《大行報告》美銀證券下調中煤能源(01898.HK)目標價至4.5元 評級「跑輸大市」
美銀證券發表報告指,中煤能源(01898.HK)管理層預期煤產量在連續兩年按年增長10%後,單位煤炭生產成本將在2023財年保持穩定。公司將在2023年生產1.25億噸煤炭,而2022財年則為1.19億噸。集團又計劃繼續投資煤化工業務,尤其是高端烯烴,因為其目前的產品都存在產能過剩的可能性。
該行指,中煤分別在2021及2022財年錄得32億及37億元人民幣的資產減值,而目前很難對2023財年或之後作出減值預測。
美銀證券分別下調中煤2023及2024財年淨稅後淨利潤預測19%和20%,H股目標價由5元下調至4.5元。該行認為,中煤盈利已在2022財年見頂,另煤化工業務在內地產能快速擴張的情況下或仍然受壓。
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