[Table_Main] 证券研究报告 | 公司点评 中国宏桥(01378.HK) 2024年03月25日 中国宏桥：业绩大幅提升，高分 买入（维持） 所属行业：原材料业/一般金属及矿石 红持续 当前价格(港币)：7.39元 证券分析师 投资要点 翟堃 资格编号：s0120523050002 事件。公司发布2023年年报，报告期内，公司实现营业总收入1336亿元，同比  邮箱：zhaikun＠tebon.com.cn 提升约1.5%；实现归母净利润115亿元，同比提升约31.7%。 张崇欣 资格编号：S0120522100003 电解铝利润提升为主要利润贡献。从公司的产品产销情况来看，2023年公司分别  邮箱：zhangcx＠tebon.com.cn 销售铝合金产品574.8万吨，较去年同期547.3万吨同比提升约5.0%；销售氧化 高嘉麒 铝产品1037.4万吨，同比提升约25.0%；销售铝合金加工产品58万吨，同比减 资格编号：S0120523070003 少约5%。产品价格方面，铝合金产品销售价格较去年同比下降约 6.4%至16464 邮箱：gaojq＠tebon.com.cn 元/吨（不含增值税 ...

证券研究报告 | 年报点评报告 2024年03月24日 中国宏桥（01378.HK） 2023 业绩表现超预期，“量价齐升”有望持续增厚业绩弹性 公司 2023年业绩超预期，2024年铝价利润弹性有望释放。公司已于 3月 买入（维持） 22日公布全年业绩，2023年公司实现营收 1336.24亿元，同比增加 1.5%； 股票信息 实现归母净利润 114.61 亿元，同比增长 31.7%；扣非归母净利润 114.07 行业 铝 亿元，同比增长 29.3%；基本每股收益 1.21元，同比增长 29.2%。净利润 增加主要系产品整体毛利增加和行政开支减少等影响。随着公司云南电解铝 前次评级 买入 生产基地搬迁完成，预计 2024年氧化铝销量将继续增长，同时，铝价在全 3月22日收盘价(港元) 7.39 球低库存及加息后周期维持高位预期，并有望伴随美联储降息及新能源相关 总市值(百万港元) 70,024.23 绿色用铝占比提升带来定价中枢进一步上移，“量价齐升”增厚业绩弹性。 总股本(百万股) 9,475.54 其中自由流通股(%) 100.00 产品平均毛利率同比小幅提升，氧化铝销量同比增长 25%增厚业绩。1） ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而 引致之任何損失承擔任何責任。 China Hongqiao Group Limited 中國宏橋集團有限公司 （根據開曼群島法例成立的有限公司） （股份代號：1378） 截至二零二三年十二月三十一日止年度的全年業績 業績摘要 • 收入較去年同期增加約1.5%，達約人民幣133,623,632,000元 • 毛利較去年同期增加約14.9%，達約人民幣20,954,597,000元 • 年度溢利較去年同期增加約27.4%，達約人民幣12,497,752,000元 • 公司股東應佔淨利潤較去年同期增加約31.7%，達約人民幣11,460,678,000元 • 每股基本盈利較去年同期增加約29.2%，錄得每股約人民幣1.2095元 • 建議派發末期股息每股29港仙，連同二零二三年度中期已派發的股息共計每股34港仙，二零 ...

智通财经APP迅，中国宏桥(01378)发布公告，于2024年3月6日(交易时段后)，魏桥铝电(公司的间接非全资附属公司)、Winning Logistics及Winning Consortium Holdings Pte. Ltd.(WCH)订立WCH股东协议，据此，(其中包括)魏桥铝电须根据WCH股东协议的条款履行股东义务。 于2024年3月6日(交易时段后)，魏桥铝电(作为担保人)、WCS及宝武西芒杜(上海)亦就 WCH在矿山项目下的特定出资义务订立以WCS为受益人的矿山担保协议以及魏桥铝电(作为担保人)、WCSI及宝武西芒杜(上海)就WCH在基建项目下的特定出资义务订立以WCSI为受益人的基建担保协议。根据担保协议，魏桥铝电已同意就WCH如期履行所有担保义务提供最高总金额17.80亿美元的担保(间接包含魏桥铝电有关其于WCH股东协议下的相关出资的义务)。 公告称，几内亚西芒杜的底土蕴藏着世界上最大的高品位铁矿石未开发储量。预计铁矿石项目将产生新的商机及收益来源，需要大量资金投入。在本公告日期，魏桥铝电及Winning Logistics各自持有WCH的 50%股权，而WCH间接拥有铁矿石项目中铁矿山1 ...

