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《大行報告》大摩:兗礦能源(01171.HK)去年盈利低於預期 評級「減持」
摩根士丹利發表報告指,兗礦能源(01171.HK)日前發盈喜,預計2021年度中國會計準則下淨利潤將達到160億元人民幣,按年增長125%;扣除非經常項目後純利料達157億元人民幣,增長147%,低於大摩國際會計準則下盈利預測172億元人民幣。單計去年第四季,在煤價回調拖累下淨利潤按季下跌19%。 期內兗礦的煤炭產量及銷量分別按年下跌13%及28%,主要來自於國內煤礦產能增長放緩及澳洲因洪水而出現物流中斷。去年甲醇產量按年增長37%;另外醋酸和乙酸乙酯已成爲新利潤貢獻來源。 大摩估計兗礦能源2021年每股派息料達到1.64元人民幣,高於公司每股0.5元以上的指引,股息率達到11%。大摩對煤炭行業維持審慎看法,給予「減持」評級,目標價11.23元。
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