國金證券:首予中聯重科(000157.SZ)“買入”評級 挖掘機業務未來可能提升估值
國金證券發佈中聯重科(000157.SZ)的研報指出,積極推進挖掘機和高空作業平台業務,打造公司新的增長點。挖掘機是工程機械中最為重要的細分領域,最具成長性,同時也是中聯重科佈局的戰略品種。
預計公司2019-2021年收入407/486/545億元,增長42%/19%/12%;淨利潤分別為43/54/61億元,增長115%/25%/12%,複合增速44%。EPS為0.55/0.69/0.78元;PE為10.7/8.5/7.6倍,2019年PB為1.1倍,具備安全邊際。
考慮公司在手現金充裕、挖掘機業務未來可能提升估值,給予2020年11倍PE,6-12月目標價7.5元。首次覆蓋,“買入”評級。AH股溢價率14%。
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.