《大行報告》里昂下調中航信(00696.HK)目標價至19.3元 評級「跑贏大市」
里昂發表的研究報告指,最近與中國民航信息網絡(00696.HK)進行電話會議,管理層指雖然本地確診個案反彈,但中國民用航空局維持審慎樂觀,料今年客量將達5.9億,意味將按年升41.3%,並到2019年的九成水平。該行相信估算是受本地航線復甦,不過國際航線表現仍緩慢,估計今明兩年內地客運將分別按年增41.4%及16%,而農曆新年期間取消預訂費用豁免估計為中航信帶來的財務影響有限。
該行估算去年公司淨利應為5億元人民幣,主要受惠下半年國內航線復甦。管理層預計中期將聚焦於研發,特別是開放平台發展、雲計算及國家安全等,而數據中心租賃業務亦具潛力。該行將公司2020-22年核心盈利預測降67.2%、19.6%及9.8%,以反映最近發盈警及平均銷售單價下降的影響,目標價由21.4元降至19.3元,重申評級「跑贏大市」。(el/k) ~
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