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研報掘金|中金:維持玖龍紙業“跑贏行業”評級 目標價6.3港元
格隆匯 09-27 14:45

中金髮布研究報吿稱,維持玖龍紙業“跑贏行業”評級,FY24-25盈利預測為25億元、35億元不變,目標價6.3港元。公司FY23實現收入567億元(同比-12%),歸母淨利潤-24億元(去年同期為33億元);單2H FY23實現收入255億元,歸母淨利潤-9.95億元,業績低於該行和市場預期。

報吿稱,隨行業步入3Q季節性旺季、下游步入補庫階段,紙廠接單情況略回暖、開啟“小步慢升”階段,紙廠庫存略有去化。據該行調研,當前中低端價格推升大部分落地、中高端產品推升略有壓力;供給層面,考慮到新增供給集中(如8-9月太陽已落地100萬噸,年內仍有其他超100萬噸產能擬投放),行業整體盈利及股價修復較前兩輪週期或偏弱。

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