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《大行報告》大和下調中聯重科(01157.HK)目標價至3.6元 評級「持有」
大和發表研究報告指出,中聯重科(01157.HK)出口為上半年收入帶來支持,期內出口銷售收入按年增長40%至38.87億元人民幣,佔總收入的18%,相對於去年的9%佔比有所提高。 該行指出,由於美國及歐洲的市場參與者退出俄羅斯市場,而中國市場參與者取而代之,因此俄羅斯為中聯重科最大的出口國。而印尼、印度及南韓為俄羅斯以外的主要出口地點。產品方面,起重機為上半年主要出口產品,其次為挖掘機。 此外,儘管中聯重科上半年的毛利率按年跌4個百分點至20.8%,但管理層指毛利率於第二季已見底,7月份毛利率為23.5%,預期今年餘下時間可能進一步回升。該行對公司2022至2024財年的毛利率預測,下調2.1至2.4個百分點,以反映上半年的毛利率。 大和另對中聯重科的2022至2024財年收入預測上調2%至3%,以反映對其更高的出口收入預測,以及料公司下半年出口收入按年增長31%;每股盈利預測下調15%至21%,以反映下調毛利率預測。目標價由4.4元降至3.6元,維持「持有」評級。
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