《大行報告》匯豐研究微降洛陽鉬業(03993.HK)目標價至6.6元 去年初步業績勝預期
匯豐研究發表報告,指洛陽鉬業(03993.HK)去年初步業績勝預期,納入估值模型後,降其2023至2025年各年盈測分別7%、2%及1%,其H股目標價由6.7元略降至6.6元,維持「買入」評級。
報告稱,受惠美匯轉弱及新供應中斷導致銅價上升,過去一個月其H股累升約29%,即使短期或有獲利盤潛在風險,但該行認為,在銅價前景正面及該行料洛鉬今年銅及鈷銷量有望跑贏同業下,其風險回報仍可觀。
匯豐研究指出,洛鉬其去年稅後淨利潤達82億元人民幣,按年增長36%,意味去年末季純利達58億人民幣,按年飆6.6倍,並遠超市場預期;報告料歸功於末季產銷比率顯著提升,以及出售澳洲NPM銅金礦帶來的一次性收益。又預計,隨著TFM和KFM銅鈷礦擴充產能,洛鉬2023至2025年間盈利年均複合增長率料達26%,其中2024年的增長最為顯著,預計將達到42%。
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