Group 1 - The core viewpoint of the report indicates that China Hongqiao (01378) achieved a revenue of 81.039 billion yuan in H1 2025, representing a year-on-year increase of 8.48%, and a net profit attributable to shareholders of 12.361 billion yuan, up 35.02% year-on-year, primarily due to the rise in alumina and electrolytic aluminum prices [1] - The company is expected to see net profits of 24.259 billion, 26.739 billion, and 29.186 billion yuan from 2025 to 2027, with year-on-year growth rates of 8.43%, 10.22%, and 9.15% respectively, and EPS projected at 2.56, 2.82, and 3.07 yuan per share [1] - In H1 2025, the company reported stable production and sales, with aluminum alloy product sales of 2.906 million tons (up 2.4% year-on-year), aluminum processing product sales of 392,000 tons (up 3.4% year-on-year), and alumina sales of 6.368 million tons (up 15.6% year-on-year) [1] Group 2 - The acquisition of the remaining 25% stake in Yunnan Hongtai increased the electrolytic aluminum equity capacity, with the company's stake rising from 67.55% to 90.07%, corresponding to an increase of 457,000 tons in equity capacity [2] - The company plans to repurchase shares with a total amount not less than 3 billion Hong Kong dollars, demonstrating confidence in its development [2]
开源证券:电解铝权益产能提高增厚中国宏桥(01378)利润 回购股份彰显发展信心 维持“买入”评级