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2026-08-26 10:25:58 CICC issued a report saying that CHINAHONGQIAO (01378.HK)'s results for the first half were in line with market expectations. Rising aluminum prices drove a substantial increase in profit per ton of aluminum, while declining alumina prices created some drag. The report said the average prices of electrolytic aluminum and alumina in the first half were RMB24,100/ton and RMB2,704/ton respectively, up 18.8% YoY and down 22.1% YoY. In terms of sales volume, sales of aluminum alloy products in the first half fell 3.3% YoY to 2.811 million tons, while alumina sales rose 8.6% YoY to 6.917 million tons. In terms of profit, unit gross profit of aluminum alloy products rose 81.1% YoY to RMB8,161/ton, while unit gross profit of alumina fell 84.4% YoY to RMB146/ton. In the first half, the company repurchased a cumulative 159 million shares for HKD5.286 billion and completed their cancellation. In June, the controlling shareholder increased its stake by 41.5 million shares involving HKD1.1 billion. Considering the decline in product prices, the broker lowered its earnings forecasts for 2026 and 2027 by 21% each to RMB33.7 billion and RMB33.9 billion respectively. Taking into account valuation compression caused by falling prices, it maintained an Outperform rating and cut the TP by 33% to HKD31.81. (ha/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |