《大行報告》中金中聯重科(01157.HK)盈喜符預期利潤率顯著改善
中金發表報告表示,就中聯重科(01157.HK)發布今年上半年業績預告,預計實現歸母淨利潤24億至27億人民幣,按年增長1.72倍至2.12倍,符合此前預期。該行考慮中聯重科盈利能力有望持續提升,決定上調對其今明兩年盈利預測各6.7%及9.3%,分別至40.25億至47.91億人民幣。
該行維持中聯重科「跑贏行業」評級,和H股目標價5.79元,對應相當預測2019及2020年市盈率各10及9倍 ,對應當前股價有16%上行空間。
中金稱,預計中聯重科今年第二季收入在120億元人民幣左右,按年增長40%以上,以公司公告的歸母淨利潤中值計,第二季公司歸母淨利潤約為15.5億人民幣,按年增長約為220%,對應銷售淨利率約為13%,同、環比分別提高約7/2個百分點,盈利能力在持續改善。
公司盈利能力改善,該行預計一方面是得益於高毛利的優勢產品混凝土泵車、大噸位汽車起重機、塔式起重機銷量持續快速增長,中金預計,中聯重科毛利率按年明顯提升,較首季高位基本持平。
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