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国泰君安：维持中国建材“增持”评级 目标价降至3.23港元

GTJA: Maintains a 'shareholding' rating on CNBM, with the target price lowered to 3.23 Hong Kong dollars.

Sina Hong Kong Stocks ·  Sep 24 22:05

GTJA issued a research report stating that it maintains a "shareholding" rating for CNBM (03323), considering the long and significant duration of cement losses, and that some profit pressure still exists in the materials sector, reducing the net income forecast for 2024-2026 to 1.175, 2.276, 2.987 billion yuan (-2.803, -2.376, -2.055 billion yuan), and lowering the target price to 3.23 Hong Kong dollars. The company achieved revenue of 83.471 billion yuan in the 2024 interim report, a year-on-year decrease of 18.5%, with a net loss attributable to equity holders of 2.018 billion yuan, turning into a loss year-on-year, lower than expected. Within the period, the basic building materials sector's cement core business continued to incur losses, but the loss narrowed in Q2, and the new materials sector, in fields such as fiberglass, blades, and separators, still maintained incremental capabilities.

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