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《大行報告》美銀證券下調金隅(02009.HK)目標價至1.9元 評級「中性」
阿思達克 05-04 10:05
美銀證券發表研究報告指,金隅集團(02009.HK)首季除稅後淨利潤按年增長62%,但與疫情前的2019年首季相比則下跌48%,經常性利潤亦按年跌22%,表現均遜預期。

期內水泥每噸銷售均價按年下跌24元人民幣,同時成本上升,導致每噸利潤按年下跌31元人民幣,至每噸67元人民幣,但被期內銷量在低基數下按年增長80%所部分抵銷。

公司旗下冀東水泥(000401.SZ)首季錄稅後淨虧損5,100萬元人民幣,較去年收窄82%,預期由於華北冬季較長,虧損屬正常現象。

美銀表示,公司預期全年入帳收入將達320億元人民幣,毛利率達10%,目標較為悲觀,考慮到內地房地產市場情況及水泥利潤展望,將2021至2023年每股盈測分別削減42%、24%及17%,目標價由2.2元降至1.9元,重申「中性」評級。

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