《大行報告》摩通升中鋁(02600.HK)目標價至7元 評級「增持」
摩根大通發表研究報告,指中鋁(02600.HK)在次季純利創新高,於分析員會議中表示展望下半年,中鋁料受惠於鋁利潤率創新高,以及氧化鋁價格改善。此外,在幾內亞鋁土礦增產後,料其氧化鋁成本結構大爲改善。該行上調中鋁2021至2023年盈測介乎16%至25%,H股目標價由6.3元升至7元,評級「增持」。
報告引述管理層稱,中鋁料下半年鋁價維持現水平;今年本地鋁產量料達3,950萬噸;公司亦料在需求增長帶動下,氧化鋁價格將穩步上升。
摩通稱,中鋁現產能利用率達85%,利用率潛在上升取決於鋁價及能源供應。內部使用的氧化鋁可自給自足,但公司倘面對氧化鋁短缺,則會從印尼進口。會議中,管理層未有提供利用剩餘產能的確實時間表。該行相信行業龍頭對產量的審慎取態支持整個行業定價環境。
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