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《大行報告》中金升中鋁(02600.HK)目標價35%至5.4元 評級「中性」
阿思達克 04-22 15:25
中鋁(02600.HK)去年實現營業收入2,697.48億元人民幣,按年增長45.03%;歸母淨利潤50.8億元人民幣,按年增長564.6%。中金髮表報告指,中鋁年度業績遜該行預期,主要歸因於非經營性業績的下滑。公司一方面受益於鋁價上漲,噸鋁利潤大幅提升;同時氧化鋁量價齊升,提升利潤增量。另一方面受益於資產結構優化,減值拖累業績。 由於鋁價上漲,中金上調中鋁營收預測,但考慮成本同步上升,維持2022年和2023年盈利預測不變;並維持H股「中性」評級,上調目標價35%至5.4港元,對應今明兩年預測市盈率12.9倍及12.7倍。
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