《大行報告》麥格理:玖紙(02689.HK)業績符合預期 料產品受惠限電提價
麥格理髮表研究報告指,玖龍紙業(02689.HK)全年度業績符合預期,核心稅後淨利潤按年增長40%;下半財年銷量按年升18%至790萬噸,當中每噸核心淨利達358元人民幣,較上半財年的每噸456元人民幣下降。
該行指出,玖紙上星期每噸提價200元人民幣,在內地限電政策下,每噸價格未來有望再提升100至200元人民幣。麥格理又提到,觀察到由於目前煤價高企,東莞的煤改氣完全轉換後或實際上有助於玖紙將每噸成本降低160元人民幣。
該行表示,在2022年中國開始實施塑料禁令之前,仍對玖龍紙業維持「跑贏大市」看法,目標價15元,但亦提醒投資者留意疫情反彈及國家提倡「共同富裕」,或會導致消費模式走疲。
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