《大行报告》花旗料内地钢铁业持续削产提振毛利率 升马钢(00323.HK)及鞍钢(00347.HK)目标价
花旗发表研究报告,指唐山钢铁产出削减幅度大过市场预期。热轧板卷(HRC)价格升至每吨5,555元人民币,高於2017年供给侧改革时水平。即使市场忧虑潜在通胀风险,该行料政府坚定限制钢铁生产以减少碳足迹。
该行料中央政府将推出全国限产计划;料下半年其他省份有更多削产措施出台。由於需求保持韧性,料钢价及毛利率更长时间维持上升。花旗上调马钢(00323.HK)及鞍钢(00347.HK)H股目标价,马钢由2.7元升至4元,鞍钢由4.3元升至7.4元,评级均为「买入」,首选鞍钢H股。
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