《大行報告》瑞信:中鋁(02600.HK)季績符預期 評級「跑贏大市」看7元
瑞信發表研究報告,指中鋁(02600.HK)首季純利按年升61%至16億元人民幣創新高,符預期,主因鋁產品利潤率上升。同時公平值增加及資產減值減少亦支持純利增長。
報告稱,即使首季收入按年升44%,銷貨成本按年升47.1%亦抵銷了整體盈利能力。毛利按年升8%。據該行估算,行業平均鋁產品現金利潤率按年升5%至每噸3,600元人民幣。該行料鋁產品利潤率續高位波動。即使受疫情影響,需求相對放緩,海運費率上升及低庫存將支持境內鋁價。同時,倘內地疫情有效受控,需求反彈,則鋁價料有支持。該行維持中鋁「跑贏大市」評級,目標價7元。
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