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《大行報告》瑞銀:中鋁(02600.HK)營運受電力短缺拖累 料未完全反映能源成本上漲因素
阿思達克 10-27 11:25
瑞銀髮表報告表示,中鋁(02600.HK)營運已受到全國電力短缺所拖累,料此因素仍未反映在第三季業績上,料公司今年第四季產量將會進一步下降,同時要面對能源成本按季上漲的壓力。該行料市場會對中鋁公佈季績後反應負面,因首九個月業績低於市場對其全年預測約75%預期。該行維持對中鋁「中性」評級及目標價5.5元。 該行指,中鋁今年第三季撇除優先股派息的純利52億人民幣,達到該行對公司今年相關純利預測74%,指中鋁今年第三季生產及銷售較第二季有所下滑,旗下鋁產品在今年第三季生產及銷售少於第二季各3%及4%。氧化鋁第三季外部銷售較第二季減少12%。 該行指中鋁計提資產減值/投資虧損各錄9.39億及3.71億人民幣等非現金性虧損,拖累其第三季盈利表現,料公司對山西介休鑫峪溝煤業債權減值已到尾聲。
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