You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
花旗:維持神華(1088.HK)“買入”評級 目標價21.7港元
格隆匯 10-29 16:57
花旗發表研究報告,指神華(1088.HK) 第三季純利按年跌5%,按季則增6%至120億元(人民幣,下同)高於該行預期,主因銷售及行政開支,以及利息支出較低。集團首三季純利為363億元,相等於市場全年預測84%,第三季毛利為197億元,按年跌15%,按季跌3%,主因煤炭生產成本上升所致。該行維持其評級“ 買入 ”,目標價21.7港元。
該行指,公司第三季銷售1.15億噸煤,按年持平,按季升2%,自有生產為7500萬噸,按年持平,按季升1%,均價按年升3%,按季升2%至每噸438元,每單位成本升5%至293元,按年升5%,按季升3%,預期每噸毛利為145元,按年及按季均跌1%。
該行又指,首三季每單位成本升12.4%至每噸123元,當中原材料、燃料、電力成本、人員開支、維修和更新開支均有所上升,全年每單位成本僅增5%的指引存風險。公司全年目標生產2.9億噸煤,意味第四季需生產2500萬噸才可達標,惟因近期多個項目受阻而存風險。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account