玖龙纸业维持跑赢行业评级，上调目标价至9港元

中金公司01-30

一、核心观点与评级调整中金公司在研报中维持对玖龙纸业的“跑赢行业”评级，并将目标价上调至9港元，较此前目标价提升29%。这一调整主要基于公司FY26-27年净利润预测的显著上调，以及对公司自制浆产量和吨利润超预期表现的认可。中金预计，玖龙纸业在FY26-27年的净利润分别为36亿元和40亿元，对应市净率(P/B)为0.6x和0.5x，目标价隐含21%的上行空间。二、业绩超预期原因分析根据公司公告...

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