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《大行報告》匯豐研究下調中聯重科(01157.HK)目標價至3.9元 評級「持有」
匯豐研究發表報告指,中聯重科(01157.HK)次季息稅後淨利潤為8.29億元人民幣,按年跌66%,按季跌9%,符合早前的盈警預告;該行預計,公司下半年收入按年跌1.5%。考慮房地產建設復甦或需時,其佔機械需求達40%至50%,匯豐對中聯重科下半年銷售持保守態度。 該行指,由於透過生產技術升級和集成採購,達致良好的成本管理,公司次季毛利率達21.4%,按季升1.3個百分點,優於該行預期,並預料毛利率下半年會持續改善,惟會今年全年毛利率較去年的23.6%低;該行料,鋼價正常化可能有助於緩解下半年機械製造商的利潤率壓力,預計公司下半年毛利率按年升0.9個百分點、按季升1.3個百分點,達22.1%。 匯豐研究將中聯重科目標價由4.1元下調至3.9元,維持其評級為「持有」。
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