瑞银:下调中车(1766.HK)目标价至7.3港元 评级“买入”
瑞银发表的报告指,中国中车(01766.HK)上半年业绩表现符预期,盈利按年升16%至48亿元人民币,期内销售增长11%,主要受惠铁路设备及城市轨道运输业务带动;毛利率跌0.8个百分点至22.5%,主要受铁路业务拖累。公司解释期内毛利率向下主要因为低毛利新产品销售占比提升,而维修业务利润亦较低。期内行政及财务开支比例分别按年跌0.7及0.6个百分点,有助公司净利润率扩张0.2个百分点至5%。

在业绩电话会议上,管理层进一步削减对2019年机车需求指引,由早前提出的800组降至750组,主要因为中国铁路总公司营运效益改善以及货运表现较预期慢,而其他分部指引则未有改变。中车认为假如中国经济继续转差、铁路货运增长好过预期,中铁总今年於铁路设备方面的资本开支有机会提升。
该行将公司2019-21年盈利预测下调2-5%,以反映机车销售预期降低的影响,料2018-20年公司盈利年复合增长可达11%,主要受惠销售增长稳健及成本管控见效,目标价由8.1港元降至7.3港元,维持“买入”评级。
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