智通财经APP获悉，花旗发布研报称，基于近期废纸成本及年初至今纸浆价格较2025年第四季出现超预期的价格调整，下调玖龙纸业(02689) 2026、2027及2028财年盈利预测9%、12%及7%。这反映2025年第四季的高基数是由于反内卷措施所致，而近期的价格调整则由农历新年淡季及消费疲软引起。该行也将目标价由先前的9.5港元下调至8.8港元。
该行认为，玖龙纸业股价年初至今已上升约50%，应已完全反映2026财年上半年亮丽的业绩。因此，该行下调其评级，由“买入”降至“中性”，认为上行空间有限。花旗同时开启30日负面催化观察，基于预期中国(旧瓦楞纸箱)OCC成本在第二季淡季将下滑，预期2026财年下半年纯利将同比下跌7%，每吨净利润由去年同期的129元人民币收窄至101元人民币。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.