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《大行報告》瑞信下調中國建材(03323.HK)目標價至7.53元 評級「跑贏大市」
阿思達克 04-18 10:50
瑞信發表報告表示,將中國建材(03323.HK)的目標價從8.7元下調至7.53元,指出公司業績預告顯示今年首季將由盈轉虧,錄得虧損約5.5億元人民幣,遜於市場預期,主要由於水泥、混凝土和玻璃纖維的平均售價下降所致。 報告引述中國建材管理層預期,首季有部分虧損將被水泥和混凝土產品成本減少,以及金融資產公允價值損失的減少所抵銷。瑞信預期,今年首季將是公司經營的低谷,未來盈利將逐步改善,首季中國平均水泥價格按年17%,而隨著4月份天氣好轉,水泥需求已出現改善。 加上次季大多數水泥公司積極開展錯峰生產,該行預計未來水泥價格將平穩中帶波動,同時預計淡季銷量下降將導致固定成本和費用增加,為盈利帶來壓力,因此將中國建材2022至2023年盈利預測各下調11.4%及27.3%,維持「跑贏大市」評級。
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