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研報掘金丨開源證券:五洲特紙實控人底部增持+股權激勵計劃,維持“買入”評級
格隆匯 06-27 14:18
格隆匯6月27日丨開源證券26日研報指出,五洲特紙(605007.SH)實控人底部增持+大範圍股權激勵計劃,彰顯未來發展信心。公司2023年50萬噸食品卡紙的完全釋放及2.2萬噸轉印紙的逐步爬坡完成,驅動銷量增長。另一方面用漿成本逐季下行帶動噸盈利修復。考慮終端需求復甦緩慢及行業新產能投放拖累紙價,參考股權激勵目標,我們下調業績預測,預計2023-2025歸母淨利2.71/5.33/7.09億元(前值5.77/7.65/7.92億元),對應EPS0.68/1.33/1.77元,當前股價對應PE20.9/10.6/8.0倍,實控人增持及核心員工的股權激勵,公司未來業績增長明晰,維持“買入”評級。
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