《大行報告》裏昂下調海螺水泥(00914.HK)目標價至44.9元 評級「買入」
裏昂發表研究報告指,海螺水泥(00914.HK)首九個月收入和純利分別跌1.9%及9.5%,略遜預期,主因限電措施令銷售跌幅較預期大。第三季水泥和熟料價格分別增至每噸332元人民幣,因自8月起供應減少所致。第三季每噸毛利跌2.9%,單位生產成本增22.1%。銷售量跌9.8%,反映供應減少的負面影響。
因應高均價以及煤價有下行的趨勢,降2021至23年盈利預測3-7%,目標價由57.2元降至44.9元,維持「買入」評級。
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