中金发表研报指，玖龙纸业(02689.HK) 截至去年12月底止2025财年上半年业绩逊预期，收入按年增长9.3%；股东应占净利润按年增长60.6%。另外，公司此前发行的美元永续债券产生约2亿元人民币(下同)利息。净利润位于预告范围的上限，但由于纸价低迷及盈利未见显著改善，表现仍低于该行预期。
中金表示，玖纸每吨盈利按年恢复，但按半年仍疲弱，并认为公司今年资本开支仍高，但接近完成。该行维持行业今年供需平衡看法，并关注玖纸旺季时每吨盈利，倘旺季需求超预期，公司或加价以提振每吨盈利。鉴于需求疲弱，因此将玖龙纸业今年6月底止2025财年的盈利预测下调45%，并预计2026财年净利润为16.8亿元。该行亦将玖龙纸业目标价下调8%至4.5港元，维持“跑赢行业”评级。(js/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-28 16:25。)
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