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研報掘金|華泰證券:上調華潤建材科技目標價至3.75港元 維持“買入”評級

華泰證券發表報吿指,華潤建材科技發佈上半年業績預吿,預計淨利潤按年下跌65%至70%,該行估算其次季淨利潤按年跌66%至70%,低於市場預期。該行預計盈利按年回落主要由於公司平均售價回落。6月下旬以來華南市場水泥價格修復了每噸27元,預計當前價格水平下公司的盈利能力已有顯著提升。該行認為公司最困難階段可能已經渡過;且下半年水泥行業效益優先的共識有望更為牢固,有利於行業競爭緩和,提升水泥價格水平。

基於更低的銷量假設和更高的噸毛利假設,將公司2024至2026年每股盈利預測分別提升61%、76%及147%,至分別0.13港元、0.15港元及0.14港元,目標價提升3.3%至3.75港元,維持“買入”評級。

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