《大行報告》高盛下調中鋁(02600.HK)目標價至2.8元 評級「中性」
高盛發表的報告指,中國鋁業(02600.HK)上半年純利為7.06億元人民幣,按年跌14%,每股盈利按年跌16%至每股0.041元人民幣,如撇除一次性收益,期內經營虧損為1.71億元人民幣,表現好過該行預期,但遜市場預期。
期內氧化鋁銷量為155萬噸,按年跌27%,期內氧化鋁平均銷售單價為每噸2,788元人民幣(含增值稅),低於市場價格。而鋁的平均銷售單價為每噸13,778元人民幣(含增值稅),稍高於市場價格。期內氧化鋁列帳EBIT為13億元人民幣,按年跌37%,但較該行預期高16%。而鋁的列帳EBIT則為1.25億元人民幣,好過該行預期虧損。期內公司經營現金流30億元人民幣,按年跌55%;淨負債比率為194%,高於去年底的172%。
該行預計今年公司鋁產出跌8%至400萬噸,氧化鋁外部銷量將為370萬噸,而明年氧化鋁外部銷售則為530萬噸。該行將公司2020年盈利預測下調9%,目標價由3.2元降至2.8元,維持「中性」評級。 ~
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