中国能源建设(3996.HK)电力行业龙头非电及海外业务助力增长首次覆盖给予“买入”评级目标价1.19港元
机构：辉立证券
评级：买入
目标价：1.19 港元
投资概要
电力行业全面解决方案提供商，具有完整产业链
公司是中国乃至全球能源电力、基础设施和房地产等行业提供整体解决方案、全产业 链服务的综合性特大型集团公司，主营业务涵盖能源电力、水利水务、铁路公路、港 口航道、市政工程、城市轨道、生态环保和房屋建筑等领域，具有集规划谘询、评估 评审、勘察设计、工程建设及管理、运行维护和投资运营、技术服务、装备制造、建 筑材料为一体的完整产业链，能够为客户提供一站式综合解决方案和全生命周期的管 理服务，参与了中国及海外逾80个国家及地区的电力工程建设项目。
“一带一路”建设主力军，国际业务有望实现复苏
公司2019年一季度及2018年全年国际业务都取得了亮丽的业绩：2019年第一季度，公司新签合同额人民币1,268.86亿元，完成年度新签合同额计划的26.41%，同比降低 4.76%；其中国际新签合同额折合人民币624.41亿元，同比大幅增长48.92%。2018年完 成国际新签合同额为人民币1,421.19亿元，占本公司全年新签合同额的比例为31%，同 比增长7.06%；其中国际电力工程项目实现新签合同额为人民币1,184.34亿元，同比增 长26.18%；国际工程总承包项目实现新签合同额为人民币1,318亿元，同比增长 17.79%；「一带一路」市场实现新签合同额为人民币1,066.73亿元，同比增长37.97%。 我们预计公司将持续受益於「一带一路」国家政策，作为建设主力军，公司将签订更 多海外订单。
非电业务快速增长助力构建大建筑市场格局
公司广泛开拓交通、市政、生态环保、矿山、棚户区改造、园区开发、房屋建筑等国 内非电领域，2018 年，公司非电工程业务新签合同额人民币 1,836.13 亿元，同比增长 3.55%，占公司全年新签合同额的 39.75%。其中，国内非电工程业务实现新签合同额 为人民币 1,599.28 亿元，占公司全年国内新签合同额比例首次达到 50%，同比增长 15.52%，PPP 项目新签合同金额连续两年超过人民币 1,000 亿元。由於相对於传统电 力业务，非电业务毛利率较高，我们认为公司非电业务的快速发展将会有力支撑公司 的收入及毛利的提升。
首次覆盖给予“买入”评级，目标价1.19 港元
结合行业估值水平，我们首次覆盖给予公司2019/2020年6.96/6.44倍PE和0.64/0.58倍 PB，对应1.19港币的目标价，较现价（0.92HKD as of June 11, 2019）有+29.3%的升 幅，给予“买入”评级。
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