《大行報告》花旗上調中國高速傳動(00658.HK)目標價至3.65元 評級「沽售」
花旗發表研究報告,指中國高速傳動(00658.HK)2019財年純利按年增長1.1倍至4.38億元人民幣,去年下半年純利按年大增3.81倍至3.1億元人民幣。撇除已終止經營業務的收益,全年來自持續經營業務的純利按年增長29.9%至3.67億元人民幣。該行認為,盈利增長主要是由於中國風力發電變速器設備的銷量及毛利率增加所致。末期息增1.5倍至每股20分人民幣,即派息比率按年增加11.9個百分點至74.6%。
該行將公司2020至2021財年的盈利預測上調40至43%,以反映風擋變速器銷售的利潤增長。目標價由原來的3.6元上調至3.65元。該行補充,由於齒輪箱銷售毛利率受壓,不能把鋼材單位成本上升完全轉嫁予客戶;20億元人民幣非核心投資基金的投資風險;以及透明度低,維持「沽售」投資評級。
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