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《大行報告》中金下調華潤水泥(01313.HK)目標價至2.67元 上季業績明顯承壓
阿思達克 10-30 14:21
中金發表報告指,華潤水泥(01313.HK)第三季業績明顯承壓,但符合該行預期,下游需求疲弱,導致銷量受壓,第三季水泥熟料銷量1,779萬噸,按年跌21.4%,跌幅比第二季的12.2%擴大。行業價格競爭激烈,平均售價大幅下跌,令每噸盈利受壓,同時每噸費用上升。於9月底,公司現金結餘27.4億元,較6月底減少6億元,借貸率39.8%,較6月底降低1.4個百分點,財務槓桿仍然穩健。 該行指,10月中旬起,華南水泥價格開始回升,第四季每噸毛利有望溫和改善,加上骨料項目貢獻提升,有望推動第四季業績按季改善,維持「跑贏行業」評級,目標價下調33.3%至2.67港元,相當於預測今明兩年市盈率分別19.4倍及15.5倍。
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