中金:維持中石化煉化工程(2386.HK)“跑贏行業”評級 目標價7.5港元
中金髮布報告稱,中石化煉化工程(02386.HK)公告了3Q19新籤合同額76億元,同比增長14%;截止3Q19末在手合同額989億元,同比下降4%。據此測算3Q19公司合同完成量(即收入)為142億元,同比增長22%。分合同種類來看,雖然煉油、石油化工和新型煤化工行業新籤合同額同比均有不同幅度的下降,但其他行業新籤合同額大幅增長近6倍,主要得益於期間公司攬獲與天然氣業務相關的合同數量與金額提升。該趨勢與公司管理層在今年中期提出聚焦發展四個領域的趨勢一致。
中科煉化項目進入建設高峯期,有望拉動公司2H19業績增長。公司承攬的中科煉化EPC項目已經進入建設高峯期,旨在達成業主計劃於明年上半年投產的目標,認為該項目的加速推進有望拉動公司下半年收入增長提速、毛利率温和復甦以及現金流改善。
該行表示,給予7.5港元目標價,維持“跑贏行業”評級。
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