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中國宏橋(1378.HK):公司運營穩定,維持“中性“評級
格隆匯 11-22 08:23

機構:國泰君安

評級:中性

公司2019年中期業績差於市場一致預期和我們的估計,主要是由於更高的財務成本。公司收入同比減少6.5%至人民幣414.3億元,股東淨利同比增加37.3%至人民幣27.8億元。利潤的顯著增長主要是由於去年同期的低基數。

維持公司鋁產量假設不變。我們預計公司在2019年生產大約600萬噸原鋁。我們預計公司的原鋁產量在未來3年保持不變且生產穩定。

由於消費需求疲弱小幅下調鋁價假設。我們將2019年鋁價年均價假設下調至1,820美元/噸。我們預計鋁價在2020年將持平或小幅反彈,全年均價在1,850美元/噸-1,950美元/噸。

維持公司生產成本假設不變。我們預計公司原鋁的生產成本在2019年下半年保持穩定。?下調公司目標價至4.65港元,維持“中性”評級。

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