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《大行报告》瑞银上调中航科工(02357.HK)目标价至7.1元 评级「买入」
瑞银发表的研究报告指,中航科工(02357.HK)於2020年10月宣布计划在A股市场上市,公司三大业务包括飞机、航空辅助系统及航空工程服务,并拥有四家A股附属。於去年12月公司整合其直升机资产,估计有望带动净利表现,该行估算2021至2023年公司净利年复合增长将逾20%,维持「买入」评级,目标价由4.7元升至7.1元。

该行估计内地军用飞机市场於2021至2030年的年复合增长将近10%,到2030年规模将达1.9万亿元人民币,对公司A股子公司来说,估计中直股份(600038.SH)、中航光电(002179.SZ)及中航电子(600372.SH)将受惠军用飞机采购扩张等。而洪都航空(600316.SH)自资产转换後营运显着改善,估计净利增长将加快,而中航科工於2021至2023年的整体净利年复合增长料将为20%。

瑞银指出公司完成直升机资产整合後,生产及业务经营均显着改善,公司虽有四家A股附属,不过由於没有可比的H股企业,其持股在过去三年价值折让约56%,公司於去年10月宣布在A股上市,假如成功该行料资产整合将加快,而与A股同业估值折让亦将收窄。

该行上调中航科工今明两年盈测分别38.8%及52.1%,至分别24.2亿及29.4亿元人民币,每股盈测分别升12.4%及23.2%,至分别31分及38分人民币。

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