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中金:下調海隆控股(1623.HK)目標價至1.1港元 評級“跑贏行業”
格隆匯 04-03 14:15

中金公司發佈報告稱,下調海隆控股(1623.HK)目標價39%至1.1港元,對應7.7倍2020年市盈率。當前股價交易於2.5倍2020年市盈率,維持“跑贏行業”評級。

該行稱,公司2H19業績大幅低於預期, 2H19收入同比小幅增加4%,歸母淨利潤同比下滑64%,大幅低於該行與市場預期,該行認為主要原因是鑽桿銷售與油服合同時間差錯位,導致業績不及預期。但是,儘管公司下半年業績不及預期,但全年歸母淨利潤同比增長19%,同時自由現金流也實現轉正。

公司管理層在業績會上表示,公司的裝備板塊訂單量飽滿,當前訂單已經覆蓋到今年10月份,因此預計2020年鑽桿銷售的量價都不太會下降。由於合同執行的時間差以及部分鑽機在2H19出現動遷的情況,公司2H19油服板塊業績不及預期。該行預計,隨着2020年合同時間差的影響,公司此前與殼牌等國際大型石油公司簽訂的油服訂單有望如期釋放業績,推動油服板塊盈利。

考慮到公司不斷拓展非石油領域的業務佈局,包括工業塗料、海底配重管線、以及近期對新材料領域公司的併購,該行再次強調,公司的抗週期性能力,相信公司能夠在2020年不確定的環境中維持穩健的盈利增長。

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