研报掘金丨东方证券：维持华谊集团“买入”评级，资产置换迈出市值重估重要一步

格隆汇07-20

东方证券研报指出，华谊集团资产置换迈出市值重估重要一步。计划置入的广西能化是具有突出竞争力的煤化工项目，与煤化工同行比较可以看出，其与华鲁恒升荆州基地在资产规模、资产负债率、周转率都相近的情况下，净利率与ROE仅略低一些。而计划置出的上海能化近几年回报率都并不理想，基本在盈亏边缘波动。从ROE角度看，明显不如广西能化。交易完成后，上市公司有望在几乎不付出额外代价的情况下，初步解决与集团的同业竞争...

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