中国宏桥 2024 年报亮眼：营收破 1500 亿，净利润暴增 95.21%

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

中国宏桥 2024 年报亮眼：营收破 1500 亿，净利润暴增 95.21%

2025-04-15 09:48:32 来源：北方有色网责任编辑：管理员

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中国宏桥 2024 年实现营收 1591.53 亿元，净利润 223.72 亿元（同比 + 95.21%），核心得益于产品量价齐升、成本管控及全产业链优势：

一、核心业务驱动业绩爆发

氧化铝：销量 1092.1 万吨（+5.3%），均价 3420 元 / 吨（+33.6%），吨毛利 869 元（同比 + 580 元），毛利率 35.4%（+24.3pct），成利润增长主引擎（供给紧张 + 需求旺盛推高价格，成本因煤价回落下降）。

铝合金：销量 583.7 万吨（+1.5%），均价 17550 元 / 吨（+6.6%），毛利率 24.6%（+7.2pct），受益电解铝价涨及能源成本降（煤价、预焙阳极价回落）。

加工品：销量 76.6 万吨（+32.1%），均价 20324 元 / 吨（+2.5%），毛利率 24.4%（+10.2pct），靠新能源车、光伏轻量化需求扩容。

二、成本端与产业链优势

能源降本：自备电厂占比高，煤价降 110 元 / 吨，叠加云南水电产能投产（电价降 0.05-0.1 元 / 度），吨铝电力成本降约 583 元；预焙阳极价降 1000 元 / 吨，吨铝成本再降 420 元。

一体化支撑：氧化铝自给率超 90%，几内亚矿资源保障原料，外售占比 56%，高价格直接转化利润；期间费用率降至 5.77%（管理效率提升）。

三、政策与回报

碳中和下电解铝产能受限（4500 万吨天花板），云南 396 万吨绿电产能加速投产（绿电占比 40%）；股息每股 161 港仙，分红率 63%，股息率 10.7% 创历史新高。

风险与展望

短期氧化铝高价及加工材需求或支撑盈利，中长期需防氧化铝新增产能（2025 年 1120 万吨）压价、能源成本反弹及地产用铝疲软，依赖新能源领域增量。

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中国宏桥 2024 年报亮眼：营收破 1500 亿，净利润暴增 95.21%

一、核心业务驱动业绩爆发

氧化铝：销量 1092.1 万吨（+5.3%），均价 3420 元 / 吨（+33.6%），吨毛利 869 元（同比 + 580 元），毛利率 35.4%（+24.3pct），成利润增长主引擎（供给紧张 + 需求旺盛推高价格，成本因煤价回落下降）。

铝合金：销量 583.7 万吨（+1.5%），均价 17550 元 / 吨（+6.6%），毛利率 24.6%（+7.2pct），受益电解铝价涨及能源成本降（煤价、预焙阳极价回落）。

加工品：销量 76.6 万吨（+32.1%），均价 20324 元 / 吨（+2.5%），毛利率 24.4%（+10.2pct），靠新能源车、光伏轻量化需求扩容。

二、成本端与产业链优势

能源降本：自备电厂占比高，煤价降 110 元 / 吨，叠加云南水电产能投产（电价降 0.05-0.1 元 / 度），吨铝电力成本降约 583 元；预焙阳极价降 1000 元 / 吨，吨铝成本再降 420 元。

一体化支撑：氧化铝自给率超 90%，几内亚矿资源保障原料，外售占比 56%，高价格直接转化利润；期间费用率降至 5.77%（管理效率提升）。

三、政策与回报

碳中和下电解铝产能受限（4500 万吨天花板），云南 396 万吨绿电产能加速投产（绿电占比 40%）；股息每股 161 港仙，分红率 63%，股息率 10.7% 创历史新高。

风险与展望

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