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《大行報告》摩通下調中國龍工(03339.HK)目標價至3.2元 評級「增持」
阿思達克 08-30 10:35
摩通發表的研究報告指,中國龍工(03339.HK)上半年稅後溢利按年持平,符該行預期,期內毛利率遜預期,僅18.7%,按年收窄4.2個百分點,不過相關因素被收入增長強勁及其他收益所抵銷,而管理層亦重申其派息承諾。在分析員會議上,管理層指出需求及利潤已見底,雖然挖掘機競爭提升,不過認為對需求上行週期轉勢的憂慮屬言之尚早。另一方面,隨著鋼鐵價格穩定及輪式裝載機自4月起加價等,料毛利率下半年將靠穩,甚至有改善。該行將公司2021-23年盈利預測降4%,目標價由3.5元降至3.2元,評級「增持」,相信自9月起基建需求重拾,而公司股息率亦吸引。 該行指出公司上半年輪式裝載機收入按年升21%,市場份額達到25%,其中主要機型ZL50按年增長19%,而中小型裝載機亦錄強勁增長。公司叉車業務亦有強勁表現,上半年銷售按年增55%,主要受惠內地物流及倉庫需求強勁及公司市場份額提升,期內市場份額達12%,較2020年升4個百分點。 該行指出公司毛利率上半年收窄4.2個百分點,主要因受商品價格提升所影響,加上競爭加劇,管理層認為相關挑戰已緩和,估計下半年毛利率與上半年比較將企穩或有改善。
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