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花旗降中车时代(3898.HK)目标价至48港元维持“买入”评级
格隆汇 08-26 11:35
花旗发表的报告指,中车时代电气(3898.HK) 上半年盈利按年增长3%至10.66亿元人民币(下同),反映次季盈利按年下跌1%,而上半年收入增长2%则反映次季收入按年持平。上半年毛利率改善37个基点,但EBIT利润率则收窄101个基点,主要因为销售开支提升。
该行将公司目标价由53.1港元降至48港元,主要反映人民币兑美元呈弱势,另外亦将其2019至2021年各年每股盈测分别削5%、6%及8%,以反映所有产品收入增长减慢,评级维持“ 买入 ”。按分部收入来看,期内机车收入增长71%,主要受惠低基数及付运加快带动,动车组产品方面升3%,城市轨道收入按年增约4%,而养路机械相关产品受高基数影响按年跌24%,关键电气零部件产品收入则受外部订单付运延迟影响,按年下跌31%。
在机车业务方面,报告称,上半年仅中标419组逊预期,该行估计下半年投标表现将有改善,达成今年全年800组的出货指引。而受惠中央政府推动“ 路改铁 ”,次季铁路货运增长加快至8%。
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