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中国宏桥(1378.HK):量价齐升助力业绩同比高增 高额回购彰显公司长期信心
Ge Long Hui· 2025-08-27 18:55
机构:光大证券 研究员:王招华/马俊 2025年公司半年报业绩同比高增35%:2025年8月15日,公司公告2025年上半年实现营业收入810.4亿 元,同比增加10.1%;实现归母净利润123.6亿元,同比增加35%。 成本端下滑叠加产品量价齐升支撑公司业绩高增。公司半年报业绩增长主要系公司产品量价齐升,公司 上半年铝合金产品销量约290.6万吨,同比增加2.4%;上半年氧化铝产品销量636.8万吨,同比增加 15.6%。公司上半年铝合金产品和氧化铝平均销售价格分别为17853元/吨和3243元/吨,同比分别增长 2.7%和10.3%。同时公司主要原料端成本有所下滑:秦皇岛港动力末煤(Q5500)平仓25H1均价为675.67 元/吨,同比-22.8%。 美元指数下行叠加行业需求持续增长,电解铝价格仍具有韧性。截至2025年8月25日,国内电解铝价格 为20820元/吨,较年初提升4.7%。根据阿拉丁预测,从2025年主要铝消费指标增速来看,预计铝材净出 口、光伏、房屋建筑为拖累项。 高额回购彰显信心,高股息持续强化股东回报。基于对集团未来前景及长期价值的信心,公司根据市况 不时于公开市场购回本公司股份,计 ...
【中国宏桥(1378.HK)】量价齐升助力业绩同比高增,高额回购彰显公司长期信心——动态跟踪报告(王招华/马俊)
光大证券研究· 2025-08-26 23:06
查看完整报告 点击注册小程序 特别申明: 本订阅号中所涉及的证券研究信息由光大证券研究所编写,仅面向光大证券专业投资者客户,用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户,请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限,若给您造成不便,敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 2025年公司半年报业绩同比高增35% 2025年8月15日,公司公告2025年上半年实现营业收入810.4亿元,同比增加10.1%;实现归母净利润123.6 亿元,同比增加35%。 成本端下滑叠加产品量价齐升支撑公司业绩高增 公司半年报业绩增长主要系公司产品量价齐升,公司上半年铝合金产品销量约290.6万吨,同比增加 2.4%;上半年氧化铝产品销量636.8万吨,同比增加15.6%。公司上半年铝合金产品和氧化铝平均销售价格 分别为17853元/吨和3243元/吨,同比分别增长2.7%和10.3%。同时公司主要原料端成本有所下滑:秦皇岛 港动力末煤(Q5500)平仓25H1均价为675.67元/吨,同比-22.8%。 美元指数 ...
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
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 ...
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
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, ...
西部证券:维持中国宏桥“买入”评级 2025H1业绩显著超出市场预期
Zhi Tong Cai Jing· 2025-08-22 01:48
2025H1业绩显著超出市场预期,且经营性净现金流、期间费用均有改善 1)铝合金产品:销量为290.6万吨,同比增长2.4%;销售价格为17853元/吨(不含税),同比增长2.7%;实现 收入518.78亿元,同比增长5.2%;毛利率为25.2%,同比提升0.6个百分点。 西部证券(002673)发布研报称,中国宏桥(01378)公告2025年半年报,实现收入810.39亿元、同比增长 10.12%;归母净利润123.61亿元、同比增长35.02%,业绩显著超出市场预期;回购不低于30亿港币的股 份。该行预计2025-2027年公司EPS分别为2.32、2.51、2.64元,PE分别为9、9、8倍,维持"买入"评级。 4)经营性净现金流为223.06亿元,同比增长56.38%。 西部证券主要观点如下: 5)费用端,销售费用为3.54亿元,同比下降3.4%;行政开支为23.22亿元,同比下降5.4%;财务费用为12.84 亿元,同比下降17.7%,总体来看,公司上半年业绩显著超出市场预期,且盈利质量持续提升。 2)氧化铝产品:销量为636.8万吨,同比增长15.6%;销售价格为3243元/吨(不含税),同比增长 ...
西部证券:维持中国宏桥(01378)“买入”评级 2025H1业绩显著超出市场预期
智通财经网· 2025-08-22 01:45
智通财经APP获悉,西部证券发布研报称,中国宏桥(01378)公告2025年半年报,实现收入810.39亿元、 同比增长10.12%;归母净利润123.61亿元、同比增长35.02%,业绩显著超出市场预期;回购不低于30亿港 币的股份。该行预计2025-2027年公司EPS分别为2.32、2.51、2.64元,PE分别为9、9、8倍,维持"买 入"评级。 3)铝合金加工产品:销量为39.2万吨,同比增长3.5%;销售价格为20615元/吨(不含税),同比增长2.9%;实 现收入80.74亿元,同比增长6.5%;毛利率为23.3%,同比提升2.3个百分点。 4)经营性净现金流为223.06亿元,同比增长56.38%。 5)费用端,销售费用为3.54亿元,同比下降3.4%;行政开支为23.22亿元,同比下降5.4%;财务费用为12.84 亿元,同比下降17.7%,总体来看,公司上半年业绩显著超出市场预期,且盈利质量持续提升。 2025H1已回购注销26.1亿港元,新一轮回购不低于30亿港元,承诺2025派息比率与2024年相同,充分 重视股东回报 1)根据公司公告,截至2025上半年年末,公司已回购约26.1亿港 ...
中国宏桥(01378):25H1归母净利同增35%,新一轮回购彰显信心
Huaan Securities· 2025-08-21 14:26
Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [8]. Core Insights - The company reported a 10.12% year-on-year increase in revenue for the first half of 2025, reaching 81.039 billion yuan, and a 35.02% increase in net profit attributable to shareholders, totaling 12.361 billion yuan [5][6]. - The revenue from major products showed growth in both volume and price, with aluminum alloy products generating 51.878 billion yuan (up 5.2%), alumina products at 20.654 billion yuan (up 27.5%), and aluminum alloy processing products at 8.074 billion yuan (up 6.5%) [6]. - The company has initiated a new round of share buybacks, planning to repurchase shares worth no less than 3 billion HKD, which reflects confidence in its long-term development [7]. Financial Performance - For the first half of 2025, the company achieved a sales volume of 2.906 million tons for aluminum alloy products (up 2.4%), 6.368 million tons for alumina products (up 15.6%), and 392,000 tons for aluminum alloy processing products (up 3.5%) [6]. - The average selling price for aluminum alloy products was 17,853 yuan/ton (up 2.7%), and for alumina products, it was 3,243 yuan/ton (up 10.3%) [6]. - The company’s projected net profits for 2025-2027 are 23.229 billion yuan, 24.167 billion yuan, and 25.053 billion yuan, respectively, with corresponding P/E ratios of 9.0, 8.7, and 8.4 [8].
华泰证券:维持中国宏桥(01378)“买入”评级 公司业绩或维持高位
智通财经网· 2025-08-21 02:55
Core Viewpoint - Huatai Securities maintains a "buy" rating for China Hongqiao (01378) and raises the forecast for net profit attributable to shareholders for 2025-2027 by 34.3%, 17.68%, and 2.95% to CNY 21.659 billion, CNY 20.889 billion, and CNY 21.912 billion respectively, with corresponding EPS of CNY 2.29, CNY 2.20, and CNY 2.31 [1] Group 1: Financial Performance - The company reported a revenue of CNY 81.039 billion for the first half of 2025, an increase of 8.48% year-on-year, and a net profit attributable to shareholders of CNY 12.361 billion, up 35.02% year-on-year, aligning with previous profit forecasts [2] - The gross profit margin for the first half of 2025 was 25.67%, an increase of 1.48 percentage points year-on-year, driven by an average price of electrolytic aluminum at CNY 20,300 per ton, up 2.66% year-on-year [3] Group 2: Cost and Profitability - The decline in electricity costs, influenced by falling coal prices, is expected to enhance profitability, particularly in Shandong where the company has a high proportion of purchased electricity from coal [4] - The company plans to repurchase shares worth no less than HKD 3 billion, reflecting management's confidence in future performance and long-term investment value [4] Group 3: Market Outlook - The company remains optimistic about the upward trend in aluminum prices for the second half of 2025, supported by low inventory levels and strong demand from the photovoltaic and automotive sectors [5] - The outlook for alumina prices is stable, with limited downside potential due to ongoing mining inventory reduction cycles, despite a generally loose supply situation [5]
申万宏源证券晨会报告-20250821
Core Insights - The report highlights the strong growth potential of Industrial Fulian (601138) driven by AI demand, with projected revenues of 843.4 billion, 1,320.3 billion, and 1,715.6 billion yuan for 2025-2027, reflecting growth rates of 38.5%, 56.5%, and 29.9% respectively, and net profits of 30.5 billion, 50.5 billion, and 59.4 billion yuan, with corresponding growth rates of 31.5%, 65.5%, and 17.6% [2][11] - Xiaomi Group (01810) reported record high revenues and profits in Q2 2025, with revenues of 116 billion yuan, a year-on-year increase of 30.5%, and adjusted net profits of 10.8 billion yuan, up 75% year-on-year, driven by IoT and EV segments [10][12] - Nine Dragons Paper (2689.HK) expects significant profit growth for FY25, with net profits projected between 2.1 billion and 2.3 billion yuan, representing a year-on-year increase of 165%-190%, attributed to increased sales and cost reductions [13][15] Industrial Fulian (601138) - The company’s main business includes cloud computing, communication, and industrial