【申万宏源:中国宏桥(01378.HK)股息率高达11% 供需新格局下铝价易涨难跌 维持“增持”评级】智通财经APP获悉

智通财经
Jul 02, 2025
【申万宏源:中国宏桥(01378.HK)股息率高达11% 供需新格局下铝价易涨难跌 维持“增持”评级】智通财经APP获悉,申万宏源发布研报称,中国宏桥(01378.HK)是一体化优势明显的电解铝生产企业,海外铝土矿资源布局领先,氧化铝及电力自给率高,在国内铝土矿对外依存度不断提升背景下,叠加动力煤价格低位运行,公司成本优势突出。考虑25年年初以来动力煤价格中枢持续回落,公司电力成本端改善明显,上调其25年盈利预测,维持26/27年盈利预测基本不变,该行预计25/26/27年归母净利润为224/246/253亿元人民币(原预测为219/246/253亿元人民币),对应PE为7/6/6x,维持“增持”评级。

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