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《大行报告》花旗下调海螺创业(00586.HK)目标价至46元 评级「买入」
阿思达克 04-12 10:09
花旗发表研究报告指,海螺创业(00586.HK)主要业务固体废物及危废处理有望於明年首季分拆於内地上市,预期可体现业务真实价值。

报告引述管理层透露,不希望稀释其现有股东权益,因此分拆业务上市时预期不会增发股本,未来可能会透过可换股债券及银行贷款方式融资。

公司预期,安徽、江西、重庆等地的危废项目平均收费可维持稳定,陕西则略有下降;其定价策略是从一般废弃物处理商抢夺市占。公司预期整体毛利率可维持在60%至70%水平。花旗将其2021至2022年核心盈测分别下调2.6%及1.5%,目标价由47元下调至46元,维持 「买入」评级,并料其核心盈利2021至2023年各年分别升62%、55%及34%,主要受高炉发电、固体及危废业务推动。

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