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野村推荐中燃(0384.HK)及新奥能源(2688.HK)天然气销售毛利率较低
格隆汇 07-24 13:04

野村发表研究报告指,市场担心经济放缓可能会影响天然气销售,部分投资者对行业持谨慎态度。该行推荐中国燃气(0384.HK)及新奥能源(2688.HK),主要由于天然气销售毛利率较低,予两者“买入”投资评级。

野村表示,早前与来自香港、北京、新加坡等不同地区的投资者会面。由于煤改气的改革及政策风险消除,投资者偏好中国天然气分销行业。虽然大多数的投资者对国家管道公司的成立并没有太大的期望,但对打破龙头企业在中国市场的垄断局面仍然积极。

该行又指,由于内地政策的放松和更严格的环境限制,建筑机械在2019至2020年的需求将可能会持续增长,而对起重机及混凝土机械等后期产品的需求或会持续更长时间。鉴于具有较高的技术,该行偏好中联重科(1157.HK)多于三一重工(600031.SH),但认为三一重工长期的股价表现将会更佳。

水泥行业方面,野村认为,中国建材(3323.HK)的表现或会更强劲,不过市场投资者仍然倾向如海螺水泥(0914.HK)般资产负债表稳健且营运效率良好的公司,并视之为长期买入首选。

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