《大行報告》匯豐研究上調中國建築國際(03311.HK)目標價至12元 評級「買入」
匯豐研究發表報告指出,中國建築國際(03311.HK)中期業績穩健且超出預期,受投資導向項目推動下,公司上半年收入及盈利按年分別增長2%及15%。新簽合約按年增長7%,主要由於技術相關的組裝合成建築(MiC)項目推動(倘撇除疫情相關項目則按年增68%),達該行2023年全年預測的54%。
該行認為,上半年中國建築國際毛利率按年增長2.2個百分點,因為高毛利的投資導向項目收入佔比增長。由於回收周期較短的政府定向回購(GTR)及MiC項目增加,公司淨經營現金流維持正數。因此,集團重申其全年盈利呈雙位數增長的看法。
此外,該行維持對中國建築國際「買入」評級,目標價由11.5元上調至12元,公司中長期的催化因素包括內地MiC建築市場規模大於預期;香港的公屋和基建設施預算,例如北部都會區發展;建築領域符合大中華區「雙碳」目標的綠色投資。
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