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《大行報告》瑞信輕微上調中集安瑞科(03899.HK)目標價至13.31元 評級「跑贏大市」
阿思達克 03-25 11:05
瑞信發表研究報告指,中集安瑞科(03899.HK)2021年銷售額高於市場預期14%,淨利潤符合預期,認為憑藉其氫能業務發展,公司在清潔能源轉型中處於有利位置。 中集安瑞科預計今年氫能銷售額將從去年的1.75億元人民幣翻倍,認為內地最新的2021至2035年氫能發展計劃符合預期,維持至2025年氫能銷售額達到30億至40億元人民幣的目標。 瑞信表示,中集安瑞科透過調整合同條款,讓客戶現在承擔高企的物流成本,加上與供應商鎖定原材料供應,以及外匯風險充分對沖,預期今年毛利率將改善。同時估計,天然氣進口量於2022至2030年間將以複合年增長率7%至8%增長,支持中集安瑞科的長期增長,維持「跑贏大市」評級,該行調整集團2022至23年每股盈測-4%及+3%,目標價由13.3元微升至13.31元。 對於俄烏衝突,瑞信指天然氣價格上漲對需求有負面影響,但同時由於俄羅斯向歐洲供應的大部分天然氣都是通過管道輸送,歐洲現在正在尋求建造LNG接收站作為天然氣進口的替代方案,相信對中集安瑞科有利。
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