研報掘金丨長江證券:湖南裕能估值彈性可觀,繼續推薦
長江證券研報指出,湖南裕能(301358.SZ)24年歸母淨利潤5.9億元,同比下降62.45%,Q4實現歸母淨利潤1.03億元,同比增長164.58%,環比微增。展望2025年,24H2公司盈利整體稍顯壓力,主要源於資源價格波動影響以及新基地投產等費用影響,從四季報來看負面因素基本消化完畢。價格端,預期的“加工費+折扣係數調整”對應價格升幅有望進一步增厚盈利。此外公司高壓實產品也在持續起量中,結構性變動帶動單噸盈利繼續上行。排產端目前Q1景氣度保持高位,全年有望延續景氣度。預計公司2025年實現歸母淨利潤21億元左右,估值彈性可觀,繼續推薦。
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