港A兩地紙業股走高 中信證券:出口改善疊加成本抬升驅動 預計近期紙價提漲有望持續得到兑現
格隆匯5月11日丨港A兩地紙業股走高,港股方面,晨鳴紙業漲超3%,玖龍紙業漲超2%,理文造紙漲1.91%,陽光紙業跟漲;A股方面,宜賓紙業漲停、岳陽林紙漲超6%,美利雲漲超5%,仙鶴股份漲超4%,博彙紙業、青山紙業、晨鳴紙業等漲超2%。中信證券認為,受供給端多種因素擾動,短期漿價料延續高位震盪態勢;成品紙內需雖仍平淡,但出口改善疊加成本抬升驅動,預計近期紙價提漲有望持續得到兑現,助力紙企盈利修復。預計本輪漿價調整拐點於6-7月出現,具備漿佈局優勢或受益漿價下行的紙企,H2有望延續改善態勢。鑑於造紙龍頭公司目前估值處於底部區域,基本面21Q4觸底後有望逐季改善,配置價值凸顯。


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