研報掘金丨國信證券:華魯恒升Q2業績環比提升,多個項目穩步推進中,維持“買入”評級
格隆匯7月14日丨國信證券13日研報指出,華魯恒升(600426.SH)Q2歸母淨利潤為8.68至9.68億元(同比-58.3%至-53.5%,環比+11.1%至+22.9%)。2023年上半年,受下游需求偏弱、產能過剩、同質競爭加劇等因素影響,公司部分產品價格同比下降幅度較大。為此,公司強化市場運營,加強生產管控和系統優化,消化了部分減利因素,經營業績同比降低,但環比有所改善。公司多個項目穩步推進中,在建項目投產後可為公司提供豐富業績增量,空間可期。其中,荊州基地項目進展順利,今年開始投產提供新增量。園區氣體動力平台項目主要建設煤氣化平台和公用工程,為基地後續項目供應合成氣,為整個園區提供蒸汽支持。考慮公司目前盈利水平,調整公司2023-2025年歸母淨利潤為45.20/58.57/76.87億元(原2023/2024年73.66/91.57億元),對應EPS為2.13/2.76/3.62元,對應當前股價 PE 為 15.8/12.2/9.3X,維持“買入”評級。
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