大行評級|大摩:中鋁下半年鋁業務盈利或改善 H股目標價為7.5港元
摩根士丹利發表研報指,中國鋁業初步預期今年上半年純利將按年增長90%至114%,達到65億至73億元,遠超該行和市場預期。該行估算這意味中鋁今年第二季純利預期將介乎43億至51億元,按年增幅達到166%至216%。大摩認為,強勁的盈利增長主要來自於第二季鋁和氧化鋁價格上升、雲南省鋁產能恢復所帶來的銷量增加,以及公司成本控制改善,推動鋁和氧化鋁業務利潤貢獻提升。憧憬下半年盈利前景持續向好,同時山西及河南鋁礦供應緊張以及冶煉廠原材料庫存水平下降,均為氧化鋁價格提供支持,大摩預期鋁價或於高位波動,令中鋁下半年鋁業務盈利或改善,維持“增持”評級,H股目標價為7.5港元。
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