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招商證券:維持三一國際(0631.HK)目標價5.47港元 評級 “買入”
格隆匯 02-18 11:49

招商證券發佈報告稱,三一國際(0631.HK)2019年盈利預增45%-55%,符合該行預期。該行稱,維持公司全年盈利預測不變,並認為其長期增長邏輯也不變,且在新產品線和智能化產品上將持續推進,故維持其目標價5.47港元,對應13.6/9.9倍2020/2021年預測市盈率,維持“買入”評級。

該行表示,公司目前的生產基地分別位於瀋陽、珠海和長沙,三者產值分別約佔2020年公司收入的65%/25%/10%。其中瀋陽的僱員主要為當地員工,目前已基本完全復產;長沙也以當地員工為主,復產接近2/3;珠海外地員工較多,但員工已陸續抵達。由於行業往往會在年前增加一定的庫存,公司目前生產進度並不緊張,交付上尚未出現大客户要求大幅延期的情況。公司預計1至2月收入可保持預期增長,並對3月份收入也保持樂觀。另外公司主動收緊對上游客户的付款,力爭確保2020年整體經營性現金流水平不低於2019年。

該行認為,智能化產品正是三一國際在同業競爭中的優勢所在,看好公司的市場佔有率。煤機方面,由於北方需要正常供暖,煤礦是政府最先要求保障生產的行業之一,所以復產率高,且其需求相對剛性。港機方面,大港機訂單週期在1年左右,且目前訂單充足,因此年初波動對全年收入也不會造成大幅影響。長期來看,該行認為下游客户將會更多的使用智能化產品以減少人工並提升管理效率。

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