智通财经APP获悉，杰富瑞发布报告，表示中国宏桥(01378)将成为将成为铝价回升的主要受益者，该行重申其“买入”评级，并将目标价从34.1港元上调至43.8港元。
杰富瑞表示，铜和铝板块的股价尚未充分反映当前大宗商品价格的强势，而锂板块的估值看起来则更为合理。考虑到供应受限以及由能源转型、AI题材等驱动的需求，加之近期的宏观利好和地缘政治安全因素，该行对长期前景保持积极态度，并看好铜和铝。
该行指出，中国宏桥作为全球领先的铝生产商之一，核心优势在于其极强的成本竞争力，位居中国铝生产成本曲线的第一梯队。 这种“护城河”主要由两个维度构建：1)关键原材料的完全自给：公司已经实现了铝土矿和氧化铝的完全自给自足，极大地抵御了上游原材料价格上涨的风险，保证了利润空间的稳定性 ;2) 高效生产，该公司通过技术优化实现了更低的单位能耗。
此外，该公司通过股息(派息率达 60% 以上)、回购等方式提供了可观的股东回报。
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