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瑞銀:中交建(1800.HK)去年業績遜預期,略降目標價至6.6港元

格隆匯4月6日丨瑞銀髮表研報指,中交建(1800.HK)去年淨利潤按年增長11%;剔除異常項目和永續票據利息費用,經常性淨利潤增長13%,較該行預期略低4%。該行維持“買入”評級,H股目標價則由6.7港元輕微下調至6.6港元。

報吿指,中交建去年業績中最值得注意的是新建築合同按年增長18%;營業收入按年增51%至78億元人民幣,複合年增長率達11%;雖然總收入增長9%,但毛利率小幅下降0.4個百分點至12.4%。

報吿又説,中交建2022年目標新合同增長和收入分別增長12%及6%,管理層重申,集團將繼續專注於海外市場,目標是到22025年底實現25%的收入份額。對於未來的投資計劃,管理層看好海上風電場運維等新能源行業,同時優先考慮其在路橋行業的傳統優勢。該行維持C-REITs將有助於中交建降低淨負債和改善現金流表現的正面看法。

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