《大行报告》大摩上调中集安瑞科(03899.HK)目标价至6.5元 评级「增持」
摩根士丹利发表研究报告指,内地经济改善及有利政策支持推动液化天然气产业发展,看好中集安瑞科(03899.HK)占收入一半的能源设备业务,预期2021至2022年收入复合增长可达双位数。
该行指出,中集安瑞科的股价在过去五个月累涨了50%以上,超过恒指同期30%升幅,认为主要是由於去年下半年以来天然气与油价差距不断扩大,油价持续上涨,令天然气具吸引力。中长期而言,在有利的政策及增加储气投资的支持下,对天然气需求保持乐观,预期将提振液化天然气设备产品的需求。
另外,大摩预计以中集安瑞科在在氢存储和运输领域的地位,可从十四五规划的氢能发展趋势中受惠不少,预计高利润LNG储罐和储罐的收入贡献将增加,令能源设备领域的毛利率将从2020年的15%,增长到2022年的17%以上,因此预测综合毛利率将从2020年的16%提升到2022年的18%。
摩根士丹利将2021至2022年盈利预测提高10%至15%,以反映出对强劲的液化天然气设备需求乐观看法,目标价由5元上调至6.5元,认为估值吸引,维持「增持」评级。
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