《大行報告》高盛上調馬鋼(00323.HK)目標價至5.5元 評級「買入」
高盛發表報告,將馬鋼(00323.HK)2021年至2023年的盈利預測上調86%至105%,以反映行業趨勢和產品結構改善所帶來的鋼鐵產品單位利潤提高,預計中國鋼鐵行業在第四季的利潤率趨勢將有所改善,供應將更嚴格,而需求將在季節性基礎上從目前的水平持續改善。該行預計馬鋼2021年和2022年的平均單位毛利分別升至每噸796元和800元人民幣。維持對馬鋼H股和A股的「買入」評級,H股目標價由3.6港元上調至5.5港元,A股目標價由4.6元人民幣上調至6.4元人民幣。
高盛指,馬鋼上半年凈利潤為46.44億元人民幣(下同),按年增長472%,每股盈利0.603元。如果不計入包括員工解僱補償金、公允價值收益和政府補助在內的一次性項目,估計經常性凈利潤為47.2億元,按年增長579%,每股盈利為0.613元。該業績遠超出該行的預期和市場預測,主要是由於鋼鐵產品的單位利潤增加。
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