《大行報告》大和上調中聯重科(01157.HK)目標價至8.4元 評級「跑贏大市」
大和發表研究報告指中聯重科(01157.HK)管理層對第四季和明年前景展望樂觀,預期第四季產品銷售可以維持穩固,毛利亦可錄按季改善,明年雖然行業競爭加劇,但預期收入和利潤亦可受惠強勁產品周期而分別錄20%以上及30%增長。
該行指,公司預期明年起重機和混凝土機械可錄中雙位數收入增長,而挖掘機、高空作業平台、農產品和海外業務則錄高於50%收入增長。
雖然明年可能競爭加劇,但公司指引認為毛利率可大致持平,這是由於多個因素,包括:銷售結構改變以新業務佔比增加;新業務在規模效益下使邊際利潤改善約2-3%;推出更大型的起重機和混凝土機械,相關產品有較高毛利率;由新冠疫情導致的供應鏈干擾逐漸消失,從而使公司相對較容易控制原材料及零部件成本。公司也將繼續採取減省成本措施,例如在人力上提高效益及更大比例的網上銷售等,公司預期明年其純利率將會繼續改善。
該行表示,調升2020-22年每股盈利預測1%-7%,目標價由8元升至8.4元,評級維持「跑贏大市」。
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