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研報掘金丨中泰證券:維持華新水泥“買入”評級,海外水泥業務的加速擴張
格隆匯 02-20 15:07

中泰證券研報指出,華新水泥(600801.SH)非水泥業務+海外擴張,水泥龍頭再次揚帆。經過24Q3末區域減產及價格提漲,兩湖及雲南地區價格已經實現一定程度修復,隨着行業供需關係的改善,公司國內水泥盈利水平有望逐步實現回升。展望2025年,錯峯共識在2024年基礎上有望進一步增強,且行業整合有望開啓,供給端優化有望持續強化。公司海外水泥業務的加速擴張,骨料產能穩步釋放以及國內水泥價格修復,目前公司估值水平已處於歷史絕對低位區間,認爲已充分反映市場對國內水泥盈利下行的悲觀預期,看好公司海外、骨料業務成長性以及國內水泥盈利改善,維持“買入”評級。

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