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河北建設(01727.HK):基本面完好,股票遭錯殺,維持“強力買入”評 級,目標價49港元
格隆匯 12-07 14:52

機構:大同證券

評級:強力買入

目標價:49港元

我們相信股價在未來15天內將反彈。

近期股價的下跌與公司H股全流通計劃流產有關。最近有報道 指出,公司於今年5月24日向中國證監會呈交H股流通計劃申 請後已遭否決,因此市場對此計劃進展不及預期或反應過度 ,股票在恐慌中被錯殺。從基本面看,公司運營和H股全流通 受挫毫無關係。

我們估算公司19年至22年的營收復合增長率將達45%,當前 股價極具吸引力,對應3.8倍20年市盈率。維持“強力買入”評 級以及49元目標價。我們認為市場將消化H股全流通消息, 重新看好河北建設,因此估計股價在未來15天內反彈拉昇的概率達95%。

公司近期持續獲得訂單,基本面完好。長期看公司坐擁京津 冀地區,作為區域規模最大的民營建設集團,有望在雄安新 區獲取大量訂單,特別是鋼結構裝配式建築。公司近日公佈 中標若干項目,其中包括雄安新區東容片區安置房以及污水 處理項目,符合我們對雄安項目提速帶來的訂單增長預期。 京津冀外,公司與內蒙古自治區政府合作成立建投集團,或 將成為另一項重要的長期增長引擎。近期公司中標呼和浩特 新機場飛行區場道工程,預計將進入內蒙古訂單爆發期。因 此我們認為市場對H股全流通進展不及預期反應過度。

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