2025年上半年量价齐升，公司业绩表现亮眼 开源证券发布研报称，中国宏桥(01378)2025H1实现营收810.39亿元，同比+8.48%;归母净利润123.61亿 元，同比+35.02%，主要系2025H1氧化铝、电解铝价格同比均有所上涨。考虑到公司2025年电解铝权益 产能的提升以及铝价高位运行，预计公司2025~2027年实现归母公司净利润242.59、267.39、291.86亿 元，同比+8.43%、+10.22%、+9.15%，EPS分别为2.56、2.82、3.07元/股。该行维持公司"买入"评级。 收购云南宏泰剩余25%股权提高电解铝权益产能，回购股份彰显发展信心 开源证券主要观点如下： 产销来看，2025年上半年实现铝合金产品销量290.6万吨，同比+2.4%，实现铝加工品销量39.2万吨，同 比+3.4%，实现氧化铝销量636.8万吨，同比+15.6%，各产品产销量保持稳定。销售价格来看，2025年 上半年铝合金产品售价同比增加470.6元/吨至17852元/吨(不含增值税，下同)，铝加工品售价同比增加 592.2元/吨至20597.7元/吨，氧化铝售价同比增加301.9元/吨至3243 ...

智通财经APP获悉，开源证券发布研报称，中国宏桥(01378)2025H1实现营收810.39亿元，同比+8.48%; 归母净利润123.61亿元，同比+35.02%，主要系2025H1氧化铝、电解铝价格同比均有所上涨。考虑到公 司2025年电解铝权益产能的提升以及铝价高位运行，预计公司2025~2027年实现归母公司净利润 242.59、267.39、291.86亿元，同比+8.43%、+10.22%、+9.15%，EPS分别为2.56、2.82、3.07元/股。该 行维持公司"买入"评级。 开源证券主要观点如下： 2025年7月23日，文山州财信实业投资有限公司退出云南宏泰，云南宏桥以90亿元的认缴出资额100%持 有云南宏泰，至此中国宏桥对云南宏泰的持股比例由67.55%上升至90.07%，云南宏泰拥有203万吨电解 铝产能，对应权益产能将提升45.7万吨;此外，公司拟进行股份回购，计划回购总金额不低于30亿港 元，彰显公司的发展信心。 风险提示：(1)煤炭、铝价、氧化铝价格大幅波动;(2)云南限产超预期等。 收购云南宏泰剩余25%股权提高电解铝权益产能，回购股份彰显发展信心 2025年上半年量价齐升， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The company has benefited significantly from the rise in aluminum prices, with a notable increase in revenue and net profit for the first half of 2025. Revenue reached 81.039 billion yuan, up 8.48% year-on-year, while net profit was 12.361 billion yuan, an increase of 35.02% year-on-year [5][6] - The company's electrolytic aluminum production capacity is expected to increase, which will further enhance profitability. The acquisition of the remaining 25% stake in Yunnan Hongtai will raise the company's ownership to 90.07%, adding 45.7 thousand tons of electrolytic aluminum capacity [7] - The company plans to repurchase shares worth no less than 3 billion Hong Kong dollars, reflecting confidence in its future development [7] Financial Summary and Valuation Indicators - For the years 2025 to 2027, the company is projected to achieve net profits of 24.259 billion, 26.739 billion, and 29.186 billion yuan, respectively, with year-on-year growth rates of 8.43%, 10.22%, and 9.15% [5][9] - The earnings per share (EPS) for the same period are expected to be 2.56, 2.82, and 3.07 yuan per share, with corresponding price-to-earnings (P/E) ratios of 8.4, 7.6, and 7.0 times [5][9] - The company's gross margin is projected to be 24.83% in 2025, with a net margin of 15.40% [9]