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研報掘金|華泰證券:中國建材重磅回購有助於引導價值迴歸 重申“買入”評級

華泰證券發表報吿指,中國建材計劃向全體股東提出回購要約,按每股4.03港元回購並註銷最多8.42億股H股。計劃回購的最大股份數佔總股本9.98%,佔已發行H股18.47%;回購價格較12月6日收盤股價溢價約15.1%。該行認為重磅回購方案體現管理層引導價值發現的決心。若獲批通過,將增厚每股收益和股東權益。

華泰證券指,考慮到回購的實施尚存不確定性,仍維持中國建材2024至2026年每股盈利預測0.18元、0.52元及0.6元不變。該行重申對該股“買入”評級,維持目標價4.05港元不變,基於7.2倍2025年市盈率,較2008年以來的歷史平均(9倍)折讓20%,認為折讓已經較為充分地反映了水泥需求進入調整期的長期前景。

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