晨星：下调华润建材科技(01313)每股合理估值至1.10港元 2026年上半年收入下滑15%

智通财经08-25

智通财经APP获悉，晨星发布研报称，调低华润建材科技(01313)每股合理估值24%，由每股1.45港元下调至1.10港元，指该股缺乏竞争护城河，目标价反映该行更为保守长期盈利假设。该股估值仍属合理，利润率回升的大部分上行空间已反映在股价中。公司2026年上半年收入下滑15%。受水泥、混凝土及骨料售价走低影响，毛利率由去年同期的18.5%降至8.3%，致营业亏损3.93亿元人民币。中期股息维持在...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohunote.com/m/news/2662877817?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-08-25 17:02","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2662877817","market":"fut","top_or_hot":-1,"title":"晨星：下调华润建材科技(01313)每股合理估值至1.10港元 2026年上半年收入下滑15%","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，晨星发布研报称，调低华润建材科技(01313)每股合理估值24%，由每股1.45港元下调至1.10港元，指该股缺乏竞争护城河，目标价反映该行更为保守长期盈利假设。该股估值仍属合理，利润率回升的大部分上行空间已反映在股价中。公司2026年上半年收入下滑15%。受水泥、混凝土及骨料售价走低影响，毛利率由去年同期的18.5%降至8.3%，致营业亏损3.93亿元人民币。中期股息维持在...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1485056.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>晨星：下调华润建材科技(01313)每股合理估值至1.10港元 2026年上半年收入下滑15%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n晨星：下调华润建材科技(01313)每股合理估值至1.10港元 2026年上半年收入下滑15%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-08-25 17:02 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1485056.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，晨星发布研报称，调低华润建材科技(01313)每股合理估值24%，由每股1.45港元下调至1.10港元，指该股缺乏竞争护城河，目标价反映该行更为保守长期盈利假设。该股估值仍属合理，利润率回升的大部分上行空间已反映在股价中。公司2026年上半年收入下滑15%。受水泥、混凝土及骨料售价走低影响，毛利率由去年同期的18.5%降至8.3%，致营业亏损3.93亿元人民币。中期股息维持在...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1485056.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1135","symbol_name":"建筑材料","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1485056.html","article_id":"2662877817","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2662877817","pubTimestamp":1787648554,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"公司2026年上半年收入下滑15%。受水泥、混凝土及骨料售价走低影响，毛利率由去年同期的18.5%降至8.3%，致营业亏损3.93亿元人民币。晨星指，由于基础建设及房地产项目开工疲软持续压制需求，毛利率收窄程度较其预期更严重。加上基础建设需求改善，该行仍预测毛利率将从2025年的16.7%上升至2030年的17.4%。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK1135":"建筑材料","BK1507":"粤港澳大湾区","01313":"华润建材科技","EWH":"香港ETF-iShares MSCI","BK1589":"北水核心资产","LU0274383008.USD":"MANULIFE GF ASIAN SMALL CAP EQUITY \"AA\" (USD) INC","BK1570":"华润系","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","BK1594":"碳中和概念股","BK1563":"建材水泥股","SG9999002950.SGD":"United Asian Growth Opportunities SGD"},"translate_title":"Morningstar: Lowers CR Building Materials Technology (01313) Reasonable Valuation to HK$1.10 Per Share Revenue Slips 15% in 1H2026","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01313":1.5,"EWH":1.5},"content_text":"智通财经APP获悉，晨星发布研报称，调低华润建材科技(01313)每股合理估值24%，由每股1.45港元下调至1.10港元，指该股缺乏竞争护城河，目标价反映该行更为保守长期盈利假设。该股估值仍属合理，利润率回升的大部分上行空间已反映在股价中。公司2026年上半年收入下滑15%。受水泥、混凝土及骨料售价走低影响，毛利率由去年同期的18.5%降至8.3%，致营业亏损3.93亿元人民币。中期股息维持在每股0.014港元。晨星指，由于基础建设及房地产项目开工疲软持续压制需求，毛利率收窄程度较其预期更严重。由于该行目前预测水泥价格回升速度将放缓，将2026至2030年的营业利润率假设下调130至320个基点。煤炭价格上涨对盈利能力造成额外压力，但国内生产回归常态应能逐步缓解成本方面的逆风。加上基础建设需求改善，该行仍预测毛利率将从2025年的16.7%上升至2030年的17.4%。混凝土业务表现依然稳健，价格下跌19%的影响应被销量增长16%所抵销。由于在广东等主要省份的强劲市场地位，支持该行对混凝土业务长期营收增长将快于水泥产品的预测。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2662877817","isCrawlerRequest":true}