Investment Rating - The report maintains a "Buy" rating for China Hongqiao (01378.HK) [2] Core Views - In the first half of 2024, China Hongqiao achieved a record high net profit attributable to shareholders of 9.15 billion yuan, a year-on-year increase of 272.7%, driven by rising aluminum and alumina prices and the company's efficiency improvements [1] - The company is expected to continue enhancing its performance through cost reduction and efficiency improvements, with a focus on expanding overseas markets and deepening collaboration with upstream and downstream partners [1] - The report highlights the company's strong dividend history and diversified financing channels, indicating robust operational stability [1] Financial Performance Summary - Revenue for H1 2024 reached 73.59 billion yuan, up 12.0% year-on-year [1] - The company's alumina sales volume was 5.507 million tons, a 2.4% increase year-on-year, while aluminum alloy production was 3.221 million tons, with sales of 2.837 million tons, reflecting a 0.5% increase [1] - The average selling price of alumina (excluding tax) was 2,942 yuan/ton, up 16.9% year-on-year, while aluminum alloy prices increased by 6.7% to 17,400 yuan/ton [1] - The gross profit for H1 2024 was 17.8 billion yuan, a significant increase of 202.1% year-on-year [1] Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 19.375 billion yuan, 20.513 billion yuan, and 21.071 billion yuan, respectively, with corresponding P/E ratios of 5.05, 4.77, and 4.64, indicating a relatively low valuation compared to peers [5]
中国宏桥：铝行业高景气&提质增效，2024年上半年利润创历史新高