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招商證券國際:維持中車時代電氣(3898.HK)“中性”評級 目標價30.7港元
格隆匯 10-29 16:46

招商證券國際發佈報告稱,綜合來看,雖然中車時代電氣(03898.HK)三季度細分板塊收入分化明顯,但綜合收入增長穩定。同時,公司三季度末存貨同比增加30%,公司預計與部分業主將很快達成採購協議,所以提前備貨,四季度交付情況有可能超預期。

該行認為,短期核心板塊收入和利潤率仍然穩定,雖然新產品開發導致費用率提升,但有望在2020年開始回落。公司面對的核心挑戰仍是鐵路固定資產投資遇瓶頸,而公司目前沒有能與有軌業務規模和盈利匹配的新業務出現。

該行表示,維持其“中性”評級,目標價30.7港元。

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