Workflow
东方财富证券:中国宏桥(01378)一体化优势和高股息属性突出 首予“买入”评级
智通财经网·2025-08-05 04:43

Group 1 - The company has a complete aluminum product supply chain and is one of the world's leading aluminum manufacturers [1] - The company aims to become a world-leading century-old manufacturing enterprise with a focus on high dividend returns, similar to Shenhua [1] - The company has a projected net profit of 22.64 billion, 24.21 billion, and 25.39 billion CNY for 2025-2027, with corresponding EPS of 2.44, 2.61, and 2.73 CNY [1] Group 2 - The company has maintained an electrolytic aluminum production capacity of 6.459 million tons since 2017, with a strategic shift of production from Shandong to Yunnan [2] - The company’s electrolytic aluminum production is primarily based on large anode prebaked electrolytic cells with a current intensity of over 400KA, which helps reduce casting costs [2] - The company has a self-sufficient power supply rate of approximately 50% due to its self-built thermal power plants [2] Group 3 - The company has an abundant alumina production capacity of 21 million tons, with significant contributions from both domestic and overseas projects [3] - The company’s Indonesian alumina project is the first large-scale alumina smelting plant built by a Chinese enterprise overseas [3] - The company established the "Winning Alliance" in 2015 to secure stable upstream bauxite supply, achieving a bauxite production of 44.188 million tons in 2023 [3] Group 4 - The company has advanced aluminum deep processing technology and is actively developing recycled aluminum and circular economy projects [4] - The company has an aluminum processing capacity of 1.5665 million tons, with significant breakthroughs in high-end aluminum materials [4] - The company completed a 200,000-ton waste aluminum recycling project in 2023, aiming to become a competitive player in the green aluminum packaging industry [4]