西部水泥:西部水泥更新:埃塞复价+产能持续爬坡 25年海外盈利弹性有望兑现

天风证券
02 Jan

国内外水泥价格存提涨预期价格及盈利方面,此前市场主要担心埃塞俄比尔贬值后对盈利的影响,11月初埃塞俄比亚贸易和区域一体化部长宣布停止此前的水泥贸易安排,允许水泥厂自主选择分销商和零售商,受此次事件驱动,公司埃塞水泥销售价格预期提涨。但与市场销售价仍存在差距,未来水泥价格仍有提涨预期,汇率波动对利润的影响基本消除。我们认为莫桑比克、刚果地区价格仍保持高位,吨售价维持在90 美元/150+美元/吨,...

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