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《大行》匯豐研究:宏橋(01378.HK)續受惠多重利好因素 上調目標價至25.7元
阿思達克 08-19 11:23
匯豐環球研究指,中國宏橋(01378.HK)中期盈利按年升35%至124億元人民幣,符合預告。按年強勁表現主要受惠氧化鋁及鋁價上漲,以及下游需求強勁與鋁製品市佔增加。報告指,公司停派中期息,但預計全年派息率與去年相同,估計股息率相當約8.5厘。公司亦宣布不少於30億元股票回購,等於當前市值約1.4%。 該行料公司下半年盈利或按年下跌,主要因為去年第四季創紀錄的氧化鋁價格對盈利帶來的強勁貢獻。但公司仍受惠多重利好:產量上限仍是關鍵供應限制措施、持續的電網投資、電動車銷售及出口復甦將支撐需求。以舊換新補貼政策仍提供緩衝。基於低庫存及產量上限,且反內捲政策強化產量限制,有助維持市場秩序,該行料下半年鋁價有上行風險。 該行上調對中國宏橋目標價至25.7元(原本20.6元),維持「買入」評級。
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