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]
国信证券：中国宏桥(01378)受益于全产业链优势 盈利能力稳健 维持“优于大市”评级