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《大行报告》美银证券下调中国建材(03323.HK)目标价至13元 评级「买入」
阿思达克 05-03 10:15
美银证券发表的研究报告指,中国建材(03323.HK)今年首季税前利润为42.2亿元人民币(下同),按年升121%,主要受惠去年基数较低,与2019年首季比较则跌约8%,该行估计撇除债券付息,其税後溢利按年升387%至17.7亿元,与2019年同期比较则跌23%,相当於市场及该行对其2021财年预测的12-13%,属於符合预期。如撇除1.78亿元的非核心项目,该行估算首季公司核心净利为19.5亿元,按年升320%,与2019年同期比较亦升51%,跑赢同业。

该行指出首季水泥销量为6,360万吨,按年升40.5%,并较2019年同期升4.5%,不过每吨毛利则跌至76元。而混凝土方面首季销量升55.1%,与2019年首季比较亦升3.3%,每立方米毛利大致企稳在70元水平。而非水泥、混凝土业务毛利则按年升26%。该行将公司目标价削7%至13元,评级维持「买入」。

该行指出同业首季业绩与2019年比较普遍较弱,而公司核心净利按年及较2019年同期均有所提升,主要是受惠工程及新材料业务等,资产负债表亦有改善,认为其盈利增长可见性较高,认为在煤炭成本上行的压力下,公司将是2021财年唯一有盈利增长的水泥股。(el/k) ~

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