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《外資精點》花旗:潤泥噸毛利料續跌,盈利能力受壓,維持中性 @ 2012-08-13T15: Back Hot News
Keyword:水泥 潤泥
Concept:110億元 , 華潤水泥半年
被問及內地計劃今年新開工保障房工程700萬套,較去年目標回落,華潤水泥控股副主席及執行董事余忠良解釋,雖然目標下降,但今年的建成量達400萬套,反映建成速度較去年同期加快,對水泥需求及價格皆有支持,他續指,預料下半年建成量會比下半年增加20-25%。(QU/A)
受產能過剩的影響各大少水泥企業都相繼發出盈利警告。華潤水泥(1313)早前發盈警,指截至今年6月底止6個月淨利潤預期較去年同期顯著減少。主要是內地經濟放緩、固定資產投資減速,令到水泥價格持續下跌。令集團產品同樣受到拖累。根據潤泥的業績報告,該公司在去年6月底止的上半年,盈利大幅增加2.3倍,至21.3億元。不過自去年下半年,該公司的盈利增長動力明顯轉弱。華潤水泥是中國南部領先的水泥及混凝土生產商之一,並為國家支持的大型水泥生產商之一。以產能計系中國南部最大的新型干法熟料及水泥生產商,以銷量計為最大的混凝土生產商。
華潤水泥 01313.HK 受水泥售價跌兼生產成本增拖累毛利率按年降12.3個分點至20.8%影響,上半年純利急跌69%至6.35億元,每股盈利9.7仙,再次不派中期息。期內,營收升近10%至110億元,但毛利跌31%至23億元。瑞信績後降未來兩年盈測54%及68%兼削價29%至3.4元。

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