Core Viewpoint - China Hongqiao (01378) maintains its profit forecast for 2025-2026 at 24.44 billion and 25.12 billion yuan, respectively, with current stock prices corresponding to P/E ratios of 8.3 and 8.0 times for those years. The target price is raised by 24% to HKD 29.29, reflecting a potential upside of 25% [1] Group 1 - The company's 1H25 performance met expectations, with revenue of 81.039 billion yuan, a year-on-year increase of 10.1%, and net profit attributable to shareholders of 12.361 billion yuan, up 35.0% year-on-year [2] - Product volume and price increases drove the company's performance to a historical high for the same period, with aluminum alloy sales of 2.906 million tons (up 2.4% year-on-year) and alumina sales of 6.368 million tons (up 15.6% year-on-year) [3] Group 2 - The company has implemented a significant share buyback plan, repurchasing HKD 2.6 billion worth of shares, which reflects confidence in future prospects and long-term investment value [4] - The company is enhancing its integrated green industrial chain in the aluminum sector, with a new bauxite supply base in Guinea and an alumina production capacity increase of 8% year-on-year [5] Group 3 - Four key advantages highlight the investment value of China Hongqiao: significant profit and valuation elasticity, high resource self-sufficiency, a current dividend yield of 7.8%, and a dual approach to building a green aluminum industry chain [6]
中金：维持中国宏桥(01378)“跑赢行业”评级 上调目标价至29.29港元 四大优势凸显配置价值