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《大行報告》瑞信上調中國建築國際(03311.HK)目標價至8.3元 評級「跑贏大市」
阿思達克 08-18 09:40
瑞信發表研究報告指,中國建築(03311.HK)上半年收入及純利按年增長30%及21%,即次季收入增長達24%,超出該行及市場預期。 由於上半年高周轉、低毛利的項目貢獻有所增加,令整體毛利率下跌至16.5%。期內,中國內地收入按年升48.3%,毛利率下降5.4個百分點至22.2%,惟該行預期在國策支持下,下半年新項目將持續增加。 至於香港市場,該行指公司在港有數個大型項目僅處於初期發展階段,加上政府支持基建發展,預期未來增長將跑贏市場表現。 瑞信維持對中國建築的「跑贏大市」評級,將2021至2023年每股盈利預測上調3%至4%,以反映收入增長預期提升及毛利率下降,基於今年每股盈利預測約6倍,目標價由8.09元上調至8.3元。
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