《大行報告》美銀證券降玖龍紙業(02689.HK)目標價至5.8元 評級「跑輸大市」
美銀發表研究報告指,玖龍紙業(02689.HK)早前發盈警,預期截至去年12月底止中期錄虧損約12.5億元人民幣(下同)至14.5億元,對上財年同期則錄純利27.7億元,而集團在過去六個月共生產860萬噸產品,意味著每噸虧損150至170元,這很大程度上遜於該行及市場預期。集團解釋指,虧損是由於封城導致需求疲軟,成本通脹高企和20%的生產線停工導致每噸修復成本增加。
該行表示,集團在今年1至2月仍處於虧損狀態,庫存維持在約140萬噸,遠高於正常的水平。儘管該行預計,中國重新開放後需求復甦和利潤率改善,但對集團截至今年6月底止下半財年的表現持審慎態度,主要是因為該行業供過於求,行業專家預計今年產能擴張約350萬噸;在利潤率反彈下,去年暫停的造紙產能逐步恢復營運;自今年1月起再生紙產品實施零關稅,進口來源將會增加。
該行將玖紙2023及2024財年的稅後淨利潤預測分別下調196%及16%,分別至虧損12億及扭虧錄純利24億元人民幣,又將目標價從7港元下調17%至5.8港元,重申「跑輸大市」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.