中国宏桥旗下470亿资产回A 铝业巨头打开产业价值新空间
China Hongqiao's 47 billion assets return to A aluminum giant, opening up new space for industrial value
【环球网财经综合报道】2024年12月23日，中国宏桥（01378.HK）与其附属公司宏创控股（002379.SZ）共同公告，宏创控股正在筹划通过发行股份收购山东宏拓实业有限公司（下称：宏拓实业）100%股权。
[Global Network Financial Comprehensive Report] On December 23, 2024, China Hongqiao (01378. HK) and its subsidiary Hongchuang Holdings (002379. SZ) jointly announced that Hongchuang Holdings is planning to acquire Shandong Hongtuo Industrial Co., Ltd. through the issuance of shares (hereinafter referred to as: Hongtuo Industrial) 100% equity.
宏拓实业是中国宏桥旗下核心产业平台，拥有后者及其附属公司位于中国内地全部铝合金产品、氧化铝产品及部分铝合金加工产品生产线。根据最新数据，宏拓实业净资产达到人民币472.14亿元(未经审计)。
Hongtuo Industrial is the core industrial platform of China Hongqiao, which owns all aluminum alloy products, alumina products and some aluminum alloy processing products production lines of the latter and its subsidiaries in Mainland China. According to the latest data, Hongtuo Industrial's net assets reached RMB 47.214 billion (unaudited).
随着后续此次交易的完成，意味着中国宏桥在国内的核心资产将正式进入A股市场。市场反响层面，相对当前宏创控股百亿市值，业界预计将引发不小的价值重估新空间，并带动中国宏桥的整体估值重新审视。
With the completion of this subsequent transaction, it means that China Hongqiao's core assets in China will officially enter the A-share market. In terms of market response, compared with the current market value of Hongchuang Holdings of tens of billions, the industry is expected to trigger a lot of new space for revaluation and drive the overall valuation of China Hongqiao to be re-examined.
值得注意的是，这项资本运作有望助力中国宏桥进一步优化产业布局，提升资产配置效率，并为公司长远发展奠定坚实基础。中国宏桥表示，宏创控股收购宏拓实业后，公司在宏创控股的持股比例将相应提高，宏拓实业亦将继续作为集团的附属公司。通过此次交易，将有助于提升本集团资产证券化水平，促进本集团长远发展。
It is worth noting that this capital operation is expected to help China Hongqiao further optimize its industrial layout, improve the efficiency of asset allocation, and lay a solid foundation for the company's long-term development. China Hongqiao said that after Hongchuang Holdings acquires Hongtuo Industrial, the company's shareholding ratio in Hongchuang Holdings will increase accordingly, and Hongtuo Industrial will continue to be a subsidiary of the group. Through this transaction, it will help to improve the asset securitization level of the Group and promote the long-term development of the Group.
旗下470亿资产将回A股 价值迎来重估
Its 47 billion assets will return to A-share value and usher in revaluation
中国宏桥是全球领先的铝产品制造商之一，业务板块横跨热电、采矿、氧化铝、液态铝合金等多个领域，形成了独具优势的全产业链布局。自2023年下半年以来，铝业驶入周期上升通道，行业景气度持续提升为业内企业带来业绩增长机会。
China Hongqiao is one of the world's leading manufacturers of aluminum products. Its business segments span thermoelectricity, mining, alumina, liquid aluminum alloy and other fields, forming a unique industrial chain layout. Since the second half of 2023, the aluminum industry has entered a cyclical upward channel, and the continuous improvement in the industry's prosperity has brought performance growth opportunities to companies in the industry.
根据最新财报，2024年上半年中国宏桥营业收入达到735.92亿元，同比增长12%。特别是在铝产品的销售量和价格双重上涨的驱动下，公司的毛利和溢利呈现爆发式增长，分别同比大幅攀升202.1%和236.7%。
According to the latest financial report, China Hongqiao's operating income reached 73.592 billion yuan in the first half of 2024, a year-on-year increase of 12%. Especially driven by the double increase in the sales volume and price of aluminum products, the company's gross profit and profit showed explosive growth, with a sharp increase of 202.1% and 236.7% year-on-year respectively.
