Core Viewpoint - Citigroup maintains a "Buy" rating on China Hongqiao (01378) with a target price of HKD 25.20, continuing to list it as an industry preferred stock [1] Financial Performance - In the first half of 2025, China Hongqiao reported a net profit of RMB 12.4 billion, a year-on-year increase of 35%, meeting expectations [1] - Total revenue for the same period grew by 10% year-on-year, while operating profit reached RMB 18.1 billion, up 21% [1] Business Segmentation - Aluminum business revenue increased by 5% year-on-year, with gross profit rising by 9%. The average selling price of aluminum was RMB 18,178 per ton, reflecting a 3% year-on-year increase [1] - Alumina business revenue saw a significant year-on-year growth of 28%, with gross profit up 44%. The average selling price of alumina was RMB 3,244 per ton, marking a 10% year-on-year increase [1] Share Buyback - The company plans to repurchase shares worth no less than HKD 3 billion, indicating strong confidence in its development prospects and long-term investment value [1]
花旗：维持中国宏桥“买入”评级 仍为行业首选股 目标价25.20港元