《大行报告》摩通上调中铁(00390.HK)目标价至5.5元 评级「增持」
摩根大通发表的研究报告,指中国中铁(00390.HK)去年业绩跑赢後,今年首季税後溢利亦较预期高7%,在电话会议中公司亦展望今年前景稳健,考虑到业绩表现及指引,该行将其2021/22年预测升9%及18%,目标价升8%由5.1元上调至5.5元,评级维持「增持」,在内地建筑及工程行业倾向选择中铁,认为公司利润率及现金生成表现优於同业。
该行指出今年首季公司业绩胜预期,主要受惠核心基建分部毛利率持续改善,首季尽管原材料成本上升,公司毛利率仍按年扩阔0.1个百分点,好过该行预期,加上收入稳健扩张,带动利润按年增长81%。期内核心基建分部带动财务表现强劲,相关收入按年升55%、毛利率按年扩张0.9个百分点,带动相关业务毛利升约75%。此外经营现金净流出情况亦按年收窄。
摩通估计毛利率改善势头料将持续,由於公司有成本转嫁机制,故料成本方面影响有限,而其采购成本亦显着低於市场价格,加上大部分合约均有成本转嫁机制,在成本升幅逾5%时公司可获补偿,估计将有助支持毛利率扩张。
公司首季新签合同按年大致持平,反映项目要求严格,公司展望订单活动势头将在下半年重拾,同时亦料全年整体合同将呈正增长。
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