大行評級|大摩:維持玖龍紙業“與大市同步”評級 中期純利符合預期
摩根士丹利發表研究報告指,玖龍紙業中期純利按年升61%,符合市場預期。銷售額按年增14%;毛利率爲9.5%,按年有所改善。大摩表示,雖然行業需求疲弱及利潤率下降,但去年仍有560萬噸新產能投產。踏入2025年,該行預期再有350萬噸新產能陸續投產,當中大部分來自中小型企業。紙張產量上升將繼續拖累紙價。然而,產品組合改善及更佳的成本結構應有助玖龍紙業於今年部分緩和疲弱的價格。該行維持對玖龍紙業“與大市同步”評級及目標價3.6港元。
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