《大行報告》中金升中國建築國際(03311.HK)目標價至10元 季績超預期
中金髮表報告,指中國建築國際(03311.HK)首三季度,集團及應佔合營企業收入合計537.7億港元(下同),按年增長24.4%,經營及應佔合營企業盈利83.7億元,按年增長18.2%;第三季,集團及應佔合營企業收入合計168.8億元,按年增長15%,增速按季放緩8.1個百分點,經營及應佔合營企業盈利26.2億元,按年增長20.9%,較次季提速16.2個百分點,營業利潤率則按年提升0.8個百分點至15.5%。因收入的快速確認,公司上季業績超出該行預期。
報告稱,其香港訂單加速,看好公司受益大灣區建設。內地短週期業務持續推進,看好現金流和週轉改善。裝配式業務持續推廣,看好建築科技賦能主營業務。中金維持盈利預測。考慮粵港澳大灣區建設推進、公司資產週轉改善對估值的催化,上調目標價15%至10港元,相當於明年預測市盈率6.5倍,維持「跑贏行業」評級。
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