CHINA HONGQIAO(01378.HK):POSITIVE PROFIT ALERT 2024 NET PROFIT WILL POSSIBLY INCREASE BY 95% BETTER THAN WE HAD EXPECTED
CHINA HONGQIAO(01378.HK):POSITIVE PROFIT ALERT 2024 NET PROFIT WILL POSSIBLY INCREASE BY 95% BETTER THAN WE HAD EXPECTED
We reiterate our "Buy" investment rating for China Hongqiao (the "Company"). We will increase ourearnings forecasts in our next company report.
我們重申對中國宏橋(『公司』)的"買入"投資評級。我們將在下次公司報告中提高我們的盈利預測。
Last night, the Company announced a positive profit alert, with 2024 net profit expected to possiblyincrease by approximately 95%, beating our expectations. The Company made the announcement basedsolely on its preliminary estimates based on information currently available to the Company, including theunaudited management accounts of the Company for the eleven months ended 30 November 2024. Theinformation contained in the announcement is not based on any figures or data which have been audited orreviewed by the Company's auditors.
昨晚,公司宣佈了積極的盈利預警,預計2024年淨利潤可能增加大約95%,超出我們的預期。公司僅基於當前可獲得的信息,包括截至2024年11月30日的公司未經審計的管理賬目,做出了這一公告。公告中包含的信息並未基於公司核數師審計或審核的任何數字或數據。
The strong expected earnings growth is mainly due to: the sales prices of the Company's aluminium alloyproducts and alumina products both increased as compared with the corresponding period in 2023, and the salesvolume of alumina products also increased. At the same time, the procurement prices of the Company's majorraw materials, such as coal and anode carbon blocks, decreased as compared with the corresponding period in2023. Benefiting from such positive factors, the gross profit of the aforesaid products of the Company achieved asignificant increase as compared with the corresponding period in 2023.
預計強勁的盈利增長主要由於:公司的鋁合金產品和鋁土礦產品的銷售價格與2023年同期相比均有所上漲,鋁土礦產品的銷售量也有所增加。同時,公司的主要原材料如煤和陽極碳塊的採購價格與2023年同期相比有所下降。受這些積極因素的影響,公司的上述產品的毛利潤與2023年同期相比實現了顯著增長。
Aluminium prices have been rising due to global supply shocks, particularly caused by aluminashortages. Key disruptions include Guinea's bauxite export suspension, refinery shutdowns in Australia, andChina's increasing reliance on imported raw materials. These factors strained the aluminium supply chain whiledemand grew, pushing prices higher. Recent stimulus measures in China further bolstered demand expectations,while environmental and operational issues restricted output. We expect higher aluminium prices to continue into2025.
鋁價因全球供應衝擊而上漲,特別是由於鋁短缺引起的。主要的干擾因素包括幾內亞鋁土礦的出口暫停、澳洲的冶煉廠停產,以及中國對進口原材料的依賴程度增加。這些因素使得鋁供應鏈緊張,而需求卻在增長,推動價格上漲。中國最近的刺激措施進一步增強了需求預期,而環保和運營問題又限制了產量。我們預計鋁價將在2025年繼續走高。
We expect China Hongqiao's 2025 net profit to continue to benefit from higher aluminium prices. ChinaHongqiao has the largest primary aluminium production capacity in the world and produces about 6 million tons ofprimary aluminium each year. With high self-efficiency ratio of bauxite, alumina, and electricity, the Company hashigher cost control ability than its peers, especially for material costs for producing primary aluminium. Hence, itsnet profit is highly sensitive to changes in aluminium price. We expect that China Hongqiao will benefit more thanits peers from a rise in aluminium price.
我們預計中國宏橋2025年的淨利潤將繼續受益於鋁價的上漲。中國宏橋擁有全球最大的初級鋁生產能力,每年生產約600萬噸初級鋁。由於鋁土礦、鋁土礦和電力的自給效率比高,公司在生產初級鋁的原材料成本控制能力方面優於同行,因此其淨利潤對鋁價的變化高度敏感。我們預計中國宏橋將比同行更能從鋁價上漲中受益。
Catalysts: Increase in aluminium price; lower coal and anode carbon block prices.
催化劑:鋁價上漲;煤和陽極碳塊價格下降。
Risks: Decrease in aluminium price; limited production due to electricity supply problem.
風險:鋁價下降;由於電力供應問題限制生產。
譯文內容由第三人軟體翻譯。
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