《大行報告》瑞信下調中聯重科(01157.HK)目標價至8.51元 評級「跑贏大市」
瑞信發表的研究報告指,中聯重科(01157.HK)上半年收入及淨利分別按年升47%及21%至424億元及48.8億元人民幣(下同),期內毛利跌4.4%主要受累原材料成本提升,淨利潤率跌2.5個百分點至11.5%,而次季收入雖升18.4%,不過淨利則跌18.6%,主因毛利率疲弱。
期內吊車銷售按年升48%至227億元,但毛利率則跌5.5個百分點,混凝土銷售升33%至115億元,毛利率則跌2.8個百分點至24.9%,公司維持在混凝土方面的市場領導地位。高空作業平台(AWP)期內增長397.95%,為內地首三位,同時亦高於該行預測,而農機則按年增61.5%至4.1億元,毛利率升0.8個百分點至13.1%,主要受惠勞工短缺及本地化趨勢。公司上半年海外銷售則升52.3%。
該行維持對公司H股「跑贏大市」評級,但將2021-23年每股盈測調整4-9%,以反映毛利率下跌的估算,H股目標價由9.18港元降至8.51港元。瑞信喜歡公司新產品如AWP、挖掘機及農機的增長潛力,相信多元化產品組合可緩和來自建築機械行業的下行週期壓力,認為現時H股估值吸引。
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