金吾财讯 | 华安证券发研指，中国宏桥(01378)2024年实现营业收入1561.69亿元，同比+16.87%；实现归母净利润223.72亿元，同比+95.21%。公司派发末期股息每股102港仙，2024年度累计派息每股161港仙，较2023年同比+155.6%。该行指，2024年国内电解铝产量4346万吨（同比+4.3%），消费量4518万吨（同比+5.5%），全球经济维持韧性，新能源、光伏、电网、家电等贡献用铝增量，需求增速大于供给增速。2025年以来，国内社融和新增贷款数据向好体现了对于经济增长的信心；政策进一步提振房地产板块，3月一线城市房价环比上涨、住房市场成交活跃度提升；国家补贴刺激汽车、家电等产品消费，铝板块需求有望保持增长。该行表示，预计公司2025-2027年归母净利润为207.18/217.69/229.63亿元（前值为2025-2026年分别为211.25/226.06亿元），对应PE分别为5.7/5.4/5.1倍，维持“买入”评级。
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