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《大行报告》花旗下调玖纸(02689.HK)目标价至13.5元 反映纸价向下趋势
阿思达克 05-31 15:02
花旗发表报告,玖龙纸业(02689.HK)宣布将东莞、江苏、天津和重庆工厂的白板纸和涂布灰底白板纸的每吨平均售价分别降低200元和100元人民币(下同)。从3月底到5月初,玖纸的平均售价呈下降趋势,在劳动节的良好需求带动下而稍有回升,但随後平均售价恢复下降趋势,该行将玖纸2021至23财年的盈利预测下调10%至12%,目标价由14.5元下调至13.5元,评级维持「中性」。

花旗预计,玖纸2021财年盈利将按年增长48%,大部分增长来自於上半年度。下半年增幅将由上半年的76%放缓至14%,主要因为淡季以及大部分的平均售价下降趋势将在2021财年第四季反映,预计中期收益将下跌46%至21.5亿元。而2021财年下半年的每吨净利润将从上半年的每吨464元下降至每吨282元,按年下降39%。

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