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中國水務(00855.HK):股息穩步增加並有良好的派息往績,維持“買入“評級,目標價8.10港元
格隆匯 11-29 14:19

機構:國泰君安

評級:買入

目標價:8.10港元

中國水務(00855HK,“公司”)2020財年上半年收入同比增5.1%至43.55億港元。股東淨利同比增36.4%至8.81億港元。業績超出預期,主要由於高於預期的分佔聯營公司業績所致。扣除該影響後的業績與預期一致。毛利率同比跌1.1個百分點至42.8%。銷售費用率、管理費用率和財務費用率分別同比增長0.1個百分點、0.5個百分點和1.2個百分點至2.3%、8.3%和5.5%。

我們預計城市供水經營及建設收入於2019至2022財年將以12.6%的年複合增長率增長。此外,我們預計環保收入於2019至2022財年將以0.6%的年複合增長率減少,因公司對承接水理境治理項目的態度謹慎。公司有着長期增加派息的往績,我們預計未來仍將持續。

我們對2020-2022財年的每股盈利預測分別為0.963港元、1.012港元及1.120港元。鑑於其項目範圍覆蓋全國且擁有龐大的供水管網,公司在受惠於中國水產業的長期發展和增長的過程中,相比本地水廠而言優勢明顯。設定目標價8.10港元,對應8.4/8.0/7.2倍的2020/2021/2022財年市盈率。維持“買入”評級。

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