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《大行報告》大摩上調中集集團(02039.HK)目標價至19元 評級「增持」
阿思達克 04-12 09:41
大摩發表的研究報告指,中集集團(02039.HK)3月底集裝箱報價達3,500-3,600美元,較去年底升約三成,考慮到集裝商運送期約三個月,估計今年首季結算價約2,600-2,800美元,較去年第四季升15%。該行指出公司1月份月產能為18-20萬個標準貨櫃,到3月份產能已增至20-22萬個標準貨櫃,估計今年上半年產量將較去年下半年增40%。

該行的基本情景估算,上半年公司集裝箱銷量及平均銷售單價將較去年下半年升35%,意味上半年收入將達230億元人民幣,較去年下半年增約七成,同時亦料今年上半年淨利潤率將達18%,高於去年下半年的13%,而平均銷售單價的升幅大致跑贏鋼鐵價格升勢,因此估計今年上半年集裝箱業務將帶來逾40億元人民幣淨利。

該行估計公司集裝箱業務盈利能力今年將持續改善,主要受惠銷量及平均銷售單價齊升,估計拖車及能源分部今年亦會反彈,維持「增持」評級,目標價由18元升至19元。(el/k) ~

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