《大行報告》匯豐研究微升馬鋼(00323.HK)目標價至3.7元 評級「買入」
匯豐研究發表研報指,馬鋼(00323.HK)首季稅後淨利按下跌17%,但仍超出該行預期,相信期內錄得按年下跌是由於鐵礦石和焦煤等原材料價格上漲,認為公司平均售價提升及和有效的成本管理措施有助於部分抵銷原材料價格上漲的影響。
該行表示,在疫情下當局對基礎設施的發展取態更為堅定,基建規劃支持鋼鐵行業發展,預計短期內將出台更詳細的支持政策。在供應方面,發改委早前宣布將繼續開展粗鋼產量壓減工作,今年鋼鐵產量將繼續低於去年,以確保鋼鐵供應紀律。今年首季中國粗鋼生產按年下跌,匯豐研究預期今年剩餘時間產量可能會再次上升,但全年計仍會錄得下跌。
匯豐研究認為,供應影響下短期內原材料成本依然高企,利潤率壓力較大,在去年高基數下,預計第二季行業盈利將按年大幅下降,但預期鐵礦石和煉焦煤價格將因供應狀況改善而回落,預期下半年鋼鐵生產商的利潤率亦會有所改善,因此將馬鋼目標價微升至3.7元,維持「買入」評級,鞍鋼(00347.HK)則維持目標價4.3元及「買入」評級不變。
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