《大行報告》高盛降玖龍紙業(02689.HK)目標價至3.9元 利潤率持續受壓
高盛發表報告指,玖龍紙業(02689.HK)截至6月底止財政年度由盈轉虧、蝕23.8億元人民幣,遠差過該行預期,但符合公司早前的盈警,產紙量1,660萬噸,按年升4%,較該行預期低1%,每單位毛利每噸92元人民幣,按年跌79%,亦遠低於該行預期,主要因為平均售價較低。每噸淨虧損158元人民幣,對比上年度每噸淨盈利187元人民幣,亦遠差過該行預期。資產負債表轉差,淨負債比率由74%升至104%。
該行因應玖紙業績而下調盈利預測,估計2024至2026三個財政年度,淨虧損6億至8.1億元人民幣,目標價由4.5元下調至3.9元,維持「沽售」評級。
該行指,包裝紙行業出貨量近期回升,主要因為假期前消費復甦、以及零售商為促銷節日作準備,但仍然認為中國包裝紙行業,在未來幾年繼續處於下行周期,除非新產能增加的壓力得以紓緩。
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