Core Viewpoint - The report from Debon Securities maintains a "buy" rating for China Hongqiao (01378), projecting net profits of 23.5 billion, 25.5 billion, and 26.1 billion yuan for 2025-2027 [1] Group 1: Business Performance - The company achieved total operating revenue of 81.039 billion yuan in the first half of 2025, representing a year-on-year increase of 8.48% [1] - Pre-tax profit reached 17.764 billion yuan, up 28.07% year-on-year, while net profit was 12.361 billion yuan, reflecting a 35.02% increase [1] - The growth in the company's main products is driven by both volume and price increases [2] Group 2: Product Sales and Pricing - In the alumina segment, the company sold 6.368 million tons, a year-on-year increase of 15.6%, with an average price increase of approximately 10.3% to 3,242 yuan/ton (excluding VAT) [2] - For electrolytic aluminum, sales of aluminum alloy products reached 2.906 million tons, a 2.4% year-on-year increase, with an average price rise of about 2.7% to 17,853 yuan/ton (excluding VAT) [2] - The company sold 392,000 tons of aluminum processing products, up 3.5% year-on-year, with an average price increase of 2.9% to 20,615 yuan/ton (excluding VAT) [2] Group 3: Competitive Positioning - The operating rate of the electrolytic aluminum industry in Yunnan has remained high since June 2024, with companies no longer affected by power supply issues [3] - The company is advancing its green energy strategy, enhancing its competitive edge through a diversified and complementary new power supply model [3] Group 4: Market Confidence - The company has announced a new share buyback plan with a total amount of 234 million HKD, representing 0.11% of the issued shares as of the announcement date [4] - The timing of the buyback aligns with the company's strong business performance, which is expected to further enhance its image and boost investor confidence [4] Group 5: Investment Outlook - The company has a well-integrated industrial chain, allowing it to benefit from both upstream and downstream operations in the electrolytic aluminum sector [5] - With the anticipated increase in the proportion of green electricity aluminum, the company's profitability and social contribution are expected to continue expanding [5]
德邦证券：中国宏桥(01378)主营产品量价齐升推动上半年业绩持续上行 维持“买入”评级