《大行报告》瑞信下调润泥(01313.HK)目标价至12.2元 评级「跑赢大市」
瑞信发表研究报告指,华润水泥(01313.HK)去年全年盈利按年增长4%至89.6亿元,逊於市场预期,当中第四季盈利更按年跌44.5%。
报告指出,尽管去年第四季出货量表现强劲,但价格升幅受天气因素影响,同时煤价及坏帐导致的行政开支增长亦有所拖累。
期内每吨售价按年升0.3%,毛利却因价格升幅缓慢及开支增加而跌4.5%。但瑞信认为,润泥仍能保持手头净现金,稍微下调今、明两年盈利预测约3.9%及4.3%,以反映毛利率较低,目标价由12.5元下调至12.2元。
瑞信预计润泥2023年盈利可达到100亿元,考虑到其市场地位及前景,维持「跑赢大市」评级。
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