《大行報告》花旗下調中國建材(03323.HK)目標價至9.3元 評級「買入」
花旗發表研究報告指,中國建材(03323.HK)管理層預期,受到疫情影響,去年第四季的基數較低,料全年水泥需求將與去年同期持平。報告又引述管理層表示,由於逾一半生產商正處於虧損,令第三季的利潤率受壓,預計下半年的售價及毛利率將呈上升趨勢,並料9月將出現兩輪漲價。集團的目標是在今年底配備塗裝線產能達到40億平方米,而每10億平方米產能需要投資約30至33億元人民幣。
該行考慮到公司上半年業績和最新管理層指引,將其目標價由11.1元下調至9.3元,維持「買入」評級。另外,將集團2023至25年的盈測分別下調46%、41%及43%,反映水泥及熟料銷量下降,及單位毛利受壓。
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