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富瑞料恒安(1044.HK)上半年盈利按年跌4%目标价77.7港元
格隆汇 07-17 13:58

富瑞发表研究报告表示,预期恒安(1044.HK)上半年盈利按年下跌4%至18.64亿元人民币,主要受到卫生纸利润率受压及推广支出上升所拖累,并估计上半年收入增长6%,而净利润率则下跌1.9个百分点至17.4%,维持恒安“买入评级,目标价77.7港元。

该行又预期,上半年卫生纸销售增长8%,而卫生巾收入则下跌4%,并料婴儿尿布收入跌幅收窄。该行估计上半年公司综合毛利率收缩1.7个百分点,主要由于高档次的婴儿尿布及卫生巾利润率的扩张被卫生纸毛利率下跌所抵消。

富瑞料下半年木浆成本下跌将有助改善利润,但短期缺乏利好的催化剂,预期公司核心卫生巾业务销售疲弱,将会成为股价不明朗的因素。

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