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中海化學並購陸續有來 @ 2012-07-31T16: Back Hot News
Keyword:心連心
Concept:尿素價格下半年 , 心連心化肥上半年
心連心化肥(01866.HK)受惠於主要化肥產品尿素,平均價格升一成三,上半年純利增加逾兩倍半,賺一億七千五百萬元人民幣,不派中期息。董事長兼首席執行官劉興旭解釋,純利急增但無派息,是因為正進行大規模擴產,計劃在年底時派末期息,派息比率最少兩成。他又指,政府政策及過去兩年廠商看淡市況減產,令尿素供不應求,拉動上半年價格上升,雖然第三季為傳統淡季,但他相信下半年尿素價格會趨穩。他又指,生產成本中六成半用於購買煤炭,受惠於煤炭價格今年來跌一成八,令毛利率擴闊近七個百分點,改善到一成八,預期煤炭價格會續回落,有利營運。財務總監閆蘊華表示,為擴大產能,今年資本開支會增加七成,涉及十七億人民幣,預計最快下年會有新工廠投產,並已向銀行貸款十九億,認為已足夠。
該行指出,中海集運在2012-14財年期內將有約14艘船付運,料集團會傾向調整運力,故無法受惠目前低租船費用。料受惠較今年第一季高的運費及較低的燃油成本,集團在第二季將錄得盈利,同時將抵銷第一季大部份虧損,估計上半年經常性虧損達2.23億元。12-13財年盈利預測分別為5.6億及6億,平均回報率為2%。目標價由1.9元降至1.7元,評級由「中性」降至「減持」。 中國心連心化肥主席劉興旭於電話會議上強調,集團每年堅持分紅20%,不過由於現時為「高投入期」,需要資金投入大規模建設,因此上半年雖錄得高利潤但仍不派息,惟表示下半年有機會派息。

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