研報掘金|華泰證券:下調華潤建材科技目標價至3.53港元 維持“買入”評級
華泰證券發表報吿指,華潤建材科技首三季淨利3.09億元,按年下跌51.6%;第三季淨利1.43億元,按年增長74.5%,確立盈利按年拐點,符合10月14日發佈的盈利預吿。報吿指,9月兩廣地區水泥價格復甦有所中斷,但10月以來重拾升價勢頭,西江枯水期的臨近也有望價格延續的上升。作為華南區域水泥的龍頭企業,該行認為公司有望受益於區域市場競爭緩和帶來的盈利中樞修復。該行下調水泥熟料銷量假設,下調2024年噸毛利預測(9月台風帶來的升價窗口延遲),上調2025至2026年噸毛利,結合更高的費用假設,將公司2024年、2025年、2026年每股盈利預測分別下調20.7%、9.4%及5.2%至0.11元、0.13元及0.14元。該行將華潤建材科技目標價下調5.9%至3.53港元,維持“買入”評級。
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