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中國忠旺(01333.HK):疫情的影響持續,維持“中性“評級,目標價1.75港元
格隆匯 07-30 09:23

機構:國泰君安

評級:中性

目標價:1.75港元

公司生產受到全球新冠疫情爆發的嚴重影響。新冠病毒疫情的爆發是一個黑天鵝事件並打亂了全世界公司的生產計劃。

維持鋁產品銷量假設不變。我們預計公司的鋁擠壓產品和鋁壓延產品的銷量將繼續受到全球新冠病毒疫情爆發的嚴重影響。我們預計公司鋁合金模板和鋁擠壓產品的產量在2020年將減少10%-20%左右。我們預計2020年鋁壓延產品產量在50萬噸左右。

維持鋁產品加工費假設不變。我們預計鋁擠壓產品的加工費將會温和下降,但是由於產品結構改善鋁壓延產品的加工費將會上升。由於下游需求將受到全球新冠病毒疫情爆發的嚴重影響,進而對產品銷售價格形成壓力,我們預計2020年公司鋁擠壓產品的平均加工費將會温和下降。

下調公司目標價至1.75港元,維持“中性”評級。

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