招銀國際:產品組合推動估值上升 上調三一國際(0631.HK)目標價至10.5港元 評級“買入”
格隆匯2月18日丨招銀國際2月16日發研報認為,礦車的快速擴張,將使三一國際從不斷上漲的金屬價格中受益。此外,工業機器人和破碎機將成為三一國際的重要增長動力。該行相信,不斷推出新產品將有助於三一國際實現可持續增長,從而提升估值。三一國際已開始在市場上推出70噸寬體卡車,並將在未來推出80噸和100噸車型,招銀國際預計寬體卡車的收入貢獻將從2019年的12%增加到2022年的23%。此外,2020年初,三一國際與三一集團(母公司)成立了合資企業三一機器人技術有限公司(股權:65%/35%),該行料機器人業務將成為下一個增長動力。基於2021-22財年複合年增長率24%的預期,招銀國際維持三一國際(0631.HK)“買入”評級,目標價由5.66港元上調至10.5港元,較2月11日的收盤價8.88港元有超18%的潛在升幅。
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