中金:把握華南地區水泥龍頭投資機會,華潤水泥控股料有高股息回報
中金公司稱,中國大灣區基建建設如火如荼,需求旺盛但供應新增有限,建議投資者把握華南地區水泥龍頭的相對收益機會,華潤水泥控股目前兼具股價強安全邊際與高股息回報。
分析師李可悅等在報告中指出,四季度兩廣基建招標項目同比大增,看好 需求具備強有力支撐,華潤水泥控股產能有望被增量需求消化;公司2021 年高盈利維繫無憂。
公司骨料礦山佈局逐步完善,同時裝配式建築項目共有5.5萬立方產能投產,另有規劃建設145萬立方產能,預計2022年落地。
預計當前估值下2020股息率高達約8%,維持對公司的跑贏行業評級和13.25 港元的目標價。
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