研報掘金丨東吳證券:華新水泥Q2盈利超預期,維持“增持”評級
東吳證券研報指出,華新水泥Q2盈利超預期,海外增量+國內改善有望支撐中長期增長。海外率先佈局、併購持續落地彰顯公司領先的國際化佈局、經營能力。隨着國內水泥行業供給自律加強、景氣反彈,公司一體化及綠色低碳戰略強化競爭力,海外持續拓展,支撐中長期發展動能。暫假設尼日利亞項目2025年內完成交割,基於Q2盈利超預期,“反內卷”導向有望強化行業供給自律,上調2025-2027年歸母淨利潤至28.8/32.2/35.6億元(前值爲27.4/30.6/33.3億元),對應市盈率9/8/8倍,維持“增持”評級。
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