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交银国际:下调中国铁建(1186.HK)目标价至11.1港元 维持“买入”评级
格隆汇 09-03 16:47

交银国际发表研究报告,下调中国铁建(1186.HK)目标价9%,由12.2港元调低至11.1港元,维持“买入”评级。

交银表示,中国铁建上半年净利润同比增长15.9%至92.84亿元人民币,高于该行预期约2.2%,而收入增14.2%。由于房地产开发及其他业务的利润率提高,毛利率微升0.2个百分点至9.4%,在财务成本增长放缓下,营业利润率升至3.62%。

在铁路及市政工程业务带动下,集团上半年的新签合同额按年增18%,表现优于中国中铁(00390.HK)及中交建(01800.HK)。该行称,由于有积压的合约,以及上半年建筑项目新合约稳定增长,预期中铁建全年收入增长9%。不过,估计其高毛利业务的收入增长或放缓,下半年毛利率改善空间有限。

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