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【券商聚焦】长江证券维持中国联塑(02128)“买入”评级 指公司收入有望企稳 热点

2026-04-16 18:14:11来源：金吾财讯  


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金吾财讯|长江证券发布研报指，维持中国联塑（02128.HK）“买入”评级。报告核心观点认为，作为管材龙头，公司依靠多年积累建立起以规模及渠道为核心的优势，未来行业集中度将持续提升。外延扩张是龙头企业发展的必然选择，公司长期致力于打造家居平台，优势在于经销商渠道资源及品牌积淀。报告聚焦公司2025年业绩。全年实现营业收入243.15亿元，同比下滑10%；实现净利润12.62亿元，同比下降25.1%。期内公司毛利率同比提升0.4个百分点至27.4%，其中管道业务毛利率为28.2%。全年减值亏损为2.6亿元，较同期5.5亿元明显减少。分业务看，核心塑料管道业务收入208亿元，同比下滑8.9%，占总收入85.5%；建材家居业务收入18亿元，同比下滑19%。管材产品全年销量同比增长0.45%至249.42万吨，但平均售价同比下降9.34%至0.83万元/吨。分区域看，海外收入同比增长2.2%，表现优于国内。投资逻辑方面，报告指出：第一，收入有望企稳。尽管近两年需求疲软导致量价承压，但随着地产见底及市政改善，收入有望企稳；此外农业及工业管道有望提供额外增量。第二，公司聚焦主业，未来外延投入或大幅减少，有助于降低资本开支。第三，关注估值修复弹性。报告预计公司2026年净利润约为18.5亿元，对应预测市盈率约为7.2倍。公司2025年拟分红约5.5亿元人民币，分红率约为43.4%。报告提示的风险主要包括原材料价格大幅上涨，以及地产销售增速大幅下滑。

责任编辑：hnmd003

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