智通财经APP获悉，铝业股早盘普涨，截至发稿，中国宏桥(01378)涨3.92%，报6.37港元；中国铝业(02600)涨2.49%，报4.11港元；兴发铝业(00098)涨0.48%，报6.29港元。 消息面上，据报道，数月来，欧盟一直在讨论禁止从俄罗斯进口铝的制裁措施。消息人士称，欧盟因俄乌冲突爆发2周年而推出的最新制裁方案中并未包含针对铝的新制裁措施，但预计欧盟将很快提出另一项新的进口禁令方案。 浙商证券指出，电解铝价格在19000区间震荡，氧化铝价格出现回调。受氧化铝成本回调以及电解铝价格微增影响，利润周度环比回升7.39%。春节前后受放假/气候等影响，铝锭/铝棒存在累库，上周开始铝棒开始去库，下游开工率同比明显改善，供需面存在向上动力。 ...

Financial Performance - For the six months ended June 30, 2023, the company's revenue was approximately RMB 65,733,870,000, a decrease of about 4.4% year-on-year[5]. - Gross profit for the same period was approximately RMB 5,892,364,000, representing a decline of about 60.6% year-on-year[5]. - The net profit attributable to shareholders was approximately RMB 2,456,623,000, a decrease of about 68.7% year-on-year[5]. - Basic earnings per share were approximately RMB 0.259, down 69.5% compared to RMB 0.850 in the same period last year[5]. - Profit before tax for the six months ended June 30, 2023, was RMB 3,843,698 thousand, compared to RMB 11,230,595 thousand in the prior year, reflecting a decline of about 65.8%[46]. - Net profit for the period was RMB 2,972,024 thousand, down from RMB 8,685,276 thousand, a decrease of approximately 65.8%[46]. - Total comprehensive income for the period was RMB 3,298,802 thousand, compared to RMB 8,972,516 thousand in the previous year, representing a decline of about 63.3%[46]. - The overall gross profit margin for the group's products was approximately 9.0%, a decrease of about 12.8 percentage points from approximately 21.8% in the same period last year[16]. Cash and Liquidity - Cash and cash equivalents decreased to RMB 29,776,735,000, a decline of 39.5% year-on-year[6]. - Cash and cash equivalents as of June 30, 2023, were approximately RMB 29,776,735,000, an increase of about 8.7% from RMB 27,384,542,000 as of December 31, 2022[19]. - The company incurred a net cash outflow from investing activities of RMB 6,060,284 thousand for the six months ended June 30, 2023, compared to RMB 3,251,163 thousand in the same period of 2022, reflecting an increase in investment expenditures[51]. - The cash and cash equivalents at the end of the period were significantly impacted by the cash outflows from operating and investing activities, highlighting the need for careful cash management[51]. - The company’s total cash and cash equivalents at the beginning of the period were RMB 27,384,542, down from RMB 49,227,282, indicating a decrease of 44.5%[52]. Debt and Financing - The total liabilities of the group as of June 30, 2023, were approximately RMB 90,744,891,000, with a debt-to-asset ratio of about 47.9%[22]. - The debt/EBITDA ratio increased to 3.6 from 1.8, an increase of 1.8 times[6]. - The company raised bank loans amounting to RMB 16,549,775, a significant increase from RMB 8,611,274 in the previous year, representing a growth of 92.5%[52]. - The repayment of bank loans amounted to RMB 15,846,157, which is an increase of 88.5% compared to RMB 8,399,620 in the previous year[52]. - The company reported a total bank borrowings of RMB 36,353,135,000 as of June 30, 2023, compared to RMB 35,527,759,000 as of December 31, 2022, showing an increase of about 2.3%[94]. Revenue Breakdown - Revenue from aluminum alloy products was approximately RMB 45,979,267,000, accounting for about 69.9% of total revenue, a decrease of about 8.9% year-on-year[16]. - Revenue from alumina products was approximately RMB 