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《大行报告》美银证券下调金隅(02009.HK)目标价至1.9元 评级「中性」
阿思达克 05-04 10:05
美银证券发表研究报告指,金隅集团(02009.HK)首季除税後净利润按年增长62%,但与疫情前的2019年首季相比则下跌48%,经常性利润亦按年跌22%,表现均逊预期。

期内水泥每吨销售均价按年下跌24元人民币,同时成本上升,导致每吨利润按年下跌31元人民币,至每吨67元人民币,但被期内销量在低基数下按年增长80%所部分抵销。

公司旗下冀东水泥(000401.SZ)首季录税後净亏损5,100万元人民币,较去年收窄82%,预期由於华北冬季较长,亏损属正常现象。

美银表示,公司预期全年入帐收入将达320亿元人民币,毛利率达10%,目标较为悲观,考虑到内地房地产市场情况及水泥利润展望,将2021至2023年每股盈测分别削减42%、24%及17%,目标价由2.2元降至1.9元,重申「中性」评级。

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