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中金:中國建築國際(3311.HK)業績超預期 目標價調升至10港元
格隆匯 10-19 16:50

中金研報指,中國建築國際(3311.HK)Q3業績超預期,維持跑贏行業評級,目標價上調15%至10港元。

報吿指,作為港澳工程龍頭,該行認為公司有望充分受益大灣區房屋及基礎設施建設,未來幾年港澳訂單及收入有望取得較快增長。此外,隨着在手訂單中PPP佔比逐步收縮、短週期業務持續增加,公司資產週轉和ROE有望持續改善,該行看好公司經營現金流在未來1-2年實現轉正。

報吿又指,三季度,公司中標了澳門市場首單採用裝配式技術的公共工程長者公寓項目;裝配式業務在深圳、香港等地也持續推廣。公司MiC技術實現了建築、結構、水電、裝修等的一體化集成,具有較強的競爭壁壘和更高的附加值,當前集團超過50%的項目運營海龍MiC等技術。該行看好MiC、裝配式等建築科技對公司主營業務的賦能,在長期提升公司的利潤率、資產週轉、及市場競爭力。

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