智通财经APP获悉，花旗发布研报，维持中国宏桥(01378)“买入”评级，并将目标价从25.2港元上调至36港元，并维持宏桥为其首选股。
中国宏桥管理层确认了公司将通过股息和回购来提升股东回报的承诺。据管理层称，公司正在寻求获得中国更环保的电力供应，这也是其同行中国铝业所采取的策略。同时公司董事长对印尼铝产能扩张的前景持谨慎态度。
长期看好铝业
铝业仍然是花旗最看好的行业之一，因为该行预计铝供应将保持紧张，这得益于中国的产能上限政策(年产能4520万吨)以及印尼不会出现爆发性的产能增加，从而导致铝业毛利长期维持高位。
该行将中国宏桥2025/26/27年的盈利预测分别上调了+2%/+5%/+7%，至244亿/279亿/303亿元人民币，以反映更高的铝和氧化铝销量以及更高的铝均价预测。
管理层承诺加强股东回报
值得一提的是，着眼于股东回报，公司正专注于维持高股息支付率和股份回购。尽管年初至今股价表现强劲，但截至11月4日收盘，宏桥2026年预测股息率仍具有吸引力，为6.7%。花旗预计宏桥将继续受益于铝业毛利长期维持高位，且该股将继续获得估值重估。
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