《大行報告》瑞銀升中鋁(02600.HK)評級至「買入」 上調目標價至5元
瑞銀發表報告指,預期在中國基礎材料產業中,鋁的表現將跑贏行業,這主要是由於產能增加有限且經常性的季節性減產。該行又預期中鋁(02600.HK)的基本面將有改善。基於強勁的鋁前景和公司基本面持續改善,該行將中鋁的評級由「中性」上調至「買入」,目標價由4元上調至5元。
該行提到,雖然中國地區產能增長有限,但中鋁今年鋁產能將錄得上升,加上公司正在沿海建設新的氧化鋁精煉廠,而且可確保相對穩定的電網電價。另外,集團的鋁土礦自給率約為65%,在冶煉廠中水平最高,令其可受惠於近期鋁土礦價格上升。
瑞銀表示,中國鋁的總產能已接近每年45噸的上限,而剩餘配額相當有限。根據目前的在建管道,該行預計今年新增產能為380ktpa,而2025年則為零。此外,近年西南地區經常傳出旱期鋁限產事件,對鋁價帶來上升風險。(sl/W)~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.