《大行报告》野村上调中联重科(01157.HK)目标价至15.9元 评级「买入」
野村发表的研究报告指,重申中联重科(01157.HK)「买入」评级,该行将公司2021/22财年盈利预测升15%及12%,主要因为近期针对污染、超载设施打击较大,该行对建筑机械需求看法较正面,估计旗下两款新产品将为2021年及之後带来显着收入贡献,另一方面机械升级改造周期持续等料将改善公司现金流及资本结构,同时有助减省利息开支等。考虑到盈利前景及资产负债表有改善,目标价由9.8元升至15.9元,意味有23%的上行空间。
该行指出过去五年内地建筑机构需求增长跑赢基建固定资产投资及房地产投资增长,主要因为环保方面监管加大,公司管理层估计各项产品需求於2021年将增10-15%,但估计混凝土搅拌车需求会升25%,主要因为超载禁令较严格。公司目标是两项新产品的收入在2021年将分别升100%及150%,该行料届时两款产品将贡献12%的收入,较2020年有所扩大。该行欣赏公司扩张产品组合的策略,相信其盈利增长前景将更稳定。
该行料公司将进一步减债,由2020年的103亿元人民币(下同)到2021及22年将分别减至88亿元及78亿元,主要因为公司自由现金流较强,另外在发股後获得65亿元。另外管理层去年9月亦有份参与配股,持股由4.9%增至6.7%,反映其长远承诺。(el/k) ~
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