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大行評級|大摩:鋁的基本面依然穩健 予中國鋁業“增持”評級
格隆匯 04-08 13:30
摩根士丹利發表研究報告指,對中國鋁業的評級爲“增持”,H股目標價爲7.1港元。該行指,在全球宏觀環境波動下,鋁的價格近期大幅回調,拖累公司股價表現。不過,鋁的基本面依然穩健,供應受限於內地政府定下的產能上限,而需求維持穩健,這應爲鋁價提供穩固支持。能源價格走低,應可繼續保持鋁板塊的穩定盈利貢獻。另外,相對匹配的氧化鋁與鋁產能、不斷提高的鋁土礦自給率、國內及海外市場更低的鋁土礦成本,以及戰略性的產能佈局,應能幫助公司渡過氧化鋁行業的低迷期,確保今年的穩健盈利。
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