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Brokerage Zhongtai maintains a "buy" rating for Chinahongqiao (01378), stating that the industry chain's prosperity may show a spiral upward trend.
Zhongtai Securities issued a research report stating that on June 13, 2024, Chinahongqiao (01378) released a positive profit forecast. Compared with the same period last year, the net income for the first half of 2024 is expected to increase by about 220%, achieving a net income of approximately 9.51 billion yuan for the first half of 2024. According to the company's announcement, in the first quarter, Shandong Hongqiao, a subsidiary of Chinahongqiao, achieved a net profit of 4.34 billion yuan, and is expected to achieve a net profit of 5.17 billion yuan in the second quarter. The bank pointed out that the prices of electrolytic aluminum and alumina continued to rise, and ton profit expansion is expected.
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HK Stocks Soar | Special Action Plan for Energy-saving and Emission Reduction of Electrolytic Aluminum is Expected to Be Rolled out; Aluminum Corporation of China (02600) Rose More Than 3% and Chinahongqiao (01378) Rose More Than 2%.
Aluminum stocks rose in early trading. As of press time, Aluminum Corporation of China (02600) rose 3.44%, reporting at HKD 5.72; China Hongqiao (01378) rose 2.11%, reporting at HKD 12.58.
CMB International: Give a "buy" rating to Chinahongqiao, with a target price of HKD 17.9.
CMB International released a research report giving a "buy" rating to China Hongqiao (01378) with a target price of HKD 17.9. The bank predicts that global aluminum demand will grow by 3.2%/2.2% in 2024/25, faster than its supply growth forecast (2.3%/1.7%). The bank expects that the global aluminum supply-demand balance will shift from a surplus in 2023 to a shortage in 2024-2025.
Brokerage focuses: CMB International maintains a "buy" rating on Chinahongqiao (01378), indicating that it will benefit from significantly expanding unit profits.
Jingu Wealth News | CMB International (01378) released a research report stating that in the context of tight global aluminum supply (due to China's control of aluminum production capacity and unstable supply of bauxite) and rising demand (from lightweighting of electric autos, photovoltaic power growth, and stabilized building demand after China's real estate policy change), the bank predicts that the prices of electrolytic aluminum/alumina will rise by 4.5%/10% in 2024 and remain high in 2025. The bank believes that Chinahongqiao (01378) (with a global market share of about 9% based on electrolytic aluminum production in 2023) will benefit from a significant expansion of unit profits, mainly due to the company's possession of overseas
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