Core Viewpoint - China Hongqiao (01378) maintains a "outperform" rating by CICC, with profit forecasts for the next two years remaining at RMB 42.6 billion and RMB 42.8 billion, respectively, and a target price of HKD 47.54, indicating a potential upside of 38% based on a 10x P/E ratio for both years [1] Financial Performance - For 2025, the company reported revenue of RMB 162.354 billion, a year-on-year increase of 4%; gross profit was RMB 41.505 billion; net profit attributable to shareholders was RMB 22.636 billion, reflecting a year-on-year growth of 1.2% [1] Industry Position and Trends - CICC indicates that the company, as a leader in the integrated green industrial chain of the aluminum industry, is expected to benefit from rising aluminum and alumina prices due to geopolitical tensions [1] - The company has developed an alumina supply base in Guinea to secure raw material supply; after relocating domestic alumina production capacity, total capacity reached 21 million tons per year, an 8% year-on-year increase [1] - The company has an electrolytic aluminum total capacity of 6.46 million tons per year and is implementing a "north aluminum south move" plan, relocating part of its Shandong capacity to Yunnan; it also reclaimed 25% minority shareholder rights in Yunnan Hongtai, resulting in a 6% increase in electrolytic aluminum equity capacity [1] - The company continues to expand its automotive lightweight business, aiming to build a green recycling industry matrix [1]
中金：维持中国宏桥(01378)“跑赢行业”评级 有望受益铝和氧化铝价格上行