Country Life: Maintaining a "buy" rating on China Hongqiao (01378.HK) Q1 electrolytic aluminum profits significantly improved Yunnan capacity replacement continues to advance

Zhongtong Finance APP learned that Guolian Minsheng Securities issued a research report stating that it is expected that China Hongqiao (01378.HK) will have a net profit attributable to shareholders of 22.759/26.169/28.969 billion yuan respectively from 2025 to 2027, with year-on-year growth rates of 1.73%/14.98%/10.70% respectively. The EPS will be 2.44/2.81/3.11 yuan per share respectively, with corresponding P/E ratios of 6.0/5.2/4.7 times. The rating is maintained as "buy". Shandong Hongqiao, a subsidiary of China Hongqiao, released its financial data for the first quarter of 2025. In Q1 2025, Shandong Hongqiao achieved operating income of 40.173 billion yuan, an increase of 15.56% year-on-year; a net profit of 6.357 billion yuan, an increase of 46.46% year-on-year, and an increase of 43.28% compared to the previous quarter.