研報掘金丨中金:中國中冶4Q23計提減值拖累利潤 訂單保持穩健增長
中金公司研報指出,中國中冶4Q23計提資產減值損失13.92億元、信用減值損失35.43億元,較大程度拖累了全年的業績表現。2023年公司工程承包業務營收同比+9.3%,新籤合同額約1.42萬億元,同比增長6.0%,同時新籤海外合同額633.84億元,同比增長43.72%,創歷史新高,認為公司核心主業仍有望保持穩健增長。建議關注後續礦物價格修復,以及受益銅價上升及採選擴產的山達克銅金礦項目潛在的量價與盈利彈性。考慮到當前公司P/B估值處於歷史低位,維持公司A/H股跑贏行業評級。
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