《大行》大摩:神華(01088.HK)次季盈利符預期 短期煤價或反彈
摩根士丹利發表報告指,神華(01088.HK)料上半年淨利潤跌13%至20%,第二季淨利潤預計為117億至137億元人民幣(下同),按年下降9至22%,好過該行預期的109億元。
報告指,業績疲弱主要受到煤炭總銷量按年下降11%、現貨動力煤價格按年下跌超20%以及同期電力銷售量減少的拖累。但上半年長期合同銷量增加及更好的生產成本控制有助於緩衝利潤下降。
大摩料,短期煤價或在夏季高峰期反彈。進入夏季,電廠每日煤炭消耗量逐步增加。市場動態方面,需求略有改善,港口煤炭庫存下降,推動煤炭價格在傳統消費旺季緩慢回升。
雖然國內煤炭供應充足可能限制價格反彈幅度,但價格改善及長期合同銷量增加應有助於第三季維持穩健的盈利。同時,更高的股息支付和收益率為神華提供了另一個吸引投資者的角度,維持「增持」評級。目標價38港元。
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.