Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][13] Core Views - The company's performance has significantly benefited from the rise in aluminum prices, with a notable increase in revenue and net profit for the first half of 2024 [5][6] - The company has a stable production and sales of aluminum products, with a strong profit elasticity due to cost reductions and price increases [6][7] - The company continues to maintain a high dividend payout ratio, highlighting its long-term investment value [7] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 735.9 billion CNY, a year-on-year increase of 12%, and a net profit of 100.08 billion CNY, a year-on-year increase of 237% [5] - The company expects to achieve revenues of 1441.0 billion CNY, 1467.4 billion CNY, and 1490.5 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 195.3 billion CNY, 195.7 billion CNY, and 195.8 billion CNY [5][9] - The company's earnings per share (EPS) are projected to be 2.06 CNY, 2.07 CNY, and 2.07 CNY for 2024, 2025, and 2026 respectively, with a price-to-earnings (P/E) ratio of 5.0 for all three years [5][9] Production and Sales Overview - In the first half of 2024, the company produced 3.221 million tons of aluminum alloy products, a year-on-year increase of 5.3%, and sold 2.837 million tons, a year-on-year increase of 0.5% [6] - The sales price of aluminum alloy products increased by 1091 CNY/ton, while the sales price of aluminum processing products decreased by 243 CNY/ton [6] Dividend Policy - The company plans to distribute an interim dividend of 0.59 HKD per share for the first half of 2024, representing a year-on-year increase of 73.5% [7]
中国宏桥：公司信息更新报告：业绩充分受益铝价上涨，可转债记账影响非经损益