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《大行报告》大和降玖纸(02689.HK)评级至「跑赢大市」 短期毛利率料见顶
阿思达克 01-29 14:12
大和发表研究报告,指玖龙纸业(02689.HK)就截至去年12月底止中期业绩发盈喜,料撇除外汇损失经调整纯利按年升最少60%,高於该行预测的40%升幅。该行估算每吨经调整纯利约460元人民币,属近三年以来最高。该行料公司盈利能力在下半财年难以维持,源於内地瓦楞纸价格升幅开始快过终端产品,经营成本亦在上升。即使加价消息频传,该行建议投资者考虑在毛利率能见度下滑时先锁定部分利润。

该行指,上调玖纸2021财年每股盈测8%,以反映单位毛利扩张胜预期。考虑上行空间有限,短期毛利率料见顶,该行将玖纸投资评级由「买入」降至「跑赢大市」,维持目标价13元,相当於2021至2022财年预测市盈率均值8倍。

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