You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
中國通號(3969.HK):因每股盈利被顯著攤薄,但估值仍吸引,維持“收集“評級
格隆匯 09-20 15:52

機構:國泰君安

評級:收集

目標價:5.70港元

中國通號(03969HK)2019年上半年收入同比增長8.5%至205.12億元(人民幣,下同)。股東淨利同比增長14.3%至22.68億元。業績符合預期。整體毛利率同比提高1.3個百分點至23.3%,銷售費用率同比提高0.7個百分點至1.1%、行政費用率同比提高0.3個百分點至5.3%、研發費用率同比下跌0.1個百分點至2.8%。2019年上半年公司新籤合同340.2億元,同比增長5.3%。

我們預計2018-2021年收入將以13.1%的複合年增長率增長,同期毛利率將會從26.0%提升至27.9%。此外,我們預計公司將在2019-2021年保持大量淨現金頭寸。最後,我們預計公司的淨資產收益率將會從2018年的12.1%下降至2019年的9.6%,並將逐步提高至2021年的11.8%。

我們對2019/2020/2021年的每股盈利預測分別為人民幣0.420元、0.452元和0.522元,對應2018-2021年的每股盈利複合年增長率為9.4%。因發行新A股對每股盈利造成的顯著攤薄效應,我們將目標價調低至5.70港元,對應12.4/11.5/9.9倍的2019/2020/2021年市盈率。維持“收集”。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account