交銀國際:料首季基建復工提速 疫情對全年盈利影響微
交銀國際研究報告表示,在新冠病毒疫情持續下,發改委在近期會議強調推動重要交通基建項目復工。發改委重申完成十三五規劃目標,並提前部署十四五計劃中的鐵路、機場、道路和水路重要項目。
如果春運返程不會引起二次疫情爆發,報告預期主要基建項目復工率將會在今年第一季度末提速。中鐵建和中交建管理層表示,由於返程人員需要隔離14天,部分建設項目仍在準備階段。疫情將會拖累基建企業的第一季度盈利,但由於首季是建築活動淡季,疫情對基建企業全年盈利影響有限。因此大部分重要基建項目將在下半年完成,以達到十三五規劃目標。
交銀國際維持中國中車(1766.HK)、中鐵建(1186.HK)和中交建(1800.HK)的H股買入評級,基於他們充足的在手訂單、潛在毛利率的提升以及較低的估值。
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