中国宏桥_2024 财年业绩发布会要点

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha Alumina – Hongqiao has 19+mntpa alumina capacity and sold 10.92mnt alumina in 2024, +5.3% YoY. The annual purchased alumina volume is ~3mnt in Yunnan. The alumina price has decreased to ~Rmb3,500/t and mgmt. believes this price level is reasonable for alumina. Benefiting from high alumina price, the net profit of the Indonesia alumina project reached US$400mn+ in 2024. Bauxite – In 2024, 74%/9%/17% of Hongqiao's bauxite consumption was from Guinea/Indonesia/Australia respecti ...