《大行報告》美銀證券:中鋁(02600.HK)首季盈利勝預期 維持「買入」評級
美銀證券發表報告指,按中國會計準則計算,中國鋁業(02600.HK)首季盈利按年下跌10%至18.13億元人民幣,達到該行全年目標約48%,以及市場全年預測的約31%,高於預期水平,相信主要是受到氧化鋁利潤率反彈及其他非經營項目所帶動的。
該行指出,行業數據顯示,煤炭價格下跌,加上雲南產能恢復延遲的預期增強,,令4月至今第二季鋁利潤率有所回升,考慮到今年房地產完工需求好過預期,對中國鋁市場仍保持樂觀。
美銀證券預計今年中國鋁價將達到每噸1.9萬元人民幣,利潤為每噸2,000元人民幣,而氧化鋁利潤預期達到每噸400元人民幣,維持對中國鋁業的「買入」評級,目標價5.5元。(gc/w)
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