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美銀證券:下調中石化煉化工程(2386.HK)目標價至7.7元 料其毛利受壓
格隆匯 12-27 11:25

美銀美林發表報告表示,料中石化煉化工程(02386.HK)今年第四季簽訂新合約140億元人民幣,可優於今年全年目標,相信公司明年會繼續有增長,包括目前的項目計劃,預期2016至2019年新合約年複合增長率為26%,支持2017-21年收入的增長在12%。

該行預期,中石化煉化工程毛利率會於下半年至2021年持續承壓,主因競爭加劇和原材料成本增加,公司嘗試以「成本+」的定價、優化人力資源等來保障毛利率,該行決定下調對公司2019至2021年毛利,由12.1-13.1%降至10.3-11.1%,降目標價16%,由9.2港元降至7.7港元,以反映最新的估值、10%企業價值的折讓,及投資者擔心未來資金計用等,重申“買入”評級,認為估值吸引。

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