GLONGHUI, April 7 | CITIC Construction Investment released a report saying that due to falling coal prices and pre-baked anode prices, China Hongqiao's profit in the second half of last year increased sharply year-on-year and quarterly, and the results exceeded expectations due to the reduction in single-ton gross profit restoration of electrolytic aluminum and combined management expenses. According to the bank, China's Hongqiao production capacity is mainly located in Shandong and has a high proportion of its own electricity. Pre-baked anodes rely on external procurement, which benefits most against the backdrop of declining raw materials. The company paid out about 5.45 billion yuan in dividends last year, corresponding to an annual dividend rate of 47.6%. Based on the annual dividend payout of 0.63 yuan, the latest dividend rate is 7.2%. The bank expects China Hongqiao's net profit from 2024 to 2026 to 2026 to be 16.4 billion yuan, 18.7 billion yuan, and 19.3 billion yuan, respectively, with earnings of 1.73, 1.97, and 2.04 yuan per share, maintaining a “buy” rating.