智通财经APP获悉，德邦证券发布研报称，维持中国宏桥(01378)"买入"评级，预计公司2025-2027年净 利润分别为235、255、261亿元。8月15日，中国宏桥发布公告，2025年上半年公司实现总营业收入 810.39亿元，同比增长8.48%；税前利润为177.64亿元，同比增长28.07%；实现净利润123.61亿元，同比 增长35.02%。公司主营产品的量价齐升推动公司业绩持续上行。 德邦证券主要观点如下： 主营业务量价齐升，推动公司业绩上行 推出股份回购，增强市场信心 公司近日披露新一轮股份回购计划，预计回购总额为2.34亿港元，回购股份相当于回购公告披露日已发 行股份的0.11%。伴随当下公司主营业务的量价齐升，公司适时推出股份回购，有望进一步强化公司形 象，提升投资者信心。 投资建议 公司产业链配套完善，在电解铝行业中可通过上下游同时取得收益，伴随公司后续绿电铝占比持续提 升，其盈利能力及社会贡献均有望持续扩大。预计公司2025-2027年净利润分别为235、255、261亿元。 风险提示 云南电解铝限电限产情况加剧、国内经济复苏低于预期、电解铝产业政策变动。 氧化铝方面，公司上半年实现氧 ...

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 ...

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 ...

华创证券发布研报称，考虑中国宏桥(01378)项目搬迁、电解铝和氧化铝量价变动，预计公司实现归母 净利润225.4亿元、230.9亿元、238.7亿元(前值为207.7亿元、223.8亿元、234.5亿元)，分别同比增长 0.7%、2.5%、3.4%，2025年行业中占比公司平均估值为9.4倍。该行给予公司2025年10倍市盈率，目标 价为26.65港元，维持"推荐"评级。 事项：8月15日，公司发布2025半年报，公司上半年实现营业收入810.4亿元，同比增加10.1%;归母净利 润123.6亿元，同比增长35%;实现每股基本盈利1.314元，同比增长36%。同日，公司发布《根据购回授 权于市场上购回股份的计划》，公司计划回购股份总金额不低于30亿港元。 华创证券主要观点如下： 公司铝、氧化铝量价齐升，归母净利润创历史新高 公司作为全球领先铝合金产业链生产商，全产业链配套及规模优势打造盈利护城河，铝土矿、电力、氧 化铝高自给率降低公司吨铝成本优势，预计公司未来利润将保持高位，同时奠定未来分红基础。2025年 以来，公司已累计回购26.12亿港元，当前公司拟持续进行股份回购，计划回购总金额不低于30亿港 元， ...

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]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 29.0, indicating a potential upside of 24% from the current price [4]. Core Insights - The company experienced significant profit growth in the first half of 2025, with revenue reaching RMB 81.039 billion, a year-on-year increase of 10.1%. Gross profit rose to RMB 20.805 billion, up 16.9%, and net profit attributable to shareholders surged by 35.0% to RMB 12.361 billion [2]. - The company's integrated cost advantages are highlighted, with 75.3% of bauxite supply sourced from Guinea, ensuring stable raw material costs. The electrolytic aluminum sales volume was 2.906 million tons, with a gross margin increase of 0.6 percentage points to 25.2% [2]. - The global supply-demand balance for aluminum remains tight, with China's primary aluminum production accounting for approximately 59.7% of global output. The report anticipates that aluminum prices will maintain a range of RMB 20,600 to 21,300 per ton in the second half of 2025 [3]. - The company has committed to a share buyback plan of no less than HKD 3 billion, reflecting management's confidence in future growth and shareholder returns [3]. Financial Summary - The projected revenues for the company from 2025 to 2027 are RMB 156 billion, RMB 161.1 billion, and RMB 167.4 billion, respectively. The net profit attributable to shareholders is expected to be RMB 24.5 billion, RMB 25 billion, and RMB 25.8 billion for the same period [4]. - Key financial metrics include a gross margin of 25.7% and a net margin of 16.7% for the first half of 2025, with basic earnings per share increasing by 36.0% to RMB 1.31 [2].

Investment Rating - The report maintains an "Outperform" rating for the company [7]. Core Insights - The company reported a 35% year-on-year increase in net profit for the first half of 2025, driven by higher sales prices and volumes of aluminum alloy and alumina products, along with a decrease in electricity costs due to falling coal prices [7]. - The acquisition of the remaining 25% stake in Yunnan Hongtai is expected to enhance the company's electrolytic aluminum capacity by 484,000 tons, significantly boosting future net profits [7]. - A new share buyback plan has been announced, with a minimum repurchase amount of HKD 3 billion, reflecting the company's confidence in its future performance [7]. Financial Data and Profit Forecast - Revenue projections for 2025 are estimated at RMB 160.76 billion, with a year-on-year growth rate of 2.9% [6][8]. - The net profit attributable to shareholders is forecasted to reach RMB 24.53 billion in 2025, representing a 9.7% increase from the previous year [6][8]. - Earnings per share are expected to be RMB 2.55 in 2025, with a return on equity of 20.8% [6][8].

