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研報掘金|華泰證券:首予維達國際“買入”評級 目標價25港元
華泰證券發表報吿指,維達國際作為在國內份額領先的生活用紙企業,預計公司有望憑藉品牌護城河,在維持穩定份額的同時,享受更高的產品溢價,隨着木漿價格回落和消費逐步回暖,下半年起或迎來盈利復甦的良機。該行首予維達“買入”評級,目標價25港元。華泰表示,在出行頻次增加和消費回暖的推動下,預計全國生活用紙的需求量在2023年強勁反彈,公司生活用紙銷量增長有望提速至6.4%,但考慮屆時生產負荷已經較高,2024年銷量增速可能放緩至0.8%,而由於木漿產能的集中釋放,料木漿價格承壓,單位生產成本在2023-2025有望逐步回落。該行預計公司2023-2024年每股盈利分別為0.65元及1.35元,目標價對應2024年市盈率18.5倍,較上市以來的平均低10%,以反映近年來公司規模擴張降速的影響。
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