港股異動 | 遠大住工升超8%創新高，年初至今累升278%
uSMART友信智投8月4日消息，週二港股，遠大住工高開高走，截至11:51分，遠大住工升8.25%，報30.85港元，市中最高觸及31.25港元，再度刷新歷史新高。
值得注意的是，遠大住工年初至今的累計升幅高達278%。遠大住工於2019年11月6日香港掛牌上市，首日收跌0.11%。
遠大住工成立於2006年，主營業務包括PC構件製造、PC生產設備製造及施工總承包，是全球領先的裝配式建築服務提供者，是PC構件製造行業的領導者。公司從2015年起通過遠大聯合計劃快速實現全國化的PC構件生產基地佈局，截至2019年底擁有15家全資PC工廠及86家聯合工廠，目前公司全資PC工廠及聯合工廠已覆蓋中國100%的萬億GDP城市和超過70%的千億GDP城市。
中信建投：天時地利人和，PC構件龍頭乘風啟航
中信建投8月3日發佈的研報稱，預計遠大住工2020-2022年歸母淨利潤分別為6.86/9.14/12.50億元，同比增長分別為1.3%/33.2%/36.8%，其中2020年增速較低主要因為一級轉二級聯合工廠數量較過去兩年大為減少，導致非經常性損益中“對一間聯營公司失去重大影響力之收益”相比2019年的2.48億大幅下降所致，實際上經常性損益保持高速增長。
考慮到公司天時、地利、人和，給予當年估值30倍，目標總市值205.8億元，假設回A後總股本增加15%，即總股本變為5.61億股，目標價為36.67元/股（40.30港元/股）；維持“買入”評級。
（1）天時：PC構件行業未來6年CAGR為21.2%，處於快速增長期，行業處於風口；
（2）地利：公司區位佈局優勢明顯，且預計公司直營和聯合工廠未來6年產量CAGR為41.7%，擴產幅度高於行業水準，充分享受行業增長紅利；
（3）人和：公司擬回歸A股上市，募集資金到位後便於擴產和增資聯合工廠，有利於業績釋放。
風險分析
行業新增產能大幅增加導致產能過剩，陷入價格戰；
聯合工廠運營效果不佳或者未來並表計劃進行得不順利。
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