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《大行報告》瑞信下調時代電氣(03898.HK)目標價至28元 評級「中性」
瑞信發表報告表示,時代電氣(03898.HK)首季銷售和淨利潤按年分別增長22%和31%,高於市場預期增長12%和18%,強勁銷售是由新興設備業務所帶動。 報告指,受疫情影響,料第二條IGBT生產線的利用率可能保持在80%,與去年底相若。而首季鐵路設備銷售增長轉爲增長3%,是鐵路設備需求潛在改善的早期跡象,但可能是由地鐵業務驅動,而中國鐵路需求或仍然低迷。 該行上調其2022至2024年度每股盈利預測2%/3%/2%,目標價則由33.4元降至28元,以反映下調其鐵路業務的預期及IGBT預測上升被較低的倍數所抵銷等因素,重申「中性」評級。
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