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研報掘金丨方正證券:中國巨石盈利能力領先行業,維持“強烈推薦”評級
格隆匯 12-30 16:42
方正證券研報指出,考慮到中國巨石(600176.SH)玻纖成本優勢和高附加值壁壘深厚,盈利能力領先行業,零碳智造再啟新程,維持“強烈推薦”評級。綜合考慮明年冷修技改計劃,預計25年實際淨新增產能在70萬噸左右,同比約+9%。競合新常態下,預計25年玻纖價格窄幅波動,核心關注中高端品種復價穩價。公司在細紗領域成本優勢壁壘更深,等待價格彈性的充分兑現。過去5年公司分紅率均值約為33%,23年為36%,此次分紅率提升一方面符合市值管理政策導向,增厚股東回報,另一方面從PB-ROE框架理解,提高分紅有利於提升現有估值水平。
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