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《大行報告》美銀證券下調中國建材(03323.HK)目標價至13元 評級「買入」
阿思達克 05-03 10:15
美銀證券發表的研究報告指,中國建材(03323.HK)今年首季稅前利潤為42.2億元人民幣(下同),按年升121%,主要受惠去年基數較低,與2019年首季比較則跌約8%,該行估計撇除債券付息,其稅後溢利按年升387%至17.7億元,與2019年同期比較則跌23%,相當於市場及該行對其2021財年預測的12-13%,屬於符合預期。如撇除1.78億元的非核心項目,該行估算首季公司核心淨利為19.5億元,按年升320%,與2019年同期比較亦升51%,跑贏同業。

該行指出首季水泥銷量為6,360萬噸,按年升40.5%,並較2019年同期升4.5%,不過每噸毛利則跌至76元。而混凝土方面首季銷量升55.1%,與2019年首季比較亦升3.3%,每立方米毛利大致企穩在70元水平。而非水泥、混凝土業務毛利則按年升26%。該行將公司目標價削7%至13元,評級維持「買入」。

該行指出同業首季業績與2019年比較普遍較弱,而公司核心淨利按年及較2019年同期均有所提升,主要是受惠工程及新材料業務等,資產負債表亦有改善,認為其盈利增長可見性較高,認為在煤炭成本上行的壓力下,公司將是2021財年唯一有盈利增長的水泥股。(el/k) ~

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