China Aluminum (02600) rose more than 3% in the afternoon. As of press release, it had risen 3.4% to HK$548, with a turnover of HK$290 million.
The Zhitong Finance App learned that China Aluminum (02600) rose more than 3% in the afternoon. As of press release, it had risen 3.4% to HK$5.48, with a turnover of HK$290 million.
According to the news, China Aluminum previously announced results. In the first quarter, the company achieved operating income of 48.956 billion yuan, down 26.14% year on year, down 1.2% month on month; net profit to mother was 2,230 billion yuan, up 23.01% year on year and 63.45% month on month. According to reports, the company's production of alumina, raw aluminum and coal increased year-on-year in the first quarter of 2024, while production of fine alumina and raw aluminum declined month-on-month. However, benefiting from the month-on-month increase in the price of electrolytic aluminum and alumina, the company's profit still achieved significant month-on-month growth.
Citi released a research report saying that aluminum's profit margin may remain at a high level for a longer period of time, and the further rise in aluminum prices is also related to a potential manufacturing replenishment cycle. HSBC, on the other hand, said that China's aluminum industry still has room to further increase its valuation because the market has yet to fully reflect its strong profit margin expansion in stock price performance, and given tight supply, it is estimated that the expansion trend will remain at a high level for a long time.