中国宏桥:高景气+一体化+高分红 电解铝龙头静待价值重估

西部证券
21 Apr

【核心结论】我们预测,2025-2027 年归母净利润分别为223.30、241.48、253.65 亿元,EPS 为2.38、2.57、2.70 元,PB 为1.0、0.9、0.8 倍,给予2025 年1.35 倍PB,目标价17.44 港元/股,首次覆盖,给予“买入”评级。【报告亮点】市场认为公司是个纯股息标的,而我们认为电解铝行业产能受限、景气度较高,长期来看稀缺性一直存在;公司一体化稳定...

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