中国忠旺(01333.HK):2019年中期业绩符合预期,维持“买入“评级,目标价 4.87 港元
机构:国泰君安
评级:买入
目标价: 4.87 港元
公司2019年中期业绩基本符合市场一致预期和我们的估计。公司收入同比增长38.3%至人民币129.0亿元,股东净利同比增加26.7%至人民币13.9亿元。
下调铝合金模板和深加工产品产量假设,但上调工业铝挤压材产量假设。维持铝压延产品产量假设不变。我们预计铝合金模板的产量在2019年继续增长,铝压延生产线预计将贡献约40-50万吨的铝板产量。
上调铝挤压材加工费假设,但下调铝压延材加工费假设。我们相信公司有能力维持铝合金模板的平均销售价格,我们预计工业铝挤压材的加工费水平在下半年能够保持。高价值铝压延材的进度慢于我们的预期,因此我们下调铝压延材加工费假设。
下调公司目标价至4.87港元,但维持“买入”评级。

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