《大行報告》花旗下調建滔積層板(01888.HK)目標價至23元 評級「買入」
花旗發表研究報告指,建滔積層板(01888.HK)上半年收入及淨利潤分別按年大升104.5%及358%,由於原材料成本回落,毛利率亦按年增長9.9個百分點至33.9%。
報告引述管理層表示,由於終端需求強勁,預料毛利率將於下半年保持穩定並略有改善。但由於近期中國消費放緩,花旗將2021至2023年的盈利預測下調3%至5%,目標價下調至23元,重申「買入」評級。
建滔積層板將在明年初將玻璃纖維的月產能提升500萬米,並在明年下半年再增加800萬米,意味著產能將從目前每月5000萬米提升26%。
該行預測下半年盈利將達到36.72億元,當中計及物業利潤約2億元及公司壓板平均每月利潤約5.79億元。由於7月至8月每月利潤率達6億元,預測較為保守,僅略高於第二季平均的5.7億元。
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