中国联塑涨超6% 年初至今股价累涨超三成 花旗指其内地核心业务现企稳迹象

Core Viewpoint - China Liansu (02128) has seen its stock price increase over 30% year-to-date, with a recent rise of 6.15% to HKD 6.21, and a trading volume of HKD 97.15 million [1] Group 1: Financial Performance - Citigroup's recent report indicates a downward revision of China Liansu's earnings forecast for 2026 to 2028 by 11% to 18%, reflecting impairments in non-core projects [1] - The company's core business in mainland China shows signs of stabilization, with reduced drag from residential operations, offset by strong growth in non-residential sectors such as agriculture, industry, healthcare, and municipal services [1] - Citigroup projects a 10% year-on-year decline in core net profit for the second half of last year to RMB 938 million, with a 13% decline compared to the first half, and a slight decrease in net profit margin from 8.7% to 7.4% [1] Group 2: Valuation and Investment Outlook - Citigroup has set a target price for China Liansu at HKD 7, up from HKD 6.5, based on a forecasted price-to-earnings ratio of 9 times, which is 0.5 standard deviations above the historical average [1] - The overseas pipeline business of China Liansu is expected to be a major growth driver, with sales growth anticipated to exceed 50% this year [1] - The stock has recently appreciated approximately 20% amid positive sentiment, and any potential pullbacks are viewed as buying opportunities [1]