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《大行报告》高盛升中铝(02600.HK)目标价至4.8元 评级「买入」
阿思达克 03-26 14:18
高盛发表研究报告,指中国铝业(02600.HK)去年纯利按年跌13%至7.41亿元人民币,或每股盈利4.4分人民币,撇除一次性项目,该行估算其经常性纯利按年升4.68倍至10.05亿元人民币。报告称,在销量增加及氧化铝单位利润改善下,中铝业绩胜该行预期,惟符市场预期。

报告称,中铝氧化铝板块按年改善,但仍落後於行业。去年铝材实现销售均价每吨14,169元人民币,与市场价大致持平。该行估算其铝材经常性EBIT按年升168%至32.07亿元人民币,仍低於该行预期,主因销货成本及行政及销售开支增加。

该行续称,中铝资产负债表按年改善,经营现金流按年升19%至149亿元人民币属稳固。自由现金流改善及资本开支减少,致去年录列帐自由现金流168亿元人民币,扭转对上一年的自由现金流负9亿元人民币。净债务按年跌12%至903亿元人民币。净杠杆由对上一年的187%降至166%。

报告上调中铝2021至2023年盈测介乎4%至13%,反应去年氧化铝表现较佳。高盛料中铝受惠於铝价利差及氧化铝价格上升,料2021至2023年各年每股盈利分别增至29分、32分及49分人民币。该行维持予中铝H股「买入」评级,目标价由4.7元升至4.8元。

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