报告名称：Anhui Conch-H(00914.HK)FY15 results miss-FY16 shipment to grow 10% y/y
报告类型：港股研究
报告日期：2016-03-24
研究机构：摩根大通
股票名称：海螺水泥,安徽海螺水泥股份
股票代码：600585,00914
页数：8
简介：Anhui Conch (Conch) announced FY15 net profit of Rmb7.5bn, which misses street estimates. Excluding non-recurring gains, Conch’s core profitsrecorded a larger y/y fall and consensus downgrades are likely, in our view. For 2016, Conch is targeting a 10% volume growth and reduced unitcosts. Conch shares have rallied strongly +41% from its mid-February low, outperforming the broader market (+18%). Armed with a strong balancesheet and growth outlook, we maintain our OW rating.

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