《大行报告》瑞信上调中联重科(01157.HK)目标价至15.31元 评级「跑赢大市」
瑞信发表研究报告指,中联重科(01157.HK)完成A股非公开发行,计及H股发行,定向增发集资金总额达到61.5亿元人民币,预期所得款项将用於升级及扩充现有业务。
该行指,中联重科於2021年1月份止首季需求表现非常强劲,公司旗下混凝土机械、卡车与履带式起重机以及塔式起重机的出货量分别分别增长100%、80%及200%,对其全年经营表现感到乐观。公司管理层预期预计全年上述三项业务销售将分别增长30%、25%和60%,同时挖掘机及高空作业平台(AWP)预期增长逾100%,农业机械预计增长逾60%。
中联重科预计首季度收入将增长60%至70%,较去年同期持平表现明显改善,考虑到经营杠杆,期内净利润可能翻倍,瑞信将中联重科目标价,由12.37元上调至15.31元,认为公司积极的销售前景及近期集资利好发展,对其2020至2022年每股盈利预测各提高23.2%、15.7%及16.9%,维持「跑赢大市」评级。
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