《大行報告》瑞信對內地建築機械需求轉趨審慎 下調中聯重科(01157.HK)和龍工(03339.HK)目標價
瑞信發表內地建築機械行業的研究報告,指業的置換週期去到終結,經過四年多的增長,近幾個月中國國內挖掘機和其他機械的銷量有所放緩。當中雖然部份受宏觀不利條件影響,而有關宏觀條件或下半年有所改善,但該行預期挖掘機銷售不大可能重回升軌。
惟該行預計不會出現上次低迷時期的銷量大幅下滑,預料需求於2021至23年將分別增長5%、下降17%及下降12%;而塔式起重機則仍見增長,裝載機、泵車的下滑程度料遠低於挖掘機和汽車起重機。中國以外地區的建築機械需求則在急速上升,因各國正從疫情恢復過來並試圖通過投資來刺激經濟。目前中國建築機械企業的海外業務佔比仍低,但相信海外銷售增長仍有助減輕內地疲弱的影響。
該行指對行業看法更審慎,在農曆新年後股價大幅調整後,認爲對於未來的不利因素市場還未充份反映。下調中聯重科(01157.HK)目標價,由16.19元降至9.18元,評級「跑贏大市」,龍工(03339.HK)目標價由3.02元降至2.45元,評級「中性」。
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