智通财经APP获悉，富瑞发布研报称，西部水泥(02233)预告2025年净利润为8.33亿至8.96亿元人民币(下同)，消息拖累股价当日下跌逾25%。按推算，下半年净利润仅介乎8,500万至1.48亿元，远低于市场预期。目标价由4港元降至3.1港元，予“买入”评级。
该行认为业绩未达标主要源于一次性因素，相关影响不会在2026年重现。公司去年海外销量约800万吨，较上半年持平，同比则增长一倍，反映集团主要非洲市场并无出现基本需求转弱的情况。
该行认为西部水泥在非洲市场的增长前景依然不变，相信在销量重整、高利润海外业务增长以及国内盈利拖累因素消除的带动下，股价急跌为投资者提供在2026年盈利复苏前的入市机会。
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