Core Viewpoint - HSBC Holdings reports that China Hongqiao's strong performance in the first half of 2025 is driven by rising demand and increases in both alumina and aluminum prices and sales [1] Group 1: Financial Performance - China Hongqiao achieved a net profit of 12.4 billion RMB in the first half of 2025, representing a year-on-year increase of 35%, aligning with previous earnings forecasts [1] - The strong profit performance is attributed to a 10% year-on-year increase in alumina prices and a 3% increase in aluminum prices [1] - Sales volumes for aluminum alloys, processed products, and alumina increased by approximately 2%, 3%, and 16% respectively, benefiting from strong downstream demand and an increase in market share [1] Group 2: Future Outlook - HSBC expects aluminum prices to remain robust in the second half of 2025, projected to be between 20,600 and 21,300 RMB per ton, while alumina prices are anticipated to be between 3,200 and 3,300 RMB per ton [2] - The company plans capital expenditures of 12 to 13 billion RMB for 2025, consistent with 2024 levels, with additional capacity expected to be relocated to Yunnan, reaching 2.2 million tons by year-end [2] - Despite a forecasted decline in profit growth for the second half of 2025 due to a high comparative base from record alumina prices in Q4 2024, multiple favorable factors remain, including a 45 million ton production cap to maintain supply discipline and continued demand support from electric vehicle sales and export recovery [2]
汇丰：基本面稳健+股息率仍具吸引力 维持中国宏桥“买入”评级 上调目标价至25.70港元