大和:升中集安瑞科(3899.HK)目標價至7.2港元 評級“買入”
大和總研發表研究報吿指,中集安瑞科(3899.HK)附屬與挪威Hexagon Purus簽署合營協議,成立氫能合營公司為集團帶來的短期利潤貢獻較少,不過將成為H股少數氫能概念股之一,或可支持價值重估。該行維持其“買入”評級,目標價由6.2港元上調16.13%至7.2港元。
大和指,中國燃料電池車的市場較小,預期2021年銷量將達4080輛,到2022年將達1萬輛。該行預期,假設該合資企業在25%市場份額下,第一階段全面運營後的純利貢獻為1.6億元(人民幣,下同),當中2021年可能貢獻純利約1500萬元,2022年貢獻3600萬元。若以最樂觀情況50%市場份額,料2021年將貢獻純利2900萬元,2022年將貢獻純利7200萬元。該行將集團2021-22年每股盈利預測上調1.7-2.9%。

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