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《大行報告》中金削華潤水泥(01313.HK)目標價至4元 評級「跑贏行業」
阿思達克 08-22 09:49
中金發表報告指,華潤水泥(01313.HK)今年上半年收入按年下跌24.5%,至121.7億元,純利倒退65.6%至6.21億元,符合該行預期,上半年水泥及熟料銷量按年跌9.7%,主要因為來自新建樓宇的需求疲弱,平均售價按年跌12.3%至每噸355元,因為供求失衡、競爭加劇,華南水泥價格自5月下旬開始下跌,影響公司上半年的平均售價。由於產品成本增加,毛利及純利受壓。 該行指,自7月下旬華南水泥需求溫和復甦,平均售價由谷底回升,估計在9月旺季開始後,需求逐步恢復,帶動價格回升,下半年盈利有改善空間。 因應水泥價格跌幅大過預期,該行將華潤水泥今年純利預測下調59.9%至15.5億元,明年預測下調50.9%至20.7億元,維持「跑贏行業」評級,目標價下調26%至4元,相當於今明兩年市盈率各18倍及13.5倍。
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