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《大行》中金升中國宏橋(01378.HK)目標價至29.29元 維持「跑贏行業」評級
阿思達克 08-18 10:09
中金發表報告指,中國宏橋(01378.HK)上半年營業收入810.39億元人民幣(下同),按年增長10.1%;毛利208.05億元,按年增長16.9%;淨利潤123.61億元,按年增長35%,業績表現符合該行預期。 報告指出中國宏橋的四大配置優勢。一是利潤和估值彈性大,產能市值比在可比電解鋁公司中位於前列,有望受益於未來鋁價上行。二是資源自給能力高,抵御風險能力強,公司鋁土礦和氧化鋁自給能力均超100%。三是股息率高,公司當前股息率7.8%,具備較高配置吸引力。四是公司從原生和再生兩條途徑同步推進綠色鋁產業鏈構建,未來有望享受更高的產品溢價。 中金維持中國宏橋2025年至2026年盈利預測244.4億及251.2億元不變,當前股價對應2025/2026年市盈率分別為8.3倍及8倍,考慮到市場風險偏好帶來的估值提升以及公司高股息的特性,上調目標價24%至29.29港元,維持「跑贏行業」評級。
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