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《大行報告》大和升玖紙(02689.HK)評級至「跑贏大市」 盈利能力將近好轉
阿思達克 11-13 10:36
大和發表研究報告指,玖紙(02689.HK)的估值可能已經觸底,而且盈利能力穩定地改善,料集團的本地業務有可能在今年第四季錄得利潤。同時今年季節性需求趨勢回歸,加上10月庫存達到相對健康水平及供需預計持續改善,相信公司風險回報狀況偏向上行。 該行認為,下游客戶由10月開始更積極地補充包裝紙,為11月的雙十一購物節做好準備,意味著增長主要是來自銷售,而在整體消費下降的時期,這個趨勢可能會持續到明年。考慮到集團的海外業務可能受到拖累,該行料2024財年集團的淨利潤為每噸24元人民幣,並在2025財年上升至81元。 該行下調集團2023至24年的每股淨值(Book Value per Share)3至6%,主要是反映公司每噸淨利潤的復甦步伐較慢。該行維持其目標價5元,評級由「持有」上調至「跑贏大市」。
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