Core Viewpoint - UBS reports that Shanghai Petrochemical Co., Ltd. (00338) experienced a 9% year-on-year decline in revenue for the first half of the year, with a net loss of 462 million RMB, aligning with earlier profit forecasts [1] Financial Performance - The net loss for the second quarter expanded to 372 million RMB, primarily due to asset impairment losses of 417 million RMB [1] - UBS has revised the group's earnings forecast for this year down to 21 million RMB and reduced the earnings estimates for 2026-2027 by 2% to 18% [1] Industry Outlook - The company plans to continue advancing carbon fiber production capacity in the second half of the year [1] - UBS believes that the operating environment for the petrochemical industry will improve as the domestic refining and chemical sectors move away from excessive competition [1] Target Price and Rating - UBS has lowered the target price from 1.93 HKD to 1.89 HKD while maintaining a "Buy" rating [1]
瑞银：降上海石油化工股份(00338)目标价至1.89港元 维持“买入”评级