13,531,809,000, accounting for about 20.6% of total revenue, an increase of about 26.4% year-on-year due to a 33.6% increase in sales volume[16]. - Revenue from liquid aluminum alloy decreased to RMB 40,359,290 thousand, down 10.3% from RMB 44,912,495 thousand year-on-year[60]. - The group reported an aluminum alloy product output of approximately 3.059 million tons, a year-on-year increase of about 4.4%[12]. Operational Efficiency - The group’s administrative expenses for the six months ended June 30, 2023, were approximately RMB 2,808,009,000, a decrease of about 8.2% compared to approximately RMB 3,060,161,000 in the same period last year[17]. - The company plans to enhance internal management, optimize resource allocation, and improve operational efficiency[27]. - The company is committed to maintaining a solid operational deployment and a capital optimization strategy amidst global economic uncertainties[27]. Sustainability and Development - The company aims to deepen its core value of green development and capture new opportunities in a complex international environment[7]. - The group aims to achieve carbon peak by 2025 and carbon neutrality by 2055, with ten key initiatives for carbon neutrality[9]. - The group is actively investing in wind and solar energy to gradually replace fossil fuels and optimize its energy structure[9]. - The company is focusing on sustainable development strategies to promote economic, social, and environmental progress[27]. Shareholder Information - As of June 30, 2023, the major shareholder, Shih Ping Trust Company, holds approximately 64.13% of the issued share capital[29]. - China Hongqiao Group Limited, as a beneficial owner, also holds 64.13% of the shares[29]. - The company plans to pay an interim dividend of HKD 0.12 per share and a special dividend of HKD 0.22 per share, totaling approximately HKD 3,221,683,000[67]. Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the interim financial results for the six months ending June 30, 2023, and confirmed compliance with relevant accounting standards[36]. - The company has adhered to the Corporate Governance Code, with the exception of the CEO also serving as the Chairman of the Board, which is justified by the board's belief in the benefits of this arrangement[40]. - The company confirmed that all directors complied with the standards regarding securities transactions during the reporting period[39]. Market Dynamics - The company will continue to closely monitor market dynamics and flexibly adjust strategic layouts to seize opportunities and respond to challenges[27]. - The average price of aluminum on the London Metal Exchange (LME) was approximately $2,363 per ton, a year-on-year decrease of about 23.4%[11]. - The company’s revenue from the Indian market increased to RMB 926,023 thousand, a rise of 48.9% from RMB 621,468 thousand year-on-year[61]. - The company’s revenue from North America decreased to RMB 517,060 thousand, down 42.6% from RMB 901,689 thousand in the previous year[61].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 China Hongqiao Group Limited 中國宏橋集團有限公司 （根據開曼群島法例成立的有限公司） （股份代號：1378） 截至二零二三年六月三十日止六個月中期業績公告 業績摘要 • 收入較去年同期減少約4.4%，約人民幣65,733,870,000元 • 毛利較去年同期減少約60.6%，約人民幣5,892,364,000元 • 期內溢利較去年同期減少約65.8%，約人民幣2,972,024,000元 • 本公司股東應佔淨利潤較去年同期減少約68.7%，約人民幣2,456,623,000元 • 每股基本盈利較去年同期減少約69.5%，約人民幣0.259元 • 董事會宣派二零二三年之中期股息每股12.0港仙（二零二二年同期：41.0港仙）及特別股息每股 ...

