《大行報告》大摩:中建材(03323.HK)首季業績疲弱 受累玻璃纖維等新材料拖累
摩根士丹利發表報告指,中建材(03323.HK)今年首季發盈警,料淨虧損達5.5億元人民幣,遜於預期,受累水泥及熟料每噸單位毛利顯著收縮;以及新材料板塊盈利貢獻疲弱,特別是玻璃纖維等。該行表示,留意到由公司經營的部分地區出貨量和利潤率恢復速度相對地滯後,例如華中地區、西南及東北地區。
該行指,考慮到春節後的整體價格上漲,以及近期動力煤現貨價格的下跌,報告預計單位毛利將逐步改善;加上該行指,考慮到較佳的行業協調及需求溫和復甦,預料行業利潤率將在全年逐步恢復。
大摩予中建材目標價8.5元,維持其評級為「增持」。
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