjusted to 15.37 HKD, based on a price-to-earnings (PE) ratio of 8.5 for 2025, up from a previous target of 13.91 HKD [5][8]

4月11日港股公司回购一览 证券时报·数据宝统计显示，4月11日有45家香港上市公司进行了股份回购，合计回购3765.21万股，回购 金额3.52亿港元。 药明生物回购数量990.00万股，回购金额1.98亿港元，回购最高价为20.250港元，最低价为19.580港元， 年内累计回购金额11.11亿港元；中国宏桥回购数量519.55万股，回购金额6791.51万港元，回购最高价 为13.260港元，最低价为12.840港元，年内累计回购金额13.60亿港元；太古股份公司A回购数量31.50万 股，回购金额1948.77万港元，回购最高价为62.250港元，最低价为61.300港元，年内累计回购金额12.86 亿港元。 以金额进行统计，4月11日回购金额最多的是药明生物，回购金额为1.98亿港元；其次是中国宏桥，回 购金额为6791.51万港元；回购金额居前的还有太古股份公司A、名创优品等。回购数量上看，4月11日 回购股数最多的是协合新能源，当日回购量为1027.00万股；其次是药明生物、中国宏桥等，回购数量 分别为990.00万股、519.55万股。 值得关注的是，本次回购6791.51万港元的中国宏桥，年 ...

Group 1: Market Outlook - Concerns about a global recession are easing, leading HSBC to favor copper and aluminum sectors in Asia [1] - HSBC expects significant short-term rebounds in prices of copper and aluminum commodities, supported by new stimulus policies in China [1][2] - The market's fears of a recession have been deemed overblown, with panic selling exceeding reasonable levels [1] Group 2: Copper Market Analysis - Recent data shows improved operating rates in downstream industries for copper and aluminum, indicating a seasonal demand recovery [2] - Tight supply conditions are confirmed by negative spot processing fees (TC/RC), and China's trade measures against the US will reduce scrap copper imports, impacting refined copper output [2] Group 3: Aluminum Market Outlook - The operational capacity for aluminum is nearing a ceiling of 45 million tons, with limited room for new supply [2] - If demand increases significantly due to China's stimulus policies, a supply shortage may occur in the aluminum market [2] Group 4: Company Specifics - China Hongqiao - HSBC maintains a target price of HKD 17.10 for China Hongqiao, using a forward P/E ratio of 7.5x based on projected EPS of RMB 2.16 for 2025 [3] - The target P/E is significantly above the historical average since 2018, indicating potential upside of over 30% [3] - HSBC's "buy" rating for China Hongqiao is supported by strong fundamentals and an attractive dividend yield of approximately 10% [3]

