《大行報告》瑞信下調中車時代電氣(03898.HK)目標價至31.49元 評級「中性」
瑞信發表的研究報告指,中車時代電氣(03898.HK)去年淨利按年升6.9%至24.8億元人民幣(下同),較該行預期高4%,期內收入按年跌1.7%,與該行預期一致,毛利率則按年收窄1.7個百分點至37.2%。
展望將來管理層估計機車銷售將輕微下跌,不過動車及城市軌道交通則會維持穩定或溫和向上。而公司IGBT業務進展慢過預期,芯片相關收入去年約10億元左右,而第二條IGBT生產線正試運當中,今年公司不預期會向汽車行業大量出貨。
該行將公司2021年每股盈測降2%,以反映IGBT外部銷售預測下調影響,目標價由36.27港元降至31.49港元,維持「中性」評級。
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