《大行报告》瑞银降中车时代电气(03898.HK)评级至「中性」 看好中国通号(03969.HK)及中国中车(01766.HK)
瑞银发表研究报告,指中国铁路设备股的盈利减少,但声誉良好的企业的资产负债表仍稳健,将中国中车(01766.HK)及中车时代电气(03898.HK)2020至2022的每股盈利下调14%至20%,因为该行下调了其动车组及机车需求预测,以反映疫情爆发的潜在影响。
虽然下调盈利预测,但仍认为在第十四个「五年计划」期间的需求潜在回升,认为政府及消费者对气候的关注有助增加高铁的市场份额;由於铁路对环境影响较小,因此或有助推动货运由公路转至铁路。
该行看好中国通号(03969.HK)及中国中车,评级「买入」,认为中国通号的增长可见度及股息收益率高,而中国中车的业务多元化;但将中车时代电气投资评级由原来的「买入」下调至「中性」,目标价由46元降至25元,并下调其2020至2022年每股盈测介乎17%至20%,主因潜在毛利率风险。该行指出,若疫情在中国再爆发并在中国以外持续存在,中国铁路设备板块将会有可能的下行风险。
瑞银将中国通号目标价由6.5元降至5.9元;另中车目标价由7.3元降至5.6元。
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