Financial Performance - Revenue for the year 2022 reached RMB 131,699,427, an increase of 15% compared to RMB 114,490,941 in 2021[3] - Gross profit for 2022 was RMB 18,239,300, resulting in a gross margin of 13.8%, down from 26.6% in 2021[3] - Net profit attributable to shareholders for 2022 was RMB 8,701,953, a decrease of 45.8% from RMB 16,073,342 in 2021[3] - The group's revenue for 2022 was approximately RMB 131.70 billion, an increase of about 15.0% year-on-year[9] - Gross profit for the year was approximately RMB 18.24 billion, a decrease of about 40.1% year-on-year[9] - Net profit attributable to shareholders was approximately RMB 8.70 billion, a decrease of about 45.9% year-on-year[9] - Basic earnings per share were approximately RMB 0.9358, compared to RMB 1.7720 in the same period last year[9] - The net profit attributable to shareholders for the year was approximately RMB 8,701,953,000, a decrease of about 45.9% from RMB 16,073,342,000 in the previous year[21] - The net profit for 2022 was RMB 9,808,975, a decrease of 41.8% from RMB 16,848,799 in 2021[48] - The company reported a significant increase in administrative expenses, which rose to RMB 5,933,759 in 2022 from RMB 5,708,346 in 2021[48] Assets and Liabilities - Total assets as of December 31, 2022, were RMB 185,741,791, a slight decrease from RMB 188,420,922 in 2021[4] - The company's total liabilities decreased to RMB 89,436,014 in 2022 from RMB 95,982,093 in 2021, indicating improved financial stability[4] - The total liabilities of the group as of December 31, 2022, were approximately RMB 89,436,014,000, down from RMB 95,982,093,000 as of December 31, 2021, resulting in a debt-to-asset ratio of approximately 48.2%[23] - As of December 31, 2022, the group's cash and cash equivalents were approximately RMB 27,384,542,000, a decrease of about 44.4% compared to RMB 49,227,282,000 as of December 31, 2021[20] - The company's total non-current liabilities decreased to RMB 18,062,890 thousand from RMB 32,915,461 thousand in 2021, representing a reduction of approximately 45%[156] Operational Efficiency - The company reported an increase in accounts receivable turnover days to 16 days in 2022, compared to 28 days in 2021, indicating improved collection efficiency[4] - The inventory turnover days for 2022 were 96 days, slightly up from 92 days in 2021, suggesting stable inventory management[4] - The sales and distribution expenses increased by approximately 13.7% to RMB 597.68 million, mainly due to higher transportation costs from increased sales volumes[18] - Financial expenses decreased by approximately 16.7% to RMB 3.02 billion, attributed to the repayment of certain notes and a decrease in interest rates[19] Market Strategy and Growth - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[3] - The group aims to strengthen its international presence and explore new opportunities in aluminum applications and consumption[11] - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[34] - New product launches are expected to contribute an additional 200 million in revenue, with a focus on innovative technology solutions[35] Corporate Governance - The board expressed confidence in the aluminum industry and the company's future development, emphasizing a focus on technological support and industry collaboration[11] - The company emphasizes the importance of experienced board members to guide strategic decisions and enhance corporate governance[37][38][39] - The company has established an audit committee to oversee financial reporting and internal controls[92] - The board consists of four executive directors, four non-executive directors, and four independent non-executive directors[98] Shareholder Information - The company reported a final dividend of HKD 0.10 per share for the year ended December 31, 2022, subject to shareholder approval at the annual general meeting on May 16, 2023[45] - The total dividend for the year 2022 amounts to HKD 0.51 per share, which includes an interim dividend of HKD 0.41 per share[45] - The company has adopted a dividend policy that allows for the declaration and distribution of dividends to shareholders, contingent upon board discretion and shareholder approval[44] Environmental and Social Responsibility - The group has established a dedicated environmental protection department to oversee compliance with environmental regulations and reduce emissions from power generation and aluminum production[26] - The group aims to enhance its energy structure and product structure while promoting green aluminum and recycled aluminum production as industry benchmarks[31] - The company donated a total of RMB 208,932,800 for public welfare projects, primarily supporting pandemic relief and education initiatives during the year ended December 31, 2022[66] Risk Management - The group emphasizes the importance of risk management systems to identify and control operational risks, including economic conditions and material prices[25] - The company has established a comprehensive risk management and internal control system, which is reviewed annually for effectiveness[131] Audit and Compliance - The audit committee reviewed the financial performance for the year ended December 31, 2022, and confirmed compliance with accounting standards[92] - The independent auditor's report confirms that the consolidated financial statements reflect the group's financial position and performance accurately as of December 31, 2022[140] Accounting Policies - The company has adopted the revised International Financial Reporting Standards (IFRS) effective from January 1, 2022, with no significant impact on financial performance or disclosures[164] - The company recognizes revenue based on the transfer of control of goods or services to customers, following a five-step process[181] - The group applies International Accounting Standard 36 to determine if right-of-use assets have been impaired[185]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而 引致之任何損失承擔任何責任。 China Hongqiao Group Limited 中國宏橋集團有限公司 （根據開曼群島法例成立的有限公司） （股份代號：1378） 截至二零二二年十二月三十一日止年度的全年業績 | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------|--------------------------| | | | | | | 業績摘要 | | | • | 收入較去年同期增加約 15.0% ，達約人民幣 131,699,427,000 元 | | | • | 毛利較去年同期減少約 40.1% ，達約人民幣 18,239,300,000 元 | | | • | ...