招商證券國際:維持中聯重科(1157.HK)目標價8.16港元 維持“買入”評級
招商證券國際發佈報告稱,中聯重科(01157.HK)公司業績預報披露2019年前三季度淨利潤預計為34.26 億-35.26億元人民幣,同比增長163%-171%;三季度淨利潤為8.5 億-9.5億人民幣,同比增長94%-117%,環比下滑 40%-46%。三季度淨利潤下滑主要是季節因素影響,符合預期。
該行認為,隨着工程機械設備技術含量的提升和競爭的加劇,工程機械各子板塊的市場佔有率將持續向龍頭集中,工程機械龍頭企業三季度均有望保持超過80%的淨利潤增速。就產品結構而言,中聯重科混凝土設備 、 工程起重機和建築起重機在2019年的收入佔比預計 為34%/27%/23%。三者2019年和2020年行業銷售增速預計均高於挖掘機,中聯重科2020年的預計收入增速有望快於其他龍頭業。該行表示,維持目標價8.16港元,維持公司“買入”評級。
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