花旗研究报告指，玖龙纸业(02689.HK) 今年6月底止2025财年纯利按年急升135%至17.67亿元人民币(下同)，符合早前指引的介乎17亿至19亿元。基于表现好过预期，该行将2026至27财年的盈利预测上调12%至16%，并引入2028财年盈测，现保守预期明年6月底止2026财年盈利将按年升43%至25.29亿元；目标价由6.2港元上调至8港元，重申“买入”评级。
报告指，集团将于2026财年新增250万吨文化用纸与包装纸产能，以及135万吨纸浆产能，但产能增加初期贡献有限，可能被纸浆平均价格较低所抵消。该行认为，只要每月利润维持在2亿元以上，26财年盈利预测仍存在进一步上调空间。该行又预计26财年销量将增长约9%至2,350万吨，料每吨净利润为108元，相较于2025财年为129元。(ss/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-09-24 16:25。)
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