Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 156.16 billion RMB for 2024, a year-on-year increase of 16.87%, and a net profit attributable to shareholders of 22.37 billion RMB, reflecting a significant year-on-year growth of 95.21% [1][2] - The dividend payout ratio has been increased to over 60%, specifically to 62.94%, which is a 15.28 percentage point increase year-on-year, enhancing the investment appeal [3][8] - The company benefits from rising prices of alumina and electrolytic aluminum, leading to a notable increase in gross profit margin to 27.0%, up 11.3 percentage points year-on-year [2][4] Summary by Sections Financial Performance - For 2024, the company achieved a gross profit margin of 27.0%, with sales prices for electrolytic aluminum and alumina averaging 17,549 RMB/ton and 3,420 RMB/ton, respectively, marking increases of 6.6% and 33.6% year-on-year [2] - The sales volume for electrolytic aluminum and alumina reached 5.837 million tons and 10.921 million tons, with year-on-year growth of 1.5% and 5.3% respectively [2] Dividend Policy - The company plans to distribute a dividend of 1.02 HKD per share, with a dividend ratio raised to 62.94%, which is expected to boost investor confidence [3][8] Profit Forecast and Valuation - The report forecasts a decline in net profit for 2025-2027, estimating 16.13 billion RMB, 17.75 billion RMB, and 21.29 billion RMB, representing decreases of 19.44% and 19.06% in the first two years [5] - The target price has been adjusted to 15.37 HKD, based on a price-to-earnings (PE) ratio of 8.5 for 2025 [5][9]
中国宏桥：分红率再提升，公司投资价值凸显-20250417