《大行報告》瑞銀下調中航科工(02357.HK)目標價至6.4元 評級「買入」
瑞銀發表報告表示,中航科工(02357.HK)去年收入達636.4億元人民幣,而淨利潤為22.2億元人民幣,均低市場及該行預測。該行預料,飛機板塊收入或今年觸底,並期望公司與哈飛集團、長飛集團的合同或於今年首季實現,並有機會推動集團今年顯著轉虧。
該行引述管理層表示,中航電子(CAS)與中航機電(AVICES)的合併已獲得所有批准,人員配置和資產交付正在進行中,預計今年上半年完成。該行認為合併將有助於整合資源和降低內部成本,這可能會提高中航科工的收入和利潤率。
該行將公司今年、明年及2025年純利預測分別下調24.6%、18.1%及11.3%至27.9億元人民幣、36.8億元人民幣以及46.4億元人民幣,目標價相應由7.1元下調至6.4元,維持評級「買入」。(ca/k)
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