《大行报告》摩通:中铁(00390.HK)和中铁建(01186.HK)料下半年基建活动追落後 成本压力消除
摩根大通发表研究报告指,该行与内地基建承办商包括中国中铁(00390.HK)及中国铁建(01186.HK)会面,认为全年基建资本开支前景维持利好。尽管因地方政府拨款较慢及环保监管收紧,今年以来项目开展及建筑活动较慢,但该行仍估计下半年基建活动将赶上。该行指出,原材料成本压力将随着大宗商品价格开始缓和,而预制建筑方式逐步被采纳及应用,加上受惠国家减碳的支持,料将有助带动毛利扩张。中期而言该行料基建资本开支将受惠「十四五」规划。
该行指出,中国中铁估计次季入帐收入将维持强劲,并持续首季的势头,不过首季公司订单增长低於同业,主要因为去年同期基数较高等,料次季新订单将有改善。全年来看公司料毛利率将稳中有升,相信不受原材料成本上升影响。
而中铁建则预期在基数上升的情况下,次季仍会有强劲的收入增长及新订单,而来自PPP项目的收入贡献亦会稳步上升。(el/k) ~
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