Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The report highlights that the electrolytic aluminum sector is expected to experience a dual boost in profitability and valuation, with China Hongqiao as a leading integrated player driving this trend [5][7] - The company has shown remarkable performance, with a cumulative increase of 1316.85% since the low point in March 2020, and a year-to-date increase of 124.49% as of August 22, 2025 [5] - The company's net profit attributable to shareholders for the first half of the year increased by 35.02% year-on-year, benefiting from lower coal prices and a low base from last year's impairment profits [5][6] - The average dividend yield from 2020 to 2024 is projected to be 10.48%, with a high of 13.69% in 2024, showcasing the company's strong dividend attributes [6][7] Summary by Sections Company Performance - The company has a robust cash flow, with net cash flow from operating activities increasing from 17.779 billion to 33.983 billion from 2020 to 2024 [6] - The integrated supply chain from bauxite to aluminum processing helps mitigate price fluctuations across different products [6] Future Outlook - The report suggests that the electrolytic aluminum sector is entering a phase of profitability and valuation recovery, with potential for further growth in dividend yields as aluminum prices rise [7] - The anticipated annualized net profit for the first half of the year is projected at 24.72 billion, with a reference dividend payout ratio of 62.03%, leading to a dividend yield of 7.09% [7]
中国宏桥（01378）：当前时点如何看中国宏桥？