《大行報告》大摩:理紙(02314.HK)上半年業績符預期 料下半年盈利持續受壓
摩根士丹利發表研究報告指,理文造紙(02314.HK)上半年純利按年跌57%,每噸淨利潤達到292元,業績符合預期,主要受到成本上升及市場需求疲弱所拖累。
該行又指,行業基本面疲軟的情況下,中國內地造紙企業近期專注進行密集式生產線維護,受市場供應減少影響,8月份瓦楞紙及牛皮箱板紙庫存略有下降,但仍處於歷史高位,加上新產能繼續上線,供應增加和需求疲軟預期繼續對下半年紙價構成壓力,計及生產成本高企,預料下半年利潤率繼續受壓,給予理紙目標價2.7元,評級「減持」。
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