Huatai Securities: China Hongqiao (01378.HK) insists on high dividends + repurchases to enhance shareholder returns, maintaining a "buy" rating with a target price of HK$35.22.

According to the Wise Wealth APP, Huatai Securities released a research report stating that it maintains China Hongqiao's (01378.HK) attributable net profit for 2025-2027 at 25.625/25.426/25.760 billion yuan. The company's average PE since 2017 is 8XPE. Due to the company's prominent high dividend attribute and considering the scarcity of the company's electrolytic aluminum target in the Hong Kong stock market, as well as the recent overall increase in market risk appetite, the bank maintains a 12XPE for the company in 2025. With the HKD/RMB exchange rate at 0.92 on November 8th, the target price is set at 35.22 Hong Kong dollars. As a leader in the electrolytic aluminum sector, the company's integrated layout advantage is significant, and considering the company's continuous focus on high dividends for investor returns, the bank maintains a buy rating.