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《大行报告》高盛下调中铝(02600.HK)目标价至2.8元 评级「中性」
阿思达克 09-03 11:07

高盛发表的报告指,中国铝业(02600.HK)上半年纯利为7.06亿元人民币,按年跌14%,每股盈利按年跌16%至每股0.041元人民币,如撇除一次性收益,期内经营亏损为1.71亿元人民币,表现好过该行预期,但逊市场预期。

期内氧化铝销量为155万吨,按年跌27%,期内氧化铝平均销售单价为每吨2,788元人民币(含增值税),低於市场价格。而铝的平均销售单价为每吨13,778元人民币(含增值税),稍高於市场价格。期内氧化铝列帐EBIT为13亿元人民币,按年跌37%,但较该行预期高16%。而铝的列帐EBIT则为1.25亿元人民币,好过该行预期亏损。期内公司经营现金流30亿元人民币,按年跌55%;净负债比率为194%,高於去年底的172%。

该行预计今年公司铝产出跌8%至400万吨,氧化铝外部销量将为370万吨,而明年氧化铝外部销售则为530万吨。该行将公司2020年盈利预测下调9%,目标价由3.2元降至2.8元,维持「中性」评级。 ~

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