《大行報告》美銀證券下調中車(01766.HK)目標價至5.6元 評級「買入」
美銀證券發表研究報告指出,中車(01766.HK)今年上半年純利按年跌23%至37億元人民幣,主要是受到疫情的影響及更大的匯兌虧損所致;但除稅後溢利的表現則超出該行預期,因為風力發電設備銷售按年錄翻倍增長,帶動上半年收入跌幅收窄至7%。
該行稱,中車上半年快速交通車輛業務收入按年升19%,但鐵路裝備因鐵路客運量及貨運量大幅下降,銷售額按年下降22%。
該行將中車2020至2022財年核心盈利下調11至14%,認為現時的股價表現已反映疫情的影響,目標價下調11%,由6.3元降至5.6元,重申「買入」投資評級,因為預計鐵路設備將會由2021年起開始復甦。現時預期公司2020及2021年的中國高速動車組交付量分別為244及206套,而2020及2021年的中國貨運機車交付量為570及710輛,維持2020及2021年中國快速交通車輛交付量為8,500及7,900輛。
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