在这一轮周期性增长中，铝产品价格和销量的同步攀升，以及关键原材料成本的下降，是中国宏桥业绩增长的重要驱动力。公开信息显示，2024年上半年，伦敦金属交易所三月期铝平均价同比上涨约1.6%至2401美元/吨；上期所三月期铝均价同比上涨8.2%至19846元/吨。
In this round of cyclical growth, the simultaneous increase in aluminum product prices and sales, as well as the decline in key raw material costs, are important driving forces for China Hongqiao's performance growth. Public information shows that in the first half of 2024, the average price of three-month aluminum on the London Metal Exchange rose by approximately 1.6% year-on-year to US $2,401/ton; The average price of three-month aluminum on the Shanghai Futures Exchange rose 8.2% year-on-year to 19,846 yuan/ton.
需要指出的是，如此卓越的业绩表现，不仅得益于周期性因素，也离不开中国宏桥产业链上下游的精确布局和深度协同。
It should be pointed out that such outstanding performance is not only due to cyclical factors, but also inseparable from the precise layout and in-depth coordination of the upstream and downstream of China Hongqiao's industrial chain.
在2024年半年报中，中国宏桥董事会主席张波提到，集团上游氧化铝业务的不断完善，在确保了自身成本稳定性的同时，有效延伸了产业链，成功实现了氧化铝利润的增加，为集团的业务增长创造了重要价值。
In the 2024 semi-annual report, Zhang Bo, chairman of the board of directors of China Hongqiao, mentioned that the continuous improvement of the group's upstream alumina business has effectively extended the industrial chain while ensuring its own cost stability, and successfully achieved an increase in alumina profits., creating important value for the group's business growth.
报告期内，中国宏桥来自氧化铝的收入提升至22%，来自铝合金加工产品的收入也提升至10.3%，同期，中国宏桥与多家汽车生产商达成了战略合作。
During the reporting period, China Hongqiao's revenue from alumina increased to 22%, and its revenue from aluminum alloy processing products also increased to 10.3%. During the same period, China Hongqiao reached strategic cooperation with a number of automobile manufacturers.
对于中国宏桥而言，此次交易不仅是一次资本市场的有效操作，更是一次价值重估的契机。通过资产注入，宏创控股的市值将得到大幅提升，这无疑将带动中国宏桥的整体估值重新审视。
For China Hongqiao, this transaction is not only an effective operation of the capital market, but also an opportunity for revaluation. Through asset injection, the market value of Hongchuang Holdings will be greatly improved, which will undoubtedly drive the overall valuation of China Hongqiao to be re-examined.
业内人士指出，A股市场的估值水平通常高于港股，尤其是在铝业这一领域，A股公司往往具有更高的市场认可度。因此，通过此次交易，宏创控股的市场表现可能会引发资本市场对中国宏桥的估值提升，使得这家在港股上市的铝业巨头能够在资本市场获得更多的关注和认同。
Industry insiders pointed out that the valuation level of the A-share market is usually higher than that of Hong Kong stocks, especially in the field of aluminum industry, where A-share companies often have higher market recognition. Therefore, through this transaction, the market performance of Hongchuang Holdings may trigger an increase in the valuation of China Hongqiao in the capital market, enabling this aluminum giant listed on the Hong Kong stock market to gain more attention and recognition in the capital market.
兹以验证的是，摩根士丹利最新研报给予中国宏桥15.40港元的目标价，美国银行全球研究团队则给予16.50港元的目标价，相较当前股价分别存在近30%、40%的上涨空间。
To verify, Morgan Stanley's latest research report gave China Hongqiao a target price of HK $15.40, and Bank of America's global research team gave a target price of HK $16.50, which is nearly 30% and 40% higher than the current stock price respectively. space.
积极延伸产业触角 光伏及新能源汽车需求提升
Actively extend industrial tentacles and increase demand for photovoltaics and new energy vehicles
业绩的超预期表现也推动了中国宏桥股价稳步提升，2024年全年累计上涨超过97%，这一表现无疑证明了资本市场对中国宏桥持续增长和未来潜力的高度认可。
The unexpected performance has also promoted the steady increase of China Hongqiao's stock price, with a cumulative increase of more than 97% in 2024. This performance undoubtedly proves that the capital market highly recognizes China Hongqiao's continued growth and future potential.
近年来，中国宏桥构建起从铝土矿开采到铝合金加工的全产业链布局，使其在铝业的各个环节都具备了强大的控制力和市场竞争力，并实现优于行业的业绩表现。
In recent years, China Hongqiao has built a full industrial chain layout from bauxite mining to aluminum alloy processing, which has enabled it to have strong control and market competitiveness in all aspects of the aluminum industry, and achieved better performance than the industry.
