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《大行报告》花旗下调中国通号(03969.HK)目标价至6元 评级「买入」
阿思达克 03-27 10:08
花旗发表研究报告指,受铁路行业增长放缓拖累,中国通号(03969.HK)2019年净利及收入较预期低6%及7%,期内毛利按年改善0.2个百分点至22.9%,主要由於业务组合转移至铁路及城市交通,加上成本控制。派息比率由52%上升至55.5%,该行预计未来几年比率将进一步上升。

中国通号2019年新订单增长3.4%至706亿元人民币,当中铁路及城市交通订单占总订单比例已上升至57%,该行预计,核心业务订单将在2020年保持稳健的增长势头。该公司2019年城市交通招标市场份额由正常的40%水平降至约26.5%,但管理层表示今年城市交通业务招标市场的份额将恢复正常。

花旗将其2020至2021年盈利预测下调约12%至13%,基於现金贴现法将目标价调低12%至6元,维持「买入」评级,估计在超过1,000亿元人民币的积压订单支持下,今、明年销售额较有保障。

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