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研報掘金丨長江證券:予海螺水泥“買入”評級,期待Q2能釋放更高業績增速
格隆匯 04-07 16:56
長江證券研報指出,海螺水泥(600585.SH)24年全年歸母淨利潤76.96億元,同比減少26.19%;24Q4歸母淨利潤24.98億元,同比增長42.27%。Q4業績受漲價支撐,環比和同比均有較顯著改善。需求承壓,但是供給助力,價格或仍有一定彈性。在需求承壓背景下,今年節後價格表現略超預期,長三角市場節後水泥提價2輪落地;核心供給端還是來自協同錯峯到位,龍頭企業當下對價格意願更強,協同意願更高。展望全年,需求雖整體承壓,但是超產和協同強約束下,價格和盈利中樞或存一定改善空間。同時,考慮到24年同期盈利基數較低疊加當前低煤價支撐,期待25Q2公司能釋放更高業績增速。預計2025-2026年業績92、101億元,對應PE 爲14、13倍,“買入”評級。
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