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《大行報告》里昂降理文造紙(02314.HK)目標價至3元 評級「買入」
阿思達克 03-12 10:17
里昂發表報告,指雖然理文造紙(02314.HK)2023年下半年產品銷售均價按半年降10.6%,但公司在重慶、江西和廣西新生產線的自產紙漿產量激增,令衛生紙原料成本下降速度加快,該行預期公司的盈利表現將能夠大幅改善。里昂將理文造紙目標價由3.5元降至3元,惟考慮估值吸引,槓桿可控,以及自家紙漿帶來全年成本減省等,維持「買入」評級。 另該行亦認為紙漿產量持續增加,或會為公司2024年利潤帶來約4.8億港元增量貢獻。報告預計2024年公司將出現軟復甦,因此將理文造紙2024年及2025年各年盈測分別降15.4%及升1.1%。
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