Investment Rating - The report maintains an "Outperform" rating for China Hongqiao [6][5][16] Core Views - The company's mid-year performance for 2025 shows a significant increase in net profit by 35% year-on-year, driven by higher sales prices and increased sales volume of aluminum alloy and alumina products [6][5] - The acquisition of the remaining 25% stake in Yunnan Hongtai is expected to enhance the company's equity capacity by 484,000 tons, which could substantially increase net profit [6][5] - A new share buyback plan of at least HKD 3 billion reflects the company's confidence in its future performance [6][5] Financial Data and Profit Forecast - Revenue for 2023 is projected at RMB 133.624 billion, with a growth rate of 1%, and is expected to reach RMB 160.760 billion by 2025, reflecting a 2.9% increase [5][7] - Net profit attributable to shareholders is forecasted to grow from RMB 11.461 billion in 2023 to RMB 24.533 billion in 2025, representing a 9.7% increase [5][7] - Earnings per share are expected to rise from RMB 1.21 in 2023 to RMB 2.55 in 2025 [5][7] - The company's return on equity is projected to remain strong, with rates of 20.8% in 2025 [5][7]

Group 1: Insurance Asset Management - The development trend of China's insurance asset management is anchored by insurance capital and supported by third-party services, focusing on enhancing equity research capabilities and alternative investments in high-dividend and national strategic areas [5][7] - The insurance asset management industry in China has gone through three stages: initial establishment in 2003, policy relaxation from 2012 to 2017, and accelerated market-oriented reforms since 2018, leading to increased competitiveness [5][6] - The current state of the industry shows continuous scale expansion but a decline in concentration, with insurance capital accounting for 74% of funding sources and a preference for fixed-income assets [6][7] Group 2: Midea Group - Midea Group is positioned as a leading player in the home appliance industry, with flexible mechanisms and a focus on global expansion and supply chain efficiency, which are expected to enhance its competitive edge [9][10] - The company has a strong dividend policy, with a current dividend yield of 4.8%, and is projected to achieve net profits of 43.9 billion, 47.6 billion, and 51.8 billion yuan from 2025 to 2027, corresponding to PE ratios of 13, 12, and 11 [9][10] - Midea's strategic focus on B-end business and continuous investment in core components and integrated solutions is expected to contribute to long-term growth [10] Group 3: Sifen Technology - Sifen Technology's industrial purification business is rapidly growing, with a projected revenue of 384.2 million, 464.7 million, and 558.3 million yuan from 2025 to 2027, reflecting a year-on-year growth of 21.8%, 21.0%, and 20.1% [12][13] - The company achieved a revenue of 183 million yuan in the first half of 2025, with a net profit of 54 million yuan, indicating a year-on-year growth of 19.8% and 40.9% respectively [12][13] - The growth in the GLP-1 related products segment is particularly notable, with a revenue increase of 177.5% [12][13] Group 4: Huafeng Aluminum - Huafeng Aluminum's performance in the first half of 2025 showed resilience despite industry challenges, with revenue of 5.964 billion yuan, a year-on-year increase of 20.87% [15][16] - The company is awaiting the launch of its Chongqing Phase II project, which is expected to alleviate bottlenecks in hot-rolled production and drive future growth [16][17] - Adjustments to the company's EPS forecasts for 2025-2027 are made to 1.29, 1.50, and 1.88 yuan, with corresponding PE ratios of 14, 12, and 10, maintaining a "buy" rating [16][17] Group 5: Tongcheng Travel - Tongcheng Travel reported a revenue of 9.05 billion yuan in the first half of 2025, reflecting an 11.5% year-on-year increase, with adjusted EBITDA growing by 35.2% [19][20] - The core online travel platform business is experiencing rapid growth, with significant contributions from hotel management services [19][20] - The company aims to enhance its international market presence and strengthen its hotel management business as a second growth curve [20]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 20% in the next 6-12 months [6][11]. Core Insights - The company reported a significant performance in H1 2025, achieving revenue of 81.039 billion yuan, a year-on-year increase of 10.12%, and a net profit attributable to shareholders of 12.361 billion yuan, up 35.02% year-on-year [2][4]. - The company has initiated a new share repurchase plan of no less than 3 billion Hong Kong dollars, emphasizing its commitment to shareholder returns [4][6]. - The operational cash flow improved significantly, with a year-on-year growth of 56.38%, reaching 22.306 billion yuan [3]. Summary by Relevant Sections Revenue and Profitability - Revenue from aluminum alloy products reached 51.878 billion yuan, a 5.2% increase year-on-year, with a gross margin of 25.2%, up 0.6 percentage points [3]. - Revenue from alumina products was 20.655 billion yuan, reflecting a 27.5% year-on-year growth, with a gross margin of 28.8%, an increase of 3.4 percentage points [3]. - Revenue from aluminum processing products amounted to 8.074 billion yuan, a 6.5% increase year-on-year, with a gross margin of 23.3%, up 2.3 percentage points [3]. Cash Flow and Expenses - The operating cash flow for H1 2025 was 22.306 billion yuan, marking a 56.38% increase compared to the previous year [3]. - The company successfully reduced its selling expenses by 3.4% to 354 million yuan, administrative expenses by 5.4% to 2.322 billion yuan, and financial expenses by 17.7% to 1.284 billion yuan [3]. Shareholder Returns - The company has repurchased approximately 2.61 billion Hong Kong dollars worth of shares, all of which have been canceled, and has committed to maintaining the same dividend payout ratio in 2025 as in 2024 [4][6].