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中金:料12月挖機銷量同比增超20% 看好中聯重科(1157.HK)、海天國際(1882.HK)
格隆匯 12-31 15:32

中金髮布研究報告,預計12月挖機銷量同比增長超20%。

數據顯示,2019年11月行業共銷售挖掘機19316台,同比增長21.7%。其中,國內市場銷售17159台(不含港澳台),同比增長21.2%;出口2157台,同比增長25.6%。

中金稱,預計12月份行業挖掘機銷量增速仍有望超過20%,全年挖掘機行業銷量增速將有望達到15%左右,超出市場預期。往前看,考慮到當前存量設備開工飽滿,預計2020年土方機械銷量同比大體持平,維持高位,行業龍頭在國內外市場的份額有望繼續提升。

繼續看好中聯重科(1157.HK)。中金稱,預計2019年汽車起重機行業銷量有望同比增長40%,中聯重科增速有望保持更高,塔式起重機收入有望實現翻倍增長。混凝土機械方面,由於產品升級以符合“公路治超”標準,短期份額出現波動,預計全年中聯重科混凝土機械收入增速逐季回升。伴隨公司經營活動現金流逐步改善,P/B估值存在修復空間。

此外,海天國際(1882.HK)有望受益於國內自動化行業的景氣復甦和人工替代所產生的增長紅利,帶動毛利率持續提升。中金指出,海天國際海外收入佔比約30%,海外業務毛利率高於國內,海外佔比高保障公司具備更強的競爭優勢。給予海天國際“跑贏行業”評級,目標價24.23港元。

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