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研報掘金|中金:下調玖龍紙業目標價至4.5港元 維持“跑贏行業”評級
格隆匯 03-03 12:21

中金髮表研報指,玖龍紙業截至去年12月底止2025財年上半年業績遜預期,收入按年增長9.3%;股東應佔淨利潤按年增長60.6%。另外,公司此前發行的美元永續債券產生約2億元利息。淨利潤位於預告範圍的上限,但由於紙價低迷及盈利未見顯著改善,表現仍低於該行預期。

中金錶示,玖紙每噸盈利按年恢復,但按半年仍疲弱,並認爲公司今年資本開支仍高,但接近完成。該行維持行業今年供需平衡看法,並關注玖紙旺季時每噸盈利,倘旺季需求超預期,公司或加價以提振每噸盈利。鑑於需求疲弱,因此將玖龍紙業今年6月底止2025財年的盈利預測下調45%,並預計2026財年淨利潤爲16.8億元。該行亦將玖龍紙業目標價下調8%至4.5港元,維持“跑贏行業”評級。

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