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偉能集團(01608.HK):2020 年中期盈喜,標誌爆發性增長來臨,重申“買入”評級,目標價5.70港元
格隆匯 07-14 13:36

機構:中泰國際

評級:買入

目標價:5.70港元

中期盈利同比上升多於 70.0%,優於預期

公司昨天公佈優於我們預期的盈喜,預計 2020 年上半年股東淨利潤同比增長多於70.0%,主要因為(一)SI(系統集成)和 IBO(投資、建 設及營運)業務持續增長;(二)其他收入及收益增加;(三)應占合營公司盈利增加。換言之,中期盈利達到 2.4 億元港幣以上,超過我們全年盈利預測的 42.3%。

2020-2021 年是盈利增長爆發期

由於緬甸合資項目於 6 月起分階段投運,公司下半年應占合營公司盈利增長將會將會更快速。我們目前維持看法,待 8 月底公佈中期業績時會更新財務模型。2020-2021 年是盈利增長爆發期,相關股東淨利潤分別同比上升 102.2%和 89.9%。

重申“買入”評級

我們維持由貼現現金流分析推算的目標價於 5.70 港元(見圖表 1-2),這對應 13.5 倍 2021年市盈率和 30.7%上升空間。重申“買入”評級。

風險提示:(一)項目開發延誤;(二)天然氣供應緊張;(三)政策風險;(四)電力需求放緩。

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