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野村:上調中聯重科(1157.HK)目標價至15.9港元 評級“買入”
格隆匯 02-17 12:01

野村發表的研究報吿指,重申中聯重科(1157.HK)“買入”評級,該行將公司2021/22財年盈利預測升15%及12%,主要因為近期針對污染、超載設施打擊較大,該行對建築機械需求看法較正面,估計旗下兩款新產品將為2021年及之後帶來顯著收入貢獻,另一方面機械升級改造週期持續等料將改善公司現金流及資本結構,同時有助減省利息開支等。考慮到盈利前景及資產負債表有改善,目標價由9.8元升至15.9元,意味有23%的上行空間。

該行指出過去五年內地建築機構需求增長跑贏基建固定資產投資及房地產投資增長,主要因為環保方面監管加大,公司管理層估計各項產品需求於2021年將增10-15%,但估計混凝土攪拌車需求會升25%,主要因為超載禁令較嚴格。公司目標是兩項新產品的收入在2021年將分別升100%及150%,該行料屆時兩款產品將貢獻12%的收入,較2020年有所擴大。該行欣賞公司擴張產品組合的策略,相信其盈利增長前景將更穩定。

該行料公司將進一步減債,由2020年的103億元人民幣(下同)到2021及22年將分別減至88億元及78億元,主要因為公司自由現金流較強,另外在發股後獲得65億元。另外管理層去年9月亦有份參與配股,持股由4.9%增至6.7%,反映其長遠承諾。

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