internet, with a notable increase in cloud computing revenue expected to reach 319.38 billion yuan in 2024, a 64.4% year-on-year growth [11] - AI server demand is surging, with global cloud providers' capital expenditures increasing by 64% year-on-year, indicating strong market demand [11] - The company is expected to maintain a leading position in the high-speed switch market, with revenues from 800G switches projected to triple compared to 2024 [11] Xiaomi Group (01810) - The company’s IoT segment saw a revenue increase of 45% in Q2, with smart home appliances achieving record sales, particularly in air conditioning and washing machines [12][14] - The electric vehicle segment reported a revenue of 21.3 billion yuan with a significant improvement in gross margin, indicating a positive trend towards profitability [12][14] - Xiaomi plans to expand its global footprint in the home appliance sector, marking 2025 as a pivotal year for international sales [12][14] Nine Dragons Paper (2689.HK) - The company is focusing on a diversified product strategy and integrated pulp-paper operations, which are expected to enhance profitability significantly [15][16] - The anticipated increase in paper prices due to improved supply-demand dynamics is expected to further boost profits [15][16] - The company’s production capacity is set to expand, with new lines expected to come online, reinforcing its market position [15][16] Electric Heavy Trucks Industry - The electric heavy truck market in China is experiencing rapid growth, with sales reaching 79,200 units in the first half of 2025, representing a penetration rate of 22% [18] - The European market is also seeing a rise in electric heavy truck adoption, with projections indicating significant growth in sales and market penetration by 2026 [18] - The industry is becoming increasingly collaborative, with a focus on developing specialized products across the supply chain, enhancing profitability potential [18] Other Companies - Keda Li (002850) reported strong revenue growth in Q2, driven by its structural components business and advancements in robotics [19] - China Hongqiao (01378) is set to benefit from increased production capacity and a favorable pricing environment for aluminum products, with projected net profits significantly increasing [20][21] - Blue Sky Technology (300487) continues to show growth potential, with a focus on expanding its product offerings and market presence [22]
永茂泰(605208):2025H1营收维持高增态势 机器人业务取得实质突破进展
Xin Lang Cai Jing· 2025-08-20 12:33
Core Viewpoint - The company reported strong revenue growth in the first half of 2025, but net profit declined significantly due to increased expenses and provisions for bad debts [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 2.619 billion yuan, a year-on-year increase of 51.66% [1][2]. - The net profit for H1 2025 was 20 million yuan, down 44.65% year-on-year [1][2]. - In Q2 2025, revenue reached 1.418 billion yuan, reflecting a year-on-year growth of 56.93%, while net profit was 5 million yuan, a decline of 79.75% year-on-year [1][2]. Group 2: Business Development and Strategy - The company is actively expanding into new energy, new customers, and new markets, leveraging its integrated supply chain advantages [2]. - The aluminum alloy business has seen significant developments, including the launch of a 65,000-ton annual production project in collaboration with Top Group, which began full production in June 2025 [2]. - The company sold approximately 134,000 tons of aluminum alloy products in H1 2025, a year-on-year increase of about 50.70% [2]. Group 3: Research and Innovation - The company increased its R&D investment to 57.54 million yuan in H1 2025, a year-on-year growth of 32.47% [3]. - A total of 41 new product and project R&D initiatives were undertaken, including the establishment of the "Yongmaotai Robotics Technology Research Institute" to enhance its robotics business [3]. Group 4: Market Expansion - The company is focusing on the robotics sector, securing orders for various components from a well-known domestic robotics company [4]. - In the magnesium alloy sector, the company has gained contracts from major automotive and electronic manufacturers for multiple products [4]. - The ongoing projects and market share expansion in these areas are expected to significantly contribute to the company's long-term growth [4]. Group 5: Future Projections - Revenue projections for 2025-2027 are estimated at 5.450 billion, 7.417 billion, and 10.029 billion yuan, with year-on-year growth rates of 32.93%, 36.09%, and 35.23% respectively [5]. - Expected net profits for the same period are 84 million, 113 million, and 158 million yuan, with corresponding growth rates of 122.87%, 34.65%, and 40.12% [5].