《大行报告》里昂上调中建材(03323.HK)目标价至14.75元 评级「买入」
里昂发表研究报告,指中国建材(03323.HK)去年纯利按年升14%至125.53亿元人民币,逊该行预期9%及略低市场预期1%,主因减值亏损差过预期、水泥、熟料销量和毛利率较预期低,惟被有效税率低於预期所部分抵销。末期息每股0.47元人民币,相当於派息比率32%。
该行指出,预期中建材今年销售可「价量齐升」,但生产成本因煤价上升而增长,升今明两年盈测分别12.4%及17.7%,以反映减值亏损预测下调及整体/纤维玻璃产量预测上调,目标价由14.56元升至14.75元,重申「买入」评级。
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