花旗:降中車時代電氣(3898.HK)目標價至43.3港元 評級“買入”
花旗報告指出,中車時代電氣(03898.HK)首九個月盈利15億元人民幣,按年升1%,收入按年升3%,意味第三季盈利按年跌1%,核心盈利跌5%,第三季毛利率38.5%,上年同期為38.9%,惟EBIT率收縮314點子,因新產品維修問題急升。該行下調集團2019-21年每股盈測各10%,目標價由48港元降至43.3港元,維持評級“買入”。
該行指,集團於機車及鐵路維護機械的競標出標遠低於預期,即使在今年第四季有大量競標機會,目前2019年交付量突破目標的機會很小。儘管如此,集團年初至今機車及動車組招標中的市場份額均超過50%,而在地鐵中的份額亦逾60%。
該行表示,中國鐵路總公司(CRC)嚴格控制成本,是令集團估值降低的主要因素,因可能會限制鐵路設備的長遠市場潛力。該行預計,短期內年度鐵路支出將大致持平,但支出用途將逐漸由建築轉移至購買設備,甚至是為新建築進行維護。
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