Investment Rating - The report maintains a "Buy" rating for China Hongqiao [5] Core Views - The performance of Shandong Hongqiao in Q3 2025 was impressive, with revenue reaching 116.93 billion yuan, a year-on-year increase of 6%, and net profit of 19.37 billion yuan, up 23% year-on-year [1] - The profitability of electrolytic aluminum has rapidly improved, with the average price in Q3 2025 at 20,711 yuan per ton, a 6% increase year-on-year [1] - The company plans to transfer electrolytic aluminum capacity from Shandong to Yunnan, with a total of 44.8 million tons, 24.1 million tons, and 83.1 million tons scheduled for 2025 to 2027 [2] - The company issued 300 million USD of convertible bonds due in 2030, with an initial conversion price of 20.88 HKD per share [2] - The report projects net profits for 2025-2027 to be 24 billion, 25.5 billion, and 27.1 billion yuan respectively, with corresponding P/E ratios of 11.9, 11.2, and 10.5 [3] Financial Summary - Revenue for 2025 is estimated at 163.76 billion yuan, with a growth rate of 4.9% year-on-year [4] - The net profit for 2025 is projected to be 24.03 billion yuan, reflecting a year-on-year growth of 7.4% [4] - The latest diluted EPS for 2025 is expected to be 2.52 yuan per share [4] - The return on equity (ROE) for 2025 is estimated at 18.2% [4] - The company’s total assets are projected to reach 256.68 billion yuan by 2025 [9]
中国宏桥（01378）：Q3山东宏桥业绩表现亮眼，铝一体化布局优势显著