Core Viewpoint - China Hongqiao's performance in the first half of the year shows strong growth in revenue, gross profit, and net profit, aligning with expectations, indicating a robust operational capacity and potential for future gains in the aluminum market [1] Financial Performance - Revenue reached 81.039 billion yuan, a year-on-year increase of 10.1% [1] - Gross profit was 20.805 billion yuan, reflecting a year-on-year growth of 16.9% [1] - Net profit amounted to 12.361 billion yuan, marking a year-on-year rise of 35% [1] Competitive Advantages - The company has significant profit and valuation elasticity, with a capacity-to-market value ratio among the top in comparable electrolytic aluminum companies, positioning it to benefit from future aluminum price increases [1] - High self-sufficiency in resources, with both bauxite and alumina self-sufficiency exceeding 100%, enhancing risk resilience [1] - A high dividend yield of 7.8%, making it an attractive investment option [1] - The company is advancing a green aluminum industry chain through both primary and recycled pathways, which may lead to higher product premiums in the future [1] Earnings Forecast and Valuation - Earnings forecasts for 2025 and 2026 remain unchanged at 24.44 billion yuan and 25.12 billion yuan, respectively [1] - Current stock price corresponds to price-to-earnings ratios of 8.3 times and 8 times for 2025 and 2026 [1] - Target price has been raised by 24% to 29.29 HKD, maintaining an "outperform" rating due to market risk appetite and the company's high dividend characteristics [1]
研报掘金｜中金：上调中国宏桥目标价至29.29港元 列举四大配置优势