CICC: Maintain Outperform rating on Nanshan Aluminum International (02610), raise target price to HK$52.59.

Wisdom Finance APP learned that CICC released a research report stating that due to the increase in production and sales of South Aluminum International (02610) and rising prices, the net profit for 2025/2026 has been raised by 7%/9% to 374/500 million US dollars. The current A-share price corresponds to a 9/6x P/E ratio for 2025/2026. The rating was maintained as outperforming the industry, considering the upward revision of profits and the increase in market preference. The target price was raised by 58% to 52.59 Hong Kong dollars, corresponding to a 11/8x P/E ratio for 2025/2026, with a 25% upside potential compared to the current stock price. The company released its mid-term performance, with a profit of approximately 597 million US dollars in 1H25, up by +41.0% year-on-year; the profit attributable to shareholders of the company was approximately 248 million US dollars, up by +124.2% year-on-year. The company's 1H25 performance slightly exceeded the bank's expectations, mainly due to higher sales prices than expected.