港股異動 | 中聯重科一度升超10%,機構認為其PE估值被顯著低估
uSMART友信智投7月2日消息,週四港股開市,重機械板塊普升,截至10:45分,中聯重科大升8.88%,市中最高升超10%,領升重機械板塊。三一國際升6.69%,中國龍工升4.26%。
東吳證券發佈研報稱,混凝土機械+工程起重機+塔機三大後週期品種景氣持續性強,且市場份額不斷集中,公司行業龍頭地位穩固,將受益於後週期品種銷量高增+規模效應帶來的業績高彈性。
預測2020-2022年公司實現歸母淨利潤分別為65.3/78.6/87.9億元,三年內業績有望翻倍,當前股價對應PE分別為7.5/6.2/5.6倍;參考國內外可比上市公司,東吳證券認為公司PE估值被顯著低估,給予2020年目標估值至11倍PE,對應市值718億,上調目標價至9.1元,維持“買入”評級。
中聯重科是國內混凝土機械雙寡頭之一,汽車起重機市佔率排名前三、塔式起重機排名第一。其主要業務混凝土機械、工程起重機和塔式起重機,均為工程機械後週期產品,有望接力挖掘機成為近兩年內增長最快的機種。2019年這三項業務在總收入中佔比達83%,中聯在後週期產品復蘇高峰將顯著受益。
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