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研報掘金丨廣發證券:徐工機械Q2業績超預期,產品出海打開成長空間
廣發證券研報指出,徐工機械(000425.SZ)二季度業績超預期,淨利率達較高水平。Q2單季度收入274億元,同比增長0.1%;歸母淨利潤20.7億元,同比增長29.4%;Q2淨利率7.14%。上半年公允價值變動收益-2.4億元,主要系投資宏信建發虧損,經營管理改