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中金下调中车时代电气(3898.HK)目标价至41港元维持“跑赢行业”评级
格隆汇 08-26 10:37

中金发布研究报告称,中车时代电气(03898.HK)上半年收入64亿元人民币,同比增长1.7%,归母净利润11亿元人民币,同比增长2.5%,小幅低于市场一致预期,主要是因为下游需求疲软,故下调2019-2020年每股盈利预测11.7%和12.8%至2.45港元和2.86港元,维持跑赢行业评级,但下调目标价12.8%至41港元。

该行指出,中车时代电气产品组合改善推动毛利润率提升,但期间费用率同比提升,由于运营资本增加,运营现金流出9.99亿元人民币,同比有所恶化。铁路总公司今年尚未启动动车组招标,预计公司下半年业绩可能因此受到影响。管理层全年指引较为保守,预计2019年盈利将小幅增长, IGBT收入有望实现高双位数增长。

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