《大行报告》瑞银下调中国通号(03969.HK)目标价至4.55元 评级「买入」
瑞银发表报告,指中国通号(03969.HK)去年经常性盈利按年改善2%,大致符预期,收入跌4%,逊预期主因城市轨道交通(URT)与铁路分别收入受疫情影响逊预期,净利润率维持稳定在9.6%,毛利收窄0.8个百分点,每股派末期息0.2元人民币,相等於55%的派息比率。
该行表示,将中国通号的目标价,由4.93元降至4.55元,维持「买入」评级,目前提供股息回报7至8厘属吸引水平。
该行指,中国通号去年新增合约为715亿元人民币,按年升1.2%,并维持在铁路和URT讯号领导地位,研发开支比例增加至17%,资本开支增141%。在手订单稳健,公司料今年在两分别的增长可录双位数升幅,建筑业方面因应低利润,公司目标为温和增长。
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