Great Wall Securities: Initiates "Buy" Rating on China Hongqiao (01378.HK); Outstanding Electrolytic Aluminum Profitability, High Dividend Investment Value Stands Out

Zhitong Finance APP has learned that Great Wall Securities has issued a research report stating that it expects China Hongqiao (01378.HK) to report net profit attributable to parent company of RMB 35.4 billion, RMB 36.9 billion, and RMB 39.1 billion for 2026-2028, corresponding to PE of approximately 5.0/4.8/4.5x, and initiates coverage with a "Buy" rating; the bank believes that the electrolytic aluminum industry is in a high-prosperity phase, with domestic capacity constraints, overseas supply disruptions, and demand upgrading jointly supporting the aluminum price center, and that the company, as a globally leading electrolytic aluminum enterprise, has an integrated advantage spanning bauxitealuminaelectrolytic aluminumaluminum processing, and, combined with Yunnan green aluminum capacity, volume ramp-up in deep processing, and sustained buybacks and stable dividends, its earnings stability and shareholder return attributes stand out.