Financial Performance - Revenue for the fiscal year 2024 reached RMB 156.17 billion, a 17.0% increase from RMB 133.62 billion in 2023[4] - Gross profit for 2024 was RMB 42.16 billion, with a gross margin of 27.0%, up from 15.7% in 2023[4] - Net profit attributable to shareholders for 2024 was RMB 22.37 billion, representing a 95.5% increase from RMB 11.46 billion in 2023[4] - The company's revenue for the year was approximately RMB 156.17 billion, an increase of about 16.9% year-on-year[15] - Gross profit reached approximately RMB 42.16 billion, reflecting a year-on-year increase of about 101.2%[15] - Net profit attributable to shareholders was approximately RMB 22.37 billion, up about 95.2% compared to the previous year[15] - The basic earnings per share were approximately RMB 2.3611, compared to RMB 1.2095 in the same period last year[15] - The group's revenue for the year ended December 31, 2024, was approximately RMB 156.17 billion, an increase of about 16.9% year-on-year, driven by higher sales prices and volumes of aluminum alloy and alumina products[27] - The net profit attributable to shareholders for the year was approximately RMB 22.37 billion, representing a significant increase of about 95.2% compared to the previous year, mainly due to increased sales prices and reduced procurement costs of key raw materials[28] Assets and Liabilities - Total assets increased to RMB 229.17 billion in 2024, compared to RMB 200.32 billion in 2023, reflecting a growth of 14.4%[5] - The group's cash and cash equivalents increased by approximately 41.1% to about RMB 44.77 billion, primarily due to increased net cash inflow from operating activities[35] - The group's total liabilities as of December 31, 2024, were approximately RMB 110,551,534,000, compared to RMB 94,063,640,000 as of December 31, 2023, resulting in a debt-to-asset ratio of approximately 48.2%[43] - Total liabilities rose to RMB 110,551,534 from RMB 94,063,640, indicating an increase of about 17.5%[103] Market and Product Development - The company plans to expand its market presence in the renewable energy sector, particularly in aluminum demand for electric vehicles and solar energy[12] - New product development initiatives are focused on enhancing the quality and sustainability of aluminum production[12] - The company anticipates continued growth in demand for aluminum driven by government policies supporting green energy initiatives[12] - The overall profitability of the alumina industry has significantly improved, with alumina prices reaching a nearly ten-year high during the year[12] - Aluminum alloy product sales volume reached approximately 5.84 million tons, a year-on-year increase of about 1.5%, with an average selling price rising approximately 6.6% to about RMB 17,550 per ton[27] - The group's alumina product revenue was approximately RMB 37.35 billion, a year-on-year increase of about 40.6%, driven by higher sales volumes and prices[30] Corporate Governance and Management - The company has received multiple awards for corporate governance and sustainable development, including recognition as one of the "Most Admired Companies" in Asia[19] - The company is committed to maintaining high standards of corporate governance through the involvement of independent directors and specialized committees[81][84] - The company’s board includes members with significant experience in the aluminum industry, which supports strategic decision-making and market expansion efforts[83][86] - The board of directors consists of four executive directors, four non-executive directors, and four independent non-executive directors, ensuring a balanced governance structure[177] - The board is responsible for leading and supervising the business strategy and performance of the group, ensuring compliance with applicable laws and regulations[178] Environmental and Social Responsibility - The company has established a dedicated environmental protection department to oversee compliance with environmental regulations and standards in China[55] - The company has installed dust removal and desulfurization facilities at its power plants to reduce emissions of pollutants, achieving ultra-low emissions across all coal-fired units[55] - The company donated RMB 428,078,000 during the year ending December 31, 2024, primarily for rural revitalization, education, and healthcare projects[130] Financing and Capital Management - The company successfully issued short-term financing bonds and corporate bonds totaling RMB 12.6 billion, along with USD 300 million in senior unsecured bonds, which were oversubscribed by seven times[20] - The company issued $330 million of 7.05% senior unsecured notes due in 2028, with proceeds intended for refinancing existing offshore debt and general corporate purposes[64] - The company has agreed to issue convertible bonds with an initial principal of $300,000,000, with a preliminary conversion price of HKD 20.88 per share[65] - The net proceeds from the issuance of the convertible bonds are approximately $294,584,687, intended for refinancing existing offshore debt and general corporate purposes[65] Risk Management - The company is facing risks related to domestic and international economic conditions, credit policies, and raw material prices, which are managed through a comprehensive risk management system[54] - The company has faced major risks and uncertainties, which are detailed in the management discussion and analysis section of the annual report[167] Employee Development - The company emphasizes the importance of employee development, providing training programs and competitive compensation to enhance workforce efficiency[58] - All directors are required to undergo training to enhance their understanding of the company's culture and operations, with training costs covered by the company[186] Shareholder Information - The company proposed a final dividend of HKD 1.02 per share, totaling HKD 1.61 per share for the fiscal year, compared to HKD 0.63 per share last year[15] - As of December 31, 2024, major shareholders include Shih Ping Trust Company holding 6,090,031,073 shares, representing approximately 64.27% of the total issued share capital[145] - Zhang Hongxia and Zhang Yanhong, as concert parties, collectively hold 6,098,901,073 shares, accounting for approximately 64.36% of the total issued share capital[145] Compliance and Legal Matters - The company has maintained directors and officers liability insurance for the year ending December 31, 2024, providing appropriate protection against legal actions[154] - The company has complied with all relevant disclosure requirements under the Listing Rules regarding connected transactions[158] - The company has adopted a code of conduct for directors' securities transactions that meets or exceeds the standards set by the standard code[160]

Core Viewpoint - Guosen Securities maintains an "outperform" rating for China Hongqiao (01378), highlighting the company's ability to leverage the current high cycle of electrolytic aluminum and capacity transfer opportunities to alleviate long-term debt and carbon emission pressures, thus enhancing sustainable development capabilities [1] Financial Performance - In 2024, the company reported a revenue of 156.2 billion yuan, a year-on-year increase of 17%, and a net profit attributable to shareholders of 22.37 billion yuan, representing a 95% growth compared to the previous year [2] - The operating cash flow net inflow was 14.26 billion yuan, up 85% year-on-year [2] - The company declared a final dividend of 1.02 HKD per share, along with an interim dividend of 0.59 HKD per share, totaling 1.61 HKD per share for the 2024 fiscal year, which amounts to 14.2 billion yuan and accounts for 63% of the 2024 net profit attributable to shareholders [2] Electrolytic Aluminum Business - The sales price of aluminum alloy products in 2024 was 17,550 yuan per ton, an increase of 1,100 yuan per ton compared to 2023 [3] - The coal procurement price in 2024 decreased by 110 yuan per ton compared to 2023, resulting in a cost reduction of 480 yuan per ton of aluminum [3] - The procurement price of prebaked anodes fell by 1,000 yuan per ton year-on-year, leading to a cost reduction of 420 yuan per ton of aluminum [3] - The combination of rising aluminum prices and declining energy costs resulted in an increase of 2,000 yuan in gross profit per ton of aluminum compared to 2023 [3] Alumina Business - The sales price of alumina in 2024 was 3,420 yuan per ton, an increase of 860 yuan per ton compared to 2023 [4] - The cost of alumina was 2,210 yuan per ton, which is a decrease of 60 yuan per ton compared to 2023 [4] - The gross profit per ton of alumina reached 869 yuan, an increase of 580 yuan per ton compared to 2023 [4]