研報掘金|國泰君安:維持中國聯塑“增持”評級 管道銷量保持相對穩健的增速
國泰君安發佈研究報吿稱,維持中國聯塑“增持”評級,2023H1營收154億元,同比增長2.6%,淨利潤15億元,同比增長15%,符合預期。期內,PVC和非PVC管道銷量增速分別高達13%和17%,保持相對穩健的增速,主要受益於非地產業務的拓展和華南外市場的拓展。2023年H1公司毛利率27.84%,同比提升1.36pct。報吿期間公司PVC為代表的原材料價格出現了明顯的下滑,公司在銷售價格跟隨調整的過程中也實現了成本讓利端相對較為明顯的留存。此外,該行預計伴隨近兩年的充分計提,高風險房企的應收或已經計提較為充分;地產業務對公司營收和應收端的影響已經明顯進入了尾聲。
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