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《大行報告》匯豐研究降玖紙(02689.HK)及理文造紙(02314.HK)目標價 受累需求遜預期
匯豐研究發表報告,指內地造紙行業盈利能力已跌至歷史低位,屆嚴峻水平,包裝紙行業正在經歷過去十年來最差的時期,主要由於經濟增長緩慢導致需求低迷;煤炭、廢紙和紙漿價格等原材料成本上漲;市場上出現新產能投入。 匯豐研究將玖紙(02689.HK)目標價由10元下調至7.7元,評級維持「買入」;理文造紙(02314.HK)目標價由4.8元下調至3.6元,評級維持「持有」。鑑於玖紙的產能擴張計劃,並且與同行相比,獲得了相對更多的原材料,匯豐研究看好玖紙多過理文造紙,不過認為只有當需求改善時,這些優勢才可能更加顯現。 匯豐研究指,由於高庫存導致單位毛利率已降至歷史低點,認為超過三分之一的包裝紙公司已經處於虧損狀態,如果目前的情況持續下去,認為較小的造紙商可能會決定暫時停產或完全停止營運,為未來的行業領導者提供獲得市場份額機會。
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