Opening up Securities: Increasing the electrolytic aluminum equity production capacity thickens the profits of China Hongqiao (01378.HK), repurchasing shares demonstrates confidence in development, maintaining a "buy" rating.

According to the Wise Finance APP, Guosen Securities released a research report stating that China Hongqiao Group (01378.HK) achieved a revenue of 81.039 billion yuan in the first half of 2025, a year-on-year increase of 8.48%; the net profit attributable to the parent company was 12.361 billion yuan, a year-on-year increase of 35.02%, mainly due to the year-on-year increase in the prices of alumina and electrolytic aluminum in the first half of 2025. Considering the increase in the company's electrolytic aluminum production capacity and the high price of aluminum in 2025, it is expected that the company will achieve a net profit attributable to the parent company of 24.259 billion, 26.739 billion, and 29.186 billion yuan from 2025 to 2027, with year-on-year growth rates of +8.43%, +10.22%, and +9.15%, respectively. The EPS will be 2.56, 2.82, and 3.07 yuan per share. The bank maintains a "buy" rating on the company.