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《大行》野村微降天齊鋰業(09696.HK)目標價至41元 維持「中性」評級
阿思達克 09-03 10:26
野村研究報告指,天齊鋰業(09696.HK)上半年收入按年下降25%至48.2億元人民幣(下同),主要因鋰精礦及鋰化工產品平均售價較低。毛利率按年收縮12.2個百分點至39.6%,因平均售價下降及存貨成本下降速度較慢。按年扭虧,錄淨利潤8,700萬元,對比去年同期淨虧損為52億元。 考慮到上半年鋰價走低,該行預期2025年收入將按年下降10%。然而,隨著鋰價復甦前景改善,預計2026及27年收入將按年分別增長45%和20%。該行預期2025至2027年淨利潤分別為11.1億元、18.6億元及28.9億元;維持「中性」評級,H股目標價由42港元降至41港元,相當於預測明年市賬率1.4倍。
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