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《大行報告》摩通料生產電解鋁毛利將復甦 維持對中鋁(02600.HK)正面看法
阿思達克 02-21 10:36
摩根大通發表報告指,冶煉企業在雲南省減產的新聞傳出,令中鋁(02600.HK)的A股及H股股價昨日(20日)分別上升8%及6%。過去兩年,內地開始推動以水電爲基礎的鋁生產以減少碳排放,但因水電供應不穩定,內地鋁產量變得更爲波動。由於絕大多數新的鋁產能都以水力發電,該行相信內地鋁產量波動性上升將成爲未來數年的新常態。 該行提到,與去年相反,因行業盈利能力較低,預計今年鋁產量只會緩慢復甦。不過隨着今年需求逐步改善,估計鋁毛利將會回升。 摩通維持對中鋁的正面看法,H股目標價保持6.8元,評級「增持」,但去年盈利預測下調11%,反映第四季產品毛利率疲弱。
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