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《大行報告》大摩:中鋁(02600.HK)去年盈利遜預期 上季呈虧損
阿思達克 01-28 09:59
摩根士丹利發表報告,指中國鋁業(02600.HK)料2021財年純利爲49億元至53億元人民幣(下同),按年增加5.61倍至6.15倍,低於市場預期的68億元和該行預期的65億元。中鋁並預計扣除非經常性損益的純利爲70億至74億元,意味着去年第四季度錄得800萬至4.08億元虧損,反映了生產成本顯着增長,錄得減值虧損,以及鋁價隨着煤炭價格的下跌而調整,拖累了鋁的利潤率。該行予中鋁「增持」評級,目標價6.6元。 報告指,隨着電力供應緊張狀況的緩解,鋁產能繼續恢復,增加了市場供應,加上需求疲軟,特別是在春節假期,將在短期內對價格造成壓力。然而,海外市場的能源短缺問題仍在繼續,低庫存水平限制下行空間,因此預計鋁價仍將在高位波動。
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