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《大行报告》里昂下调理文造纸(02314.HK)目标价至4.9元 评级降至「跑输大市」
阿思达克 03-09 14:09
里昂发表报告,将理文造纸(02314.HK)2022年和2023年的核心利润预测分别下调22.1%和19.1%,以反映成本和运营费用增加被较高的平均售价部分抵销,以及保持销售预测基本不变。目标价由6元下调至4.9元,基于6.5倍的2023年预测市盈率不变,惟考虑到盈利能力弱于预期且缺乏催化剂,将评级从「跑赢大市」下调至「跑输大市」。 里昂指,理文造纸去年核心利润为31.94亿元,按年跌15.3%,远低过预期的17.4%,毛利率下降4.7个百分点。该行预计,其产品每吨净利润将在今年上半年见底,但鉴于宏观的不确定性和仍然高企的成本,未来只会小幅回升。在缺乏增长催化剂的情况下,需求应保持低迷,而公司计划继续在纸浆和卫生纸以及柬埔寨进行扩张。
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