《大行報告》里昂降海螺水泥(00914.HK)評級至「跑贏大市」 目標價下調至43.3元
里昂發表報告,將海螺水泥(00914.HK)2021年至2023年的盈利預測下調2%。目標價由44.9元下調至43.3元,2023年預測市賬率為0.8倍,並將評級由「買入」下調至「跑贏大市」,料其凈資產收益率表現可能較弱。
里昂預計,在穩定經濟政策推動下,海螺水泥首季平均售格和銷量勢頭強勁,惟認為目前需求處於高峰階段的後期,因此長期需求平緩,而未緩解的煤炭成本可能會阻礙單位毛利的增長。
里昂解釋指,由於供應仍然相對緊張,未見到任何證據顯示煤炭價格可能下降,預計上半年的生產成本將繼續按年增長,下半年會在高基數上按年持平。
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