2017-12-08

西王特鋼預測息率逾8% 明年上半年毛利率前景持續正面

西王特鋼(1266.HK)預期今年首3季錄得不少於5.4億人民幣純利,這相當於不少於140%的同比增長。內地鋼市供不應求,從而帶動毛利率擴闊,繼續是推升西王特鋼純利的動力,當中公司今年7月至11月的每噸毛利,料較今年上半年每噸毛利,有約4成增長,而亦值得注意的是,明年上半年的毛利率前景,有望持續正面。

濱州市今年9月底公佈《錯峰生產實施方案通知》,西王特鋼限產僅10%,遠較周邊鋼企的限產40%、50%為低,這優勢對西王特鋼的銷量、提價潛力帶來提振,並從而會提升其毛利率潛力。上述限產將實施至明年3月中,在明年內地建房用鋼需求,料將繼續  殷切下,這或令鋼市供不應求情況延續,而配合西王特鋼的上述 優勢,公司的正面毛利率前景,有望從今年下半年延續至明年上半年。

新客戶和新產品方面,西王特鋼的車軸鋼材,可望在明年首季首次交付予中車(1766.HK),另外,在建的鋼軌生產項目(設計年產能為70萬噸鋼軌 + 15萬噸鐵路軸坯 + 15萬噸型鋼),計劃明年下半年 開始試產,並擬於2019年開始進行商業規模投產。上述新產品,將有望分別在明年起和2019年起開始入帳,這料會注入新收入增長 動力,加上技術含量提升和規模效益潛在體現,屆時的利潤率潛力,將仍有進一步提升的空間。

現時西王特鋼的2017年預測市盈率不足4倍,今年下半年盈利表現料勝上半年,加上明年毛利表現存有憧憬,若負債比率,得以透過優化母公司借貸安排等,而逐步降低,將反映現時公司估值存可觀吸引力,另外,管理層提議今年派息率達30%,這相當於8厘以上的2017年預測股息率,這亦更進一步提振股份的投資吸引力。

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2017-12-08
2017-12-01
2017-11-24
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2017-11-10
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2017-10-27
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2017-08-25
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2017-08-04
2017-07-28
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2017-06-30
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2017-05-26
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2017-05-12
2017-05-05
2017-04-28
2017-04-21
2017-04-13
2017-03-31
2017-03-24
2017-03-17
2017-03-10
2017-03-03
2017-02-24
2017-02-17
2017-02-10
2017-02-03
2017-01-27
2017-01-20
2017-01-13
2016-12-30
2016-12-29
2016-12-16
2016-12-09
2016-12-02
2016-11-25
2016-11-18
2016-11-11
2016-11-04
2016-10-28
2016-10-14
2016-09-30
2016-09-23
2016-09-09
2016-09-02
2016-08-26
2016-08-19
2016-08-12
2016-08-05
2016-07-29
2016-07-22
2016-07-15
2016-06-30
2016-06-24
2016-06-17
2016-06-10
2016-06-03
2016-05-27
2016-05-20
2016-05-13
2016-05-06
2016-04-29
2016-04-22
2016-04-15
2016-04-07
2016-04-01
2016-03-24
2016-03-18
2016-03-11
2016-03-04
2016-02-26
2016-02-19
2016-02-12
2016-02-05
2016-01-29
2016-01-22
2016-01-15
2015-12-31
2015-12-24
2015-12-18
2015-12-11
2015-12-04
2015-11-27
2015-11-20
2015-11-13
2015-11-06
2015-10-30
2015-10-23
2015-10-16
2015-10-02
2015-09-25
2015-09-18
2015-09-11
2015-09-04
2015-08-28
2015-08-14
2015-08-07
2015-07-31
2015-07-24
2015-07-17
2015-07-03
2015-06-26
2015-06-19
2015-06-12
2015-06-05
2015-05-29
2015-05-22
2015-05-15
2015-05-08
2015-04-30
2015-04-24
2015-04-17
2015-04-10
2015-03-27
2015-03-20
2015-03-13
2015-03-06
2015-02-27
2015-02-13
2015-02-06
2015-01-30
2015-01-23
2015-01-16
2015-01-02
2014-12-24
2014-12-19
2014-12-12
2014-12-05
2014-11-28
2014-11-21
2014-11-14
2014-11-07
2014-10-31
2014-10-24
2014-10-17
2014-10-10
2014-09-26
2014-09-12
2014-09-05
2014-08-29
2014-08-22
2014-08-15
2014-08-08
2014-08-01
2014-07-25
2014-07-18
2014-07-11
2014-06-27
2014-06-20
2014-06-13
2014-06-06
2014-05-30
2014-05-23
2014-05-16
2014-05-09
2014-05-02
2014-04-25
2014-04-17
2014-04-11
2014-03-28
2014-03-21
2014-03-14
2014-03-07
2014-02-28
2014-02-21
2014-02-14
2014-02-07
2014-01-30
2014-01-24
2014-01-17
2014-01-10
2014-01-03
2013-12-27
2013-12-20
2013-12-13
2013-12-06
2013-11-29
2013-11-22
2013-11-08
2013-11-01
2013-10-25
2013-10-18
2013-10-11
2013-10-04
2013-09-27
2013-09-19
2013-09-13
2013-09-06
2013-08-30
2013-08-23
2013-08-16
2013-08-09
2013-08-02
2013-07-26
2013-07-19
2013-07-12
2013-06-14
2013-05-31
2013-05-03
2013-04-26
2013-04-19
2013-04-05
2013-03-15
2013-03-08
2013-03-01
2013-02-22
2013-02-15
2013-02-08
2013-02-01
2013-01-25
2013-01-11
2013-01-04
2012-12-28
2012-12-21
2012-12-14
2012-12-02
2012-11-23
2012-11-16
2012-11-09
2012-11-02
2012-10-12
2012-10-05
2012-09-21
2012-09-14
2012-09-07
2012-08-31
2012-08-24
2012-08-10
2012-08-03
2012-07-27
2012-07-20
2012-07-13
2012-07-06
2012-06-29
2012-06-22
2012-06-15
2012-06-08
2012-06-01
2012-05-25
2012-05-18
2012-05-17
2012-05-11
2012-05-04
2012-04-27
2012-04-20
2012-04-13
2012-03-23
2012-03-20
2012-03-16
2012-03-09
2012-03-02
2012-02-24
2012-02-17
2012-02-10
2012-02-03
2012-01-27
2012-01-20
2012-01-13
2012-01-06
2011-12-30
2011-12-23
2011-12-19
2011-12-09
2011-12-05
2011-11-25
2011-11-18
2011-11-11
2011-11-04
2011-10-28
2011-10-21
2011-10-14
2011-10-07
2011-09-30
2011-09-23
2011-09-16
2011-09-09
2011-09-02
2011-08-26
2011-08-19
2011-08-15
2011-08-05
2011-08-05
2011-08-01
2011-07-22
2011-07-18
2011-07-11
2011-07-06
2011-07-04
2011-06-27
2011-06-17
2011-06-10
2011-06-03
2011-05-27
2011-05-20
2011-05-13
2011-04-29