瑞银:降中国龙工(3339.HK)目标价至1.98港元 评级“中性”
瑞银发表的研究报告指,中国龙工(03339.HK)上半年净利升26%至8.89亿元人民币(下同),倘撇除其他业务收益,期内EBIT及净利分别仅按年增长2%及5%,稍逊该行预期,主要因为期内销售较弱。而毛利率则按年持平,销售、一般及行政开支比例企稳在11%的水平,而可持续净利润率则维持在11.4%。

按业务划分,期内轮式装载机收入按年持平,挖掘机收入则按年增长2%,据资料显示上半年中国对轮式装载机及挖掘机的需求分别按年增长2%及14%,前者与公司的销售表现一致,后者高于公司销售增长。另外,部分亦源於管理层采取了较保守的策略以控制信贷风险,期内经营现金流有改善,而存货周转天数亦有所减少。
该行指出,公司未有提供盈利指引,但相信可维持内地轮式装载机市占第一的地位,而挖掘机分部销售可继续录稳健增长。基于上半年业绩,该行将公司2019-21年盈测下调,以反映销售较弱的估算,目标价由2.05港元降至1.98港元,维持评级“中性”。
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