《大行報告》摩通:中鐵(00390.HK)和中鐵建(01186.HK)料下半年基建活動追落後 成本壓力消除
摩根大通發表研究報告指,該行與內地基建承辦商包括中國中鐵(00390.HK)及中國鐵建(01186.HK)會面,認為全年基建資本開支前景維持利好。儘管因地方政府撥款較慢及環保監管收緊,今年以來項目開展及建築活動較慢,但該行仍估計下半年基建活動將趕上。該行指出,原材料成本壓力將隨著大宗商品價格開始緩和,而預製建築方式逐步被採納及應用,加上受惠國家減碳的支持,料將有助帶動毛利擴張。中期而言該行料基建資本開支將受惠「十四五」規劃。
該行指出,中國中鐵估計次季入帳收入將維持強勁,並持續首季的勢頭,不過首季公司訂單增長低於同業,主要因為去年同期基數較高等,料次季新訂單將有改善。全年來看公司料毛利率將穩中有升,相信不受原材料成本上升影響。
而中鐵建則預期在基數上升的情況下,次季仍會有強勁的收入增長及新訂單,而來自PPP項目的收入貢獻亦會穩步上升。(el/k) ~
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