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开源证券:电解铝权益产能提高增厚中国宏桥利润 回购股份彰显发展信心 维持“买入”评级
Zhi Tong Cai Jing· 2025-08-25 02:11
Group 1 - The core viewpoint of the report indicates that China Hongqiao (01378) achieved a revenue of 81.039 billion yuan in H1 2025, representing a year-on-year increase of 8.48%, and a net profit attributable to shareholders of 12.361 billion yuan, up 35.02%, primarily due to the rise in alumina and electrolytic aluminum prices [1] - The company is expected to see net profits of 24.259 billion, 26.739 billion, and 29.186 billion yuan from 2025 to 2027, with year-on-year growth rates of 8.43%, 10.22%, and 9.15% respectively, and EPS projected at 2.56, 2.82, and 3.07 yuan per share [1] - In H1 2025, the company reported stable production and sales, with aluminum alloy product sales of 2.906 million tons (up 2.4% year-on-year), aluminum processing product sales of 392,000 tons (up 3.4%), and alumina sales of 6.368 million tons (up 15.6%) [1] Group 2 - The acquisition of the remaining 25% stake in Yunnan Hongtai increased the electrolytic aluminum equity capacity, with the company's stake rising from 67.55% to 90.07%, enhancing equity capacity by 457,000 tons [2] - The company plans to repurchase shares with a total amount not less than 3 billion Hong Kong dollars, reflecting confidence in its development [2]
开源证券:电解铝权益产能提高增厚中国宏桥(01378)利润 回购股份彰显发展信心 维持“买入”评级
智通财经网· 2025-08-25 02:10
Group 1 - The core viewpoint of the report indicates that China Hongqiao (01378) achieved a revenue of 81.039 billion yuan in H1 2025, representing a year-on-year increase of 8.48%, and a net profit attributable to shareholders of 12.361 billion yuan, up 35.02% year-on-year, primarily due to the rise in alumina and electrolytic aluminum prices [1] - The company is expected to see net profits of 24.259 billion, 26.739 billion, and 29.186 billion yuan from 2025 to 2027, with year-on-year growth rates of 8.43%, 10.22%, and 9.15% respectively, and EPS projected at 2.56, 2.82, and 3.07 yuan per share [1] - In H1 2025, the company reported stable production and sales, with aluminum alloy product sales of 2.906 million tons (up 2.4% year-on-year), aluminum processing product sales of 392,000 tons (up 3.4% year-on-year), and alumina sales of 6.368 million tons (up 15.6% year-on-year) [1] Group 2 - The acquisition of the remaining 25% stake in Yunnan Hongtai increased the electrolytic aluminum equity capacity, with the company's stake rising from 67.55% to 90.07%, corresponding to an increase of 457,000 tons in equity capacity [2] - The company plans to repurchase shares with a total amount not less than 3 billion Hong Kong dollars, demonstrating confidence in its development [2]
中国宏桥(01378):港股公司信息更新报告:电解铝权益产能提高增厚利润,股份回购增强信心
KAIYUAN SECURITIES· 2025-08-18 14:19
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]