Market Brief

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Author

陳逸斯小姐(Yvonne Chen)
交易員

現任職輝立交易員。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得
Phone:
3653 3000

中國宏橋集團有限公司(1378.hk)

Thursday, March 5, 2026 Views80

中國宏橋集團有限公司(1378.hk)

公司概況:

中國宏橋集團有限公司(港交所:01378)是全球領先的鋁產品製造商,總部位於山東鄒平,於2011年在香港上市。集團擁有從熱電、氧化鋁、電解鋁到鋁合金深加工的全產業鏈,主要產品包括氧化鋁及各種鋁合金加工材。作為中國民營500強企業之一,其核心競爭力在於規模化生產與成本控制。公司正積極向綠色能源轉型,在雲南建設水電鋁創新基地。 

 

公司業績:

-截至2025年6月止半年度,集團營業額上升10.1%至810.39億元(人民幣;下同),股東應佔溢利增長35%至123.61億元。期內,集團業務概況如下:

一、整體毛利增加16.9%至208.05億元,毛利率上升1.5個百分點至25.7%;

二、銷售鋁產品:

1.鋁合金產品:營業額增長5.2%至518.78億元,佔總營業額64%,毛利上升7.8%至130.92億元,毛利率增加0.6個百分點至25.2%。期內,鋁合金產品銷量增加2.4%至290.6萬噸,平均售價上升2.7%至17,853元/噸(不含增值稅);

2.氧化鋁:營業額增長27.5%至206.55億元,佔總營業額25.5%,毛利增加44.3%至59.45億元,毛利率增加3.4個百分點至28.8%。期內,氧化鋁產品銷量增加15.6%至636.8萬噸,平均售價上升10.3%至3,243元/噸(不含增值稅);

3.鋁合金加工產品:營業額上升6.5%至80.74億元,毛利增加17.9%至18.81億元,毛利率增加2.3個百分點至23.3%。期內,鋁合金加工產品銷量增加3.5%至39.2萬噸,平均售價上升2.9%至20,615元/噸(不含增值稅);

三、供應蒸汽:營業額減少13.5%至4.31億元,毛損擴大1.1倍至1.13億元,毛損率為26.2%;

四、於2025年6月30日,集團的現金及現金等價物為487.45億元,銀行借款總額為470.84億元,資產負債比率為49.1%(2024年12月31日:48.2%)。 

 

建議買入價:36.5元

目標價:42.4元

止蝕價 32.8元

 

風險提示:

大宗商品價格波動風險

政策調控風險

地缘政治风险

 

參考資料來源:

www.hkex.com.hk 

www.etnet.com.hk

https://www.hongqiaochina.com

 

本人陳逸斯 為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之證券的所有相關財務權益.

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