摩根士丹利发布研报，给予中国宏桥（01378）“增持”评级，目标价为28.6港元。报告指出，中国宏桥2026年上半年净利润同比增长39%至172亿元人民币，符合预期。
报告指出，中国宏桥上半年盈利强劲主要得益于以下因素：受全球供应中断影响，铝价同比上涨18.7%；铝合金深加工产品销量同比增长23.2%。整体毛利率同比提升5.8个百分点至31.5%，上年同期为25.7%。净负债率从2025年上半年的29%进一步降至2026年上半年的21%，负债水平持续降低。融资成本同比下降14%至11亿元人民币，反映债务结构优化及利率下行带来的财务改善。
展望下半年，摩根士丹利认为公司盈利有望保持稳健。尽管中东地区部分产能较预期提前恢复，印尼的产量也在逐步增加，但今年全球铝供应整体仍处于短缺状态，铝价有望维持高位，为中国宏桥下半年盈利提供支撑。
摩根士丹利强调，以当前股价计，中国宏桥估值具有吸引力，股息回报率可观。
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