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《大行報告》瑞信下調中聯重科(01157.HK)目標價至8.23元 評級「跑贏大市」
阿思達克 10-29 11:02
瑞信發表研究報告指出,中聯重科(01157.HK)第三季純利9.01億元人民幣,按年倒退46%,收入跌27%至120億元人民幣,由於收入增長放緩,業績差過預期。期內由於原材料價格高企,以及產能使用率下降,使第三季的毛利率按年跌5個百分點,淨利率跌2.6個百分點,至7.5%,預期未來利潤改善有限。 該行指出,由於內地房地產市場問題未解決,加上缺乏基建投資,使第三季市場對工程機械的需求疲弱。不過,該行看好中聯重科在挖掘機及高空作業平台(AWP)的新舉措,維持對其H股「跑贏大市」評級,惟下調其2021至2023財年的每股盈測3%至7%,以反映收入增長放緩,及下調利潤率預測,目標價由8.51元下調至8.23元,相當於預測2022財年市盈率約7倍。
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