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《大行報告》摩通降中聯重科(01157.HK)評級至「減持」 下調龍工(03339.HK)目標價至1.8元
摩根大通發表報告指出,考慮到今年首四個月的需求趨勢,注意到工程機械和重型貨車的銷售差異,前者受內地國IV排放標準升級而拖累非公路機械的去庫存情況,且受累於年初至今房屋開工率低迷(按年跌21%)的影響。此外,企業的首季業績亦可看出上述的基礎需求差異,濰柴動力(02338.HK)盈利反彈跑贏,其次是浙江鼎力(603338.SH)、三一重工(600031.SH)與恆立液壓(601100.SH),而中聯重科(01157.HK)表現明顯落後。 該行認為,隨著中國4月份的經濟數據顯示復甦勢頭大幅下滑,將有利於基建活動穩健,甚至加強政策支持力度,但注意到4月份內地房地產活動進一步降溫,新房開工惡化的影響。至於中國以外的增長機會仍正面,尤其是歐美市場。 摩通將中聯重科H股評級由「中性」降至「減持」,認為其在房地產行業的風險敞口很大,目標價由3.9元下調至3.2元。另認為行業首選濰柴動力、三一重工及浙江鼎力。並維持對龍工(03339.HK)「增持」評級,認為公司資產負債表穩健、現金流強勁,及對房地產市場敞口較小,目標價由1.9元下調至1.8元。
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