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《大行報告》高盛下調海螺水泥(00914.HK)目標價至22元 評級「中性」
高盛發表報告指,海螺水泥(00914.HK)中期淨利潤按年跌32%至66億元人民幣,扣除一次性因素則按年跌34%。有關業績勝於該行預測,主要因為行政成本減少,但僅符合市場預期。 該行下調對海螺水泥今年至2025年淨利潤預測9%至39%,以反映每單位毛利假設。該行料內地水泥業供需情況進一步轉差,因建築活動轉弱及供應紀律仍大致不變,亦預期未來數月季節性毛利反彈疲弱,海螺水泥下半年水泥售價為每噸82元人民幣,明年及2025年降至76至77元人民幣,意味2024至2025年淨利潤下降。 該行認為股價部分地反映毛利率受壓展望,維持該股「中性」評級,目標價由28元降至22元。
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