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《大行》匯豐研究升宏橋(01378.HK)目標價至18.5元 維持「買入」評級
阿思達克 06-25 10:12
匯豐研究發表報告指,中國宏橋(01378.HK)日前發盈喜後股價上升,公司料今年上半年盈利按年升35%,好過該行預期,受惠於鋁材及氧化鋁產品銷售均價和銷量均按年上升。該行將目標價由17.1元升至18.5元,維持「買入」評級,因行業基本面穩健,以及公司9%的收益率具吸引力。 該行認為鋁業的基本面仍然穩健,受到4,500萬噸生產上限、以舊換新補貼持續、強勁的電網投資、電動車銷售增長以及出口情緒改善支持,但6月底因季節性因素,需求增長明顯放緩,該行亦憂慮國內的太陽能安裝速度減慢,以及以舊換新政策的影響可能開始減弱,料下半年中國宏橋的盈利按半年及按年均有所下跌,因去年第四季氧化鋁價格異常地高。該行認為,或需要強勁的需求以推動鋁價,以及能源價格下降,才能進一步提高公司的盈利增長及利潤率擴張。
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