里昂：维持中国联塑(02128)“买入”评级 目标价降至4港元
里昂发布报告称，维持中国联塑(02128)“买入”评级，鉴于其获利能力下降及需求疲弱因素，目标价由5港元下调至4港元。
报告中称，公司去年净利润及毛利率表现低于该行预期，分别受累于利息支出增加，以及原材料成本下跌幅度低于预期。另外公司新能源业务成长逊于预期，虽然总销售额同比持平，不过低于该行预期。
该行指出，联塑管理层指引毛利率趋向稳定，而且农村发展、工业自动化、油气，以至交通运输对联塑管道产品的需求不断增加。考虑到公司于华南及非华南地区的市占率，分别为50%及10%，因而预计公司于华南以外地区的市占率有望大幅增长。
Reprinted from 引领外汇网，the copyright all reserved by the original author.
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