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《大行報告》中金降玖紙(02689.HK)目標價至4.9元 成本優勢漸回歸
阿思達克 01-31 11:18
中金發表報告指,玖紙(02689.HK)預計2024財年上半年淨利潤2億至4億元人民幣,去年同期虧損13.89億元人民幣,由虧轉盈,低於該行及市場預期,主要因為內需疲弱及進口紙供給衝擊超預期。該行粗略按1,000萬噸銷量測算,公司2024財年上半年每噸淨利約20至40元人民幣,其中去年第三季可能仍虧損,去年第四季公司白卡、灰底白及文化紙價格修復明顯,可能是公司單季業績超預期重要原因。 該行指玖紙的產品結構持續優化,能源成本優勢正逐步回歸。考慮需求修復弱於預期,中金下調2024和2025財年盈利60%、25%至10、26億元人民幣,維持「跑贏行業」評級,考慮到公司每噸盈利已由虧轉盈、估值處修復通道,僅下調目標價22%至4.9港元。
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