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《大行報告》高盛升中鋁(02600.HK)目標價至4.8元 評級「買入」
阿思達克 03-26 14:18
高盛發表研究報告,指中國鋁業(02600.HK)去年純利按年跌13%至7.41億元人民幣,或每股盈利4.4分人民幣,撇除一次性項目,該行估算其經常性純利按年升4.68倍至10.05億元人民幣。報告稱,在銷量增加及氧化鋁單位利潤改善下,中鋁業績勝該行預期,惟符市場預期。

報告稱,中鋁氧化鋁板塊按年改善,但仍落後於行業。去年鋁材實現銷售均價每噸14,169元人民幣,與市場價大致持平。該行估算其鋁材經常性EBIT按年升168%至32.07億元人民幣,仍低於該行預期,主因銷貨成本及行政及銷售開支增加。

該行續稱,中鋁資產負債表按年改善,經營現金流按年升19%至149億元人民幣屬穩固。自由現金流改善及資本開支減少,致去年錄列帳自由現金流168億元人民幣,扭轉對上一年的自由現金流負9億元人民幣。淨債務按年跌12%至903億元人民幣。淨槓桿由對上一年的187%降至166%。

報告上調中鋁2021至2023年盈測介乎4%至13%,反應去年氧化鋁表現較佳。高盛料中鋁受惠於鋁價利差及氧化鋁價格上升,料2021至2023年各年每股盈利分別增至29分、32分及49分人民幣。該行維持予中鋁H股「買入」評級,目標價由4.7元升至4.8元。

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