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研報掘金丨申萬宏源:中信特鋼Q4業績環比回升,維持“買入”評級
格隆匯 03-21 15:52
申萬宏源研究指出,中信特鋼(000708.SZ)24年歸母淨利潤51.26億元,同比下降10.41%。公司四季度單季歸母淨利潤12.9億元,環比三季度的11.11 億元增長16.09%,比去年同期下降4.26%,Q4單季度業績環比回升,業績符合市場預期。公司特鋼業務多采用成本加成模式,高端產品利潤水平具有較強抗週期能力,隨着公司產品結構不斷優化,預計公司噸鋼盈利能力有望企穩回升,維持2025-2026年公司歸母淨利潤預測基本不變(分別為54.63/59.93億元),新增2027年公司歸母淨利潤預測62.86億元,對應25-27年PE分別為12倍、11倍和10倍。公司汽車鋼、能源用鋼業務與南鋼股份、首鋼股份、寶鋼股份可比,高温合金等高端產品與久立特材可比,當前可比公司25年平均PE 約為21倍,高於公司25年12倍PE,故維持“買入”評級。
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