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研報掘金丨國金證券:賽輪輪胎競爭優勢和成長性都很強,予“買入”評級
格隆匯 02-06 15:42
國金證券研報指出,賽輪輪胎(601058.SH)重點佈局柬埔寨,規劃貢布經濟特區和全鋼胎擴建項目。2024年10月30日,公司發佈公吿稱賽輪集團擬租賃約750 公頃土地建設柬埔寨貢布經濟特區,項目總投資估算為1.12億美元,計劃引進全球與橡膠行業相關的化工新材料、廢舊橡膠回收處理等頭部企業入駐,項目收入來源主要為土地出租,按2025年底將土地租入完成,2026年-2035年對外出租(按對外租期50年,一次性付清)測算,共計可獲得收入1.5億美元,利潤總額5101萬美元,淨利潤5019萬美元,總投資收益率為4.6%,全部投資税後財務內部收益率7%。2025年1月7日公司公吿了柬埔寨全鋼胎的擴建項目,規劃再新建165萬條全鋼胎,建設週期為9個月,預計2025年投產,總投資額約為6.7億元,預計建成達產後可實現17.5億元收入和3.4億元淨利潤,淨利率可達到19.3%。考慮到公司自身的競爭優勢和成長性都很強,目前估值也相對較低,仍然給予“買入”評級。
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