中国铝业(02600.HK) 早前公布，料今年首季净利润按年升53%至63%，至介乎34亿到36亿元人民币。摩根士丹利发表研究报告指，业绩好过市场预期，盈利表现更好主要反映铝材盈利贡献占比扩大。该行对公司的评级为“增持”，H股目标价7.1港元。
该行指，在全球宏观环境波动下，铝的价格近期大幅回调，拖累公司股价表现。不过铝的基本面依然稳健，供应受限于内地政府定下的产能上限，而需求维持稳健。这应为铝价提供稳固支持。加上能源价格走低，应可继续保持铝板块的稳定盈利贡献。
另外，相对匹配的氧化铝与铝产能、不断提高的铝土矿自给率、国内及海外市场更低的铝土矿成本，以及战略性的产能布局，应能帮助公司渡过氧化铝行业的低迷期，确保今年的稳健盈利。(vc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-07 16:25。)
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