Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit attributable to shareholders, achieving 9.155 billion yuan, a year-on-year increase of 272.7% [3] - The company benefits from rising alumina prices, with a notable performance across its three main business segments: aluminum products, alumina, and aluminum processing [3] - The integrated business model enhances profitability, with overall gross margin improving to approximately 24.2%, up by 15.2 percentage points year-on-year [3] - Future net profit forecasts for 2024, 2025, and 2026 are 19.232 billion yuan, 20.628 billion yuan, and 22.144 billion yuan respectively, reflecting an upward revision based on cost optimization [3] Summary by Relevant Sections Financial Performance - The company achieved operating revenue of 73.592 billion yuan, a year-on-year increase of 12% [3] - The revenue from aluminum alloy products was 49.312 billion yuan, up 7.25% year-on-year, with production and sales volumes increasing by 5.3% and 0.5% respectively [3] - Alumina revenue reached 16.2 billion yuan, a year-on-year increase of 19.72%, with sales volume up approximately 2.4% [3] - The company declared an interim dividend of 0.59 HKD per share, compared to 0.34 HKD in the same period last year [3] Profitability - The gross margin for aluminum alloy products was approximately 24.6%, up by 15.9 percentage points year-on-year, driven by rising sales prices and declining raw material costs [3] - The gross margin for alumina products was about 25.4%, an increase of 16.5 percentage points year-on-year, primarily due to higher alumina prices [3] - The company’s overall profitability is expected to improve further due to the upward trend in alumina and electrolytic aluminum prices [3] Future Outlook - The company is expected to maintain its integrated advantage in the aluminum industry, with projected net profits for the next three years showing significant growth [3] - The price forecasts for alumina and electrolytic aluminum are expected to remain favorable, supporting the company's earnings potential [3]
中国宏桥：受益于氧化铝价涨，24H1归母净利同增273%