中金:維持中國建築國際(3311.HK)“跑贏行業”評級 目標價9.8港元
中金髮布報告稱,中國建築國際(03311.HK)公佈3Q19業績:公司前三季度經營及應占合營企業收入418.3億港元,同比增長4.6%,經營及應占合營企業盈利62.5億港元,同比增長7.5%。因收入增速高於預期以及利潤率提升, 業績超出該行和市場的預期。
該行稱,3Q19公司經營及應占合營企業收入同比增長14.5%,明顯提速(增速較2Q19提高13.7ppt),主要因香港和中國內地市場收入快速增長;公司經營及應占合營企業盈利同比增長20.6%,增速較2Q19明顯提高34.8ppt,主要得益於收入結構改善帶來的利潤率提高。
2018年公司香港業務毛利率為8.1%,達歷史最高。2019上半年,香港業務毛利率同比進一步提高了0.4ppt。展望未來,考慮到香港地區人工成本下行,預計公司香港業務毛利率有望延續強勁。
該行表示,維持“跑贏行業”評級和目標價9.8港元。
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