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【券商聚焦】大摩指海螺水泥(00914)为行业首选 管理层料二季度单位毛利环比下滑
[brokerage focus] Anhui Conch Cement (00914) is the first choice for the management of the industry, and the unit gross margin is expected to decline in the second quarter compared with the previous quarter.

金吾資訊 ·  {{timeTz}}

大摩发研报指,$海螺水泥(00914.HK)$管理层透露,各地反复的疫情、上海及周边地区的疫情管控措施对当地公路运输、下游客户的运营以及公司的水泥和熟料运输造成负面影响,预计将导致日均出货量损失8-10万吨,约占总量的8-10%。此外,二季度单位毛利或将出现环比下滑。

The big motorcycle research newspaper pointed out that$Anhui Conch Cement (00914.HK) $Management revealed that repeated outbreaks in various places and epidemic control measures in Shanghai and surrounding areas have had a negative impact on local road transportation, downstream customer operations, as well as the company's cement and clinker transportation, which is expected to result in an average daily shipment loss of 8-100000 tons, accounting for about 8-10% of the total. In addition, gross margin per unit may decline month-on-month in the second quarter.

但管理层仍重申2022年自有水泥和熟料出货量达3.25亿吨的全年指引,考虑到下半年的建设热潮(尤其是2022年第四季度,为传统旺季),预计主要由基础设施投资支撑。此外,管理层认为,即使煤炭价格的合理区间已确定并实施,但预计短期内不会有太大的下行空间。预计今年剩余时间内国内动力煤价格将逐步走低。该行维持公司55港元目标价与“增持”评级,指其为行业首选股。

However, management reiterated its full-year guidance of 325 million tonnes of own cement and clinker shipments in 2022, taking into account the construction boom in the second half of the year, especially in the fourth quarter of 2022, which is the traditional peak season, which is expected to be mainly supported by infrastructure investment. In addition, management believes that even if a reasonable range of coal prices has been identified and implemented, there is not much room for downside in the short term. Domestic thermal coal prices are expected to decline gradually in the rest of this year. The bank maintains the company's target price of HK $55 and its "overweight" rating, calling it the industry's preferred stock.

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