《大行報告》裏昂下調理文造紙(02314.HK)目標價至4.9元 評級降至「跑輸大市」
裏昂發表報告,將理文造紙(02314.HK)2022年和2023年的核心利潤預測分別下調22.1%和19.1%,以反映成本和運營費用增加被較高的平均售價部分抵銷,以及保持銷售預測基本不變。目標價由6元下調至4.9元,基於6.5倍的2023年預測市盈率不變,惟考慮到盈利能力弱於預期且缺乏催化劑,將評級從「跑贏大市」下調至「跑輸大市」。
裏昂指,理文造紙去年核心利潤爲31.94億元,按年跌15.3%,遠低過預期的17.4%,毛利率下降4.7個百分點。該行預計,其產品每噸淨利潤將在今年上半年見底,但鑑於宏觀的不確定性和仍然高企的成本,未來只會小幅回升。在缺乏增長催化劑的情況下,需求應保持低迷,而公司計劃繼續在紙漿和衛生紙以及柬埔寨進行擴張。
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