《大行报告》瑞信下调中车时代电气(03898.HK)目标价至31.49元 评级「中性」
瑞信发表的研究报告指,中车时代电气(03898.HK)去年净利按年升6.9%至24.8亿元人民币(下同),较该行预期高4%,期内收入按年跌1.7%,与该行预期一致,毛利率则按年收窄1.7个百分点至37.2%。
展望将来管理层估计机车销售将轻微下跌,不过动车及城市轨道交通则会维持稳定或温和向上。而公司IGBT业务进展慢过预期,芯片相关收入去年约10亿元左右,而第二条IGBT生产线正试运当中,今年公司不预期会向汽车行业大量出货。
该行将公司2021年每股盈测降2%,以反映IGBT外部销售预测下调影响,目标价由36.27港元降至31.49港元,维持「中性」评级。
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