《大行報告》大摩料內地製造業明年下半年漸復甦 偏好基本面改善估值吸引股份
摩根士丹利發表研究報告指出,對於中國製造業持謹慎態度,預期製造業活動最早明年中起開始復甦,而新能源市場表現疲弱。在此背景下,該行自下而上的選股爲鋰電設備及激光股,另認爲重型卡車的需求復甦,更爲偏好基本面改善、估值吸引的股份。
重型卡車方面,雖然該行預期明年上半年製造業資本開支低迷,並於明年下半年的可見度有限,但內房的毛利改善及政府支援政策應對重型卡車需求有利。經歷2022年的十年需求低位後,相信行業面臨的壓力有所緩和,料明年重型卡車銷售將按年增長21%至8萬輛。對中國重汽(03808.HK)的目標價由12.4元升至17元,並由「與大市同步」評級上調至「增持」,以反映其具吸引力的估值及盈利復甦。
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