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《大行》美銀證券:神華(01088.HK)盈喜稍勝預期 目標價32元評級「中性」
美銀證券研究報告指,中國神華(01088.HK)日前發盈喜,料今年中期歸屬於公司所有者利潤介乎256億至276億元人民幣(下同),按年跌16%至22%,反映次季利潤132億元,按年跌12%,按季跌1%。另外,次季煤炭產量及銷量分別按季升2%及7%。 除了產銷量上升,該行認爲神華表現按季維持穩定,亦得益於有效的成本管控;管理層指引全年每單位生產成本增幅爲6%,而首季實際亦升6%;料通過優化人工成本及管理費用,次季成本增幅已收窄。價格方面,公司有75%煤炭以協議銷售,雖然現貨價跌破協議價,但使用協議價的合同應該會維持高位。 美銀證券提到,神華管理層表示擬派發中期股息,2025至2027年派息率將維持至少65%,但公司未有承諾每股最低派息額,同時明確無計劃提升負債率;維持「中性」評級,H股目標價32港元。
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