Core Viewpoint - China Hongqiao (01378) has seen a stock price increase of over 4%, currently at 36.74 HKD, with a trading volume of 208 million HKD, driven by positive forecasts regarding aluminum supply and pricing [1] Group 1: Company Performance - China Hongqiao's profit forecast has been upgraded by CMB International, with the target price raised from 39 HKD to 45 HKD, maintaining a "Buy" rating [1] - The company is expected to achieve a core net profit of 26.262 billion CNY in 2025, representing a year-on-year growth of 7%, with a projected acceleration in net profit growth to 34% in 2026, primarily driven by rising aluminum prices [1] Group 2: Industry Context - The global aluminum supply shortage is expected to persist until 2026-2027, supported by high aluminum prices and declining bauxite prices [1] - Current aluminum production capacity utilization in China is nearing the policy limit of 99%, while new overseas production capacity is limited, which will help maintain a global aluminum market shortage [1] - The average aluminum price is projected to increase by 15% year-on-year in 2026 [1] Group 3: Dividend Policy - China Hongqiao is recognized as a leading player in the global aluminum industry, with an alumina production capacity of 19 million tons and an electrolytic aluminum production capacity of 6.46 million tons, making it the second-largest aluminum producer globally [1] - The company has announced a shareholder return plan for the next three years (2025-2027), committing to a minimum cash dividend payout ratio of 80% due to its mature development stage and lack of significant capital expenditure plans [1] - The dividend payout ratio is noted to be the highest in the aluminum industry [1]
港股异动 | 中国宏桥(01378)涨超4% 供应短缺格局将支撑铝价 公司高比例分红回报投资者