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兗礦能源(01171.HK)績後升逾6% 獲大摩及美銀證券看好
兗礦能源(01171.HK)今早(29日)低開1.4%後早段倒升,現報16.27元,升6.62%,成交5,040.27萬股,涉資8.05億元。摩根士丹利發表研究報告指,兗礦能源首季純利按年升42%至約40億元人民幣(下同),符合該行預期,主要受惠於新泰煤礦股權轉讓所帶來的33億元人民幣投資收益。若撇除一次性項目,持續經營盈利按年跌61%至11億元人民幣,低於...
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兗礦能源(01171.HK)績後升逾6% 獲大摩及美銀證券看好
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7
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2
 
 

兗礦能源(01171.HK)  +0.220 (+1.361%)    Short selling $110.20M; Ratio 16.988%   今早(29日)低開1.4%後早段倒升,現報16.27元,升6.62%,成交5,040.27萬股,涉資8.05億元。

摩根士丹利發表研究報告指,兗礦能源首季純利按年升42%至約40億元人民幣(下同),符合該行預期,主要受惠於新泰煤礦股權轉讓所帶來的33億元人民幣投資收益。若撇除一次性項目,持續經營盈利按年跌61%至11億元人民幣,低於預期,主要受累於自產煤生產成本按年升9%、煤炭銷售價格按年跌2%及首季錄得外匯虧損。成本上升主要反映首季產量按年跌6%,以及澳洲業務因中東局勢導致柴油價格上升,令成本增加。

大摩預期,兗礦能源次季核心盈利有望改善,因為自3月下旬起,受中東緊張局勢影響,煤化工價格持續處於高位,預示季內盈利貢獻將更佳。同時,內地煤炭價格自3月中旬起在傳統淡季中受惠於本土需求改善而上升,電廠在夏季用電高峰前重新補庫存,亦將刺激價格向上,預示次季盈利將復甦。該行維持兗礦能源「增持」評級及目標價21.9港元。

美銀證券研究報告指出,兗礦能源首季純利40億元,按年升42%,高於該行及市場預期,達到該行全年預測的33%。業績優於預期主要由於30億元的投資收益,當中包括出售新泰煤礦資產所得的28億元。該收益亦為派息的基礎。然而,持續經營盈利按年跌61%至10億元,主要因成本壓力加劇。儘管收入按年微升2%至350億元,毛利仍跌21%至70億元,毛利率按年收縮6個百分點至21%,該行認為主要歸因於煤炭業務。

美銀證券估算,自產煤總銷售成本按年升9%,而銷量僅按年升1%。按地區劃分,中國及澳洲的銷貨成本分別按年升4%及18%,銷量分別升4%及跌4%,但產量分別按年跌5%及9%。中國每單位銷貨成本按年平穩,惟澳洲每單位成本按年每噸增逾100元或或23%,主要由於柴油成本急升。自產煤平均售價為每噸517元,按年跌2%。中國平均售價按年跌1%,符合基準指數走勢;澳洲平均售價按年跌2%,落後於海運現貨價格的反彈。該行相信,鑑於兗礦能源的定價機制,次季有望趕上價格上升趨勢。該行維持對兗礦能源H股的「買入」評級,目標價17港元;兗礦能源(600188 SH)A股目標價為24元人民幣。(ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-30 16:25.)

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