Group 1 - HSBC reports that China Hongqiao (01378) expects a net profit growth of approximately 35% year-on-year for the first half of 2025, exceeding the bank's previous expectations [1] - The growth is attributed to an increase in both sales prices and volumes of aluminum alloy and alumina products, leading to higher gross margins [1] - HSBC maintains a "Buy" rating on China Hongqiao, raising the target price from HKD 17.10 to HKD 18.50 [1] Group 2 - For the second half of 2025, HSBC believes the aluminum industry's fundamentals remain robust, supported by a production capacity cap of 45 million tons, ongoing "old-for-new" subsidies, strong grid investments, and growth in electric vehicle sales [2] - However, there are concerns about a gradual slowdown in apparent demand growth due to seasonal factors starting from late June [2] - The company may need aluminum prices to continue rising and energy costs to decrease further to achieve profit margin expansion and earnings growth in the second half of 2025, especially after experiencing high alumina prices in Q4 2024 [2]
汇丰:上调中国宏桥(01378)目标价至18.50港元 维持“买入”评级 25H1盈喜超预期