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华创证券:中国宏桥业绩创历史新高 维持“推荐”评级 目标价26.65港元
Zhi Tong Cai Jing·2025-08-21 03:13

Core Viewpoint - The company is expected to achieve a net profit of 225.4 billion, 230.9 billion, and 238.7 billion CNY for the years 2023, 2024, and 2025 respectively, reflecting a year-on-year growth of 0.7%, 2.5%, and 3.4% [1] Financial Performance - In the first half of 2025, the company reported operating revenue of 810.4 billion CNY, an increase of 10.1% year-on-year; net profit attributable to shareholders reached 123.6 billion CNY, up 35% year-on-year [2] - The net profit is a historical high, driven by increased sales prices and volumes of aluminum alloy and alumina products, leading to higher gross margins [2] Business Segmentation 1. Aluminum Alloy: - Sales volume of 2.906 million tons, up 2.4% year-on-year; revenue of 518.8 billion CNY, an increase of 5.2%; average selling price of 17,853 CNY/ton, up 2.7%; unit cost of 13,347 CNY/ton, up 1.9%; unit gross profit of 4,506 CNY/ton, up 5.4% [3] 2. Alumina: - Sales volume of 6.368 million tons, up 15.6% year-on-year; revenue of 206.55 billion CNY, an increase of 27.5%; average selling price of 3,243 CNY/ton, up 10.3%; unit cost of 2,310 CNY/ton, up 5.3%; unit gross profit of 933 CNY/ton, up 24.7% [3] 3. Aluminum Alloy Processing: - Sales volume of 392,000 tons, up 3.5% year-on-year; revenue of 80.7 billion CNY, an increase of 6.5%; average selling price of 20,615 CNY/ton, up 2.9%; unit cost of 15,800 CNY/ton, up 0.01%; unit gross profit of 4,815 CNY/ton, up 13.9% [3] Cost Management - The company achieved capital expenditure of 98.93 billion CNY, up 77.9% year-on-year, primarily for quality assurance deposits and new project developments; despite increased capital expenditure, the company improved cost efficiency with a significant reduction in expense ratios [4] - Total sales and management plus financial expenses amounted to 39.6 billion CNY, down 10% year-on-year, with reductions in sales, management, and financial expenses contributing to this improvement [4] Strategic Initiatives - The company is recognized as a leading global aluminum alloy producer, leveraging its integrated supply chain and scale advantages to create a competitive edge; high self-sufficiency in bauxite and power reduces production costs [5] - The company has repurchased shares totaling 26.12 billion CNY since 2025 and plans to continue repurchases of at least 30 billion CNY, reflecting confidence in future growth [5]