据介绍，在国际市场上，中国宏桥与几内亚的铝土矿项目合作，打造了一条自国外矿山到国内工厂、集多式联运为一体的完整产业链条。截至2023年，中国宏桥的氧化铝合计运行产能已达到1950万吨，这些产能确保了其氧化铝的自供能力，并极大提升了生产成本的控制能力。
According to reports, in the international market, China Hongqiao has cooperated with Guinea's bauxite project to create a complete industrial chain from foreign mines to domestic factories, integrating multimodal transport. As of 2023, China Hongqiao's total alumina operating production capacity has reached 19.5 million tons. These production capacities ensure its self-supply capacity of alumina and greatly improve its ability to control production costs.
值得注意的是，在铝业受益向上周期发展的同时，新能源、光伏等新兴产业的快速发展，也进一步助推了铝业需求。海通国际发布的研报显示，全球铝需求在2024年第四季度进一步增长，尤其是在光伏、新能源汽车等行业的推动下，铝需求将持续拉动。
It is worth noting that while the aluminum industry is benefiting from the upward cyclical development, the rapid development of emerging industries such as new energy and photovoltaics has further boosted the demand of the aluminum industry. A research report released by Haitong International shows that global aluminum demand will further grow in the fourth quarter of 2024, especially driven by industries such as photovoltaics and new energy vehicles, and aluminum demand will continue to drive.
把握行业增量机遇，中国宏桥积极延伸产业触角，在铝合金加工领域取得显著进展，并迅速开拓了新能源汽车、光伏等产业的市场份额。目前，中国宏桥已与北汽制造、比亚迪、深向等多家汽车生产商建立了合作关系，为其提供轻量化材料解决方案。此外，还投资了多家乘用车和商用车企业，通过打造样板工程，进一步拓展市场份额。
Seizing the incremental opportunities in the industry, China Hongqiao actively extended its industrial tentacles, made remarkable progress in the field of aluminum alloy processing, and quickly expanded its market share in new energy vehicles, photovoltaics and other industries. At present, China Hongqiao has established cooperative relationships with many automobile manufacturers such as BAIC Manufacturing, BYD, and Shenxiang to provide them with lightweight material solutions. In addition, it has also invested in a number of passenger car and commercial vehicle companies to further expand its market share by building model projects.
可以看到，中国宏桥通过整合上游资源、加强技术研发与创新，减少了对外部供应商的依赖，使得公司能够在全球铝业竞争中保持优势。而在下游领域，公司通过扩大产品种类和应用场景，提升了自身在多个市场的渗透力和影响力。正是通过这样的产业链一体化战略，使中国宏桥得以在铝业的不同环节中实现协同效应，并持续释放出巨大的增长潜力。
It can be seen that China Hongqiao has reduced its dependence on external suppliers by integrating upstream resources and strengthening technology research and development and innovation, enabling the company to maintain its advantage in the global aluminum competition. In the downstream field, the company has increased its penetration and influence in multiple markets by expanding product categories and application scenarios. It is through such an industrial chain integration strategy that China Hongqiao can achieve synergy in different links of the aluminum industry and continue to release huge growth potential.
展望后市，外界预计铝业将在较长一段时间维持周期向上趋势，助力龙头企业长期向好发展。国金证券发布研报称，2025年供应端硬性制约较为明显，需求端光伏及新能源车继续驱动铝消费量级提升。其中，预计2025年供需矛盾的演绎更加显著，低库存及需求量级增长有望放大铝价上行空间，吨铝利润有望扩张，稳定利润及现金流带来铝板块估值抬升。（一言）
Looking forward to the market outlook, it is expected that the aluminum industry will maintain a cyclical upward trend for a long period of time, helping leading companies develop well in the long term. Sinolink Securities released a research report stating that in 2025, the rigid constraints on the supply side will be more obvious, and photovoltaics and new energy vehicles on the demand side will continue to drive the increase in aluminum consumption. Among them, it is expected that the deduction of the contradiction between supply and demand will be more obvious in 2025. Low inventory and demand-level growth are expected to amplify the upside of aluminum prices. Profits per ton of aluminum are expected to expand. Stable profits and cash flow will bring about an increase in the valuation of the aluminum sector. (One word)
