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Europe's Aluminum Output Starts to Recover as Energy Prices Fall
Trimet Aluminium SE will ramp up production at its smelters in France and Germany to full capacity in the coming year, in a sign that falling energy prices are helping to bring the European aluminum industry back from the brink of an existential crisis.
Huatai Securities: There is little conflict between aluminum supply and aluminum prices may fluctuate in May
Aluminum prices continued to be strong in April. From a fundamental point of view, supply and demand for electrolytic aluminum were strong, domestic aluminum ingots+aluminum bar inventories continued to be eliminated, and there was little conflict between supply and demand in the industry, which supported aluminum prices.
Guoxin Securities: Stable raw material prices combined with the boom cycle of the aluminum industry, China's Hongqiao (01378) profitability increased significantly
The Zhitong Finance App learned that Guoxin Securities released a research report stating that it maintains China's Hongqiao (01378) “buy” rating. Assuming that the average spot price of aluminum in 2024-2026 is 19,500 yuan/ton, the price of alumina is 3,300 yuan/ton, the price of pre-baked anodes is 4,000 yuan/ton, the factory price of 5,500 kcal thermal coal is 900 yuan/ton, and the tax-inclusive price of hydropower in Yunnan is 0.44 yuan/kilowatt. Future cost fluctuations will decrease, and the company's profitability will be more stable. Taking advantage of this high boom cycle of electrolytic aluminum and opportunities for capacity transfer, the company will continue to get rid of the pressure that restricts long-term development in the future
[Broker Focus] Guoxin Securities maintains China's Hongqiao (01378) “buy” rating, indicating that it has more sustainable development capabilities in the future
Jinwu Financial News | According to Guoxin Securities Research Report, China Hongqiao (01378) disclosed the full year results of 2023. The company's 2023 operating income was 133.6 billion yuan, up 1.5% year on year; net profit to mother was 11.46 billion yuan, up 31.7% year on year; and net cash inflow from operating activities was 7.722 billion yuan, up 1.3% year on year. The increase in profits was mainly due to a drop in the prices of raw materials coal and pre-baked anodes. The company's sales of aluminum alloy products were 5.748 million tons, an increase of 275,000 tons over 2022; sales of aluminum deep-processing products were 580,000 tons, down 29,000 tons from the previous year; alumina sales
Changes in Hong Kong stocks | Aluminum stocks rose in the afternoon, the expected difference in electrolytic aluminum is still large, and aluminum profit margins may remain at a high level for a long time
The Zhitong Finance App learned that aluminum stocks rose in the afternoon. As of press release, China's Hongqiao (01378) rose 4.5% to HK$11.62; China Aluminum (02600) rose 2.96% to HK$5.56; and Xingfa Aluminum (00098) rose 0.13% to HK$7.96. Guolian Securities released a research report saying that many factors suppressing metal prices in 2024 are expected to be mitigated, and the pace of global economic recovery in the post-pandemic era may become the core of non-ferrous metal pricing. Guojin Securities, on the other hand, said that the difference in expectations for the electrolytic aluminum sector is still large. Recently, domestic real estate support policies have continued to be strengthened, and the equity market
Societe Generale Securities: China Hongqiao (01378) will continue to release highly flexible performance in 2024 and maintain a “buy” rating
Societe Generale Securities estimates that China Hongqiao's net profit for 24/25/26 will be 202.73/204.36/20.56 billion yuan, respectively.
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