《大行報告》匯豐研究:水泥價格上升 潤泥(01313.HK)最受惠
匯豐研究發表報告指,省級政府尤其是華南地區在最近幾周加大對例如水泥等耗電行業的能源用電控制力度,本月雲南及廣西省水泥生產商分別被要求減少能源使用量80%以上及減少40%,其他省也正在實施類似措施。因此,水泥供應下跌,多地水泥價格以近期歷史上前所未有的速度被推升至歷史高位。該行指,這可能導致行業利潤預期的顯着上修。
該行預期全個水泥行業都將受惠,而華潤水泥(01313.HK)將最爲受惠,因其南方營運。
香港及中國內地上市水泥股過去一個月上漲了約12%,相比恆生中國企業指數同期卻下跌1%;該行認爲升勢未完,預期第四季水泥價格繼續快速上漲,爲水泥股帶來潛在上行風險。該行相應調整行業盈利預測,維持對海螺水泥(00914.HK)及華潤水泥的「買入」評級和目標價分別68元及11元,將中國建材(03323.HK)的目標價從11.6元上調至12.8元,但維持「持有」評級。
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