《大行報告》匯豐研究升中國宏橋(01378.HK)目標價至9元 盈利略高於預期
匯豐發表研究報告指,中國宏橋(01378.HK)2023年下半年收入表現略勝於預期,主要受惠於下游需求強勁,加上產能擴張帶動公司產品銷量;以及匯兌損失減少的因素帶動。至於公司毛利率擴張與股息率亦同樣符合該行的預期。
該行亦預期,公司2024年的盈利表現將跟隨利潤率擴張,按年增長10%。而且在下游需求及供應同時強勁的情況下,公司產品的平均售價可能會保持在較高水平。至於原材料成本應會有所下降,主要由於2024年上半年的基數效應及供需環境改善。因此匯豐將中國宏橋的目標價由8.5元上調至9元,並維持「買入」評級。
另外,匯豐指內地生態環境部將鋁業納入碳交易範圍,將有利於中國宏橋比行業擁有更多成本優勢。而且由於現時力供應充足,公司位於雲南的廠房能恢復營運,意味中國宏橋在往後的產量將會增加。(js/cy)
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