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《神州民企》玖紙:下半年毛利率料回升,下月計劃上調紙價格 @ 2012-02-28T22: Back Hot News
Keyword:玖紙
Concept:紙業中期純利
玖紙純利跌34%應收賬大增
玖紙中期純利跌34%,負債比率創金融海嘯後高位,花旗發表研究報告指出,雖然公司中期純利跌至8.37億元人民幣,但仍勝過該行預期的7.27億,又指下半財年業務可逐步改善。花旗維持其「買入」評級,目標價8.4元不變。
玖紙6月年結,截至2011年6月底止年度業績一般,全年總銷售額243.87億(人民幣,下同),增長35.9%;但原材料價格上升,加上不易將成本轉嫁予客戶,純利跌9.8%至19.68億元。不過,若撇除特殊財務支出及火災意外虧損撥備等特殊項目,純利實質倒退3.9%至20.82億元。
年12月31日止6個月,玖紙共錄得126億元的銷售額,按年微升0.2%,然而,毛利率由18%,下跌2.1個百分點,至15.9%,集團股東應占純利下跌33.99%,至8.36億元,每股基本盈利由0.27元降至0.18元,董事局決定派發每股2分的中期股息。
美林認為,玖紙雖然純利下跌,但在意料之內,更看到行業的循環再生紙和箱板紙的價格,有復蘇跡象,不過,由於勢頭仍未確認,加上公司的現金流仍為負數,槓桿率仍在上升,所以,暫時維持公司的中性評級。
股價跑贏大市,是因其中小企客戶獲信貸支持、政府持續整合行業;惟指舊紙板價格去年第三季下跌,影響第四季毛利率,將玖紙2012及13年度銷售分別下調8%及14%,純利預測分別下調15%及12%。

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