《大行報告》瑞銀上調中航科工(02357.HK)目標價至7.1元 評級「買入」
瑞銀發表的研究報告指,中航科工(02357.HK)於2020年10月宣布計劃在A股市場上市,公司三大業務包括飛機、航空輔助系統及航空工程服務,並擁有四家A股附屬。於去年12月公司整合其直昇機資產,估計有望帶動淨利表現,該行估算2021至2023年公司淨利年複合增長將逾20%,維持「買入」評級,目標價由4.7元升至7.1元。
該行估計內地軍用飛機市場於2021至2030年的年複合增長將近10%,到2030年規模將達1.9萬億元人民幣,對公司A股子公司來說,估計中直股份(600038.SH)、中航光電(002179.SZ)及中航電子(600372.SH)將受惠軍用飛機採購擴張等。而洪都航空(600316.SH)自資產轉換後營運顯著改善,估計淨利增長將加快,而中航科工於2021至2023年的整體淨利年複合增長料將為20%。
瑞銀指出公司完成直昇機資產整合後,生產及業務經營均顯著改善,公司雖有四家A股附屬,不過由於沒有可比的H股企業,其持股在過去三年價值折讓約56%,公司於去年10月宣布在A股上市,假如成功該行料資產整合將加快,而與A股同業估值折讓亦將收窄。
該行上調中航科工今明兩年盈測分別38.8%及52.1%,至分別24.2億及29.4億元人民幣,每股盈測分別升12.4%及23.2%,至分別31分及38分人民幣。
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