You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
研報掘金丨國盛證券:東鵬控股經營質量優異,首予“買入”評級

國盛證券研報指出,東鵬控股C端零售起家,經營質量優異。主營瓷磚和衛浴業務,瓷磚是主要收入利潤來源,收入佔比80%以上,渠道以經銷渠道爲主,佔比60%以上。二手房提供需求支撐,供給側加速出清,行業貝塔改善。行業的落後產能有望加速退出,尾部企業生存空間進一步壓縮,在供需兩端發力下,25年後瓷磚行業貝塔好於去年。截至2024年末,公司現金及現金等價物餘額23.8億元,有息負債5.7億元,以2025年6月9日收盤價計算的股息率約爲4.3%,並且公司減值風險基本出清、資本開支高峯已過,股息率有提升空間。公司作爲瓷磚行業龍頭,零售渠道經長期建設已形成較強掌控力,並拓展工長等流量入口,同時工程端攜手裝企開拓整裝市場,2025年有望觸底,首次覆蓋給予“買入”評級。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account