高盛:降龙工(3339.HK)目标价至2港元 维持“中性”评级
高盛发表的报告指,中国龙工(3339.HK)
上半年盈利按年升26%至8.89亿元人民币(下同),表现好过预期,但若撇除金融工具公平值变动期内核心盈利则仅按年升4%。该行将公司2019至2020年盈测下调1至6%,目标价削13%,由2.3港元降至2港元,相当于明年预测市盈率6.7倍,维持“
中性
”评级。
该行指出,在分析员电话会议上,惊讶之处主要是来自于挖掘机分部,该行留意到龙工市场份额按年下跌20个基点,而相关分部毛利率亦按年大幅收窄7.6个百分点,认为公司在挖掘机业务上无论定价还是信贷均采取了谨慎的态度。而公司在中小型挖掘机市场上接触面较大,市场价格竞争相当大,而轮式装载机业务市场份额亦见流失,认为均影响到公司的增长前景。
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