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研報掘金丨長江證券:中國聯塑(2128.HK)毛利率同比改善,期待估值修復
格隆匯 04-09 11:50
中國聯塑(2128.HK)2024年營收270.26 億,淨利潤16.84億。長江證券發佈研報指出,營收和淨利潤雖然同比有所下降,但毛利率同比提升,減值同比減少。公司全年毛利率同比提升0.7個pct至27.0%,或主因低毛利的其他產品佔比下降所致,其中管道業務毛利率28.7%,同比提升0.2個pct。其中,公司2024H2毛利率26.2%,同比提升1.4個pct。長江證券指出,中國聯塑主業持續增長,渠道資源變現。作為管材龍頭,依靠多年積累建立起以規模&渠道為核心的強α,未來行業集中度會持續提升。外延擴張是龍頭企業發展的必然選擇,公司長期致力於打造家居平台,優勢在於多年合作積累下的經銷商渠道資源以及品牌積澱。近年建材家居業務快速擴張,管材主業中非PVC 管佔比也在不斷提升。中國聯塑是港股稀缺家裝建材標的,關注估值修復彈性。1)收入有望企穩。近兩年需求疲軟公司量價承壓,隨着地產見底及市政改善有望企穩;此外公司農業及工業管道有望提供額外增量;2)聚焦主業,開支或降低。過往因海外商城及光伏的投入,導致資本開支較大。未來預計外延投入或大幅減少。3)關注估值修復。預計公司2025年淨利潤約為22億,對應PE為5倍,處相對低位。此外公司2024年擬分紅5.6億人民幣,分紅率約為34.1%。
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