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研報掘金丨國信證券:海南橡膠盈利有望持續改善,維持“優於大市”評級
格隆匯 02-13 16:01

國信證券日前研報指出,海南橡膠(601118.SH)肩負我國天然橡膠墾殖和戰略物資保障重任,目前公司於海南的在管膠園面積已達300萬畝以上,年產量在10萬噸以上。在貿易端,公司2023 年橡膠貿易量已達380萬噸(含受託管理的KM 公司和ART公司),約佔全球消費量25%,終端已實現對全球主要輪胎廠商覆蓋,在全球天然橡膠市場擁有較強的行業影響力和市場競爭力。公司掌握核心種植資源,成本存在優化空間,未來隨天然橡膠行情上行,盈利有望持續改善。通過多角度估值,預計公司合理估值6.1-6.3元,相對目前股價溢價空間約爲15-20%,維持“優於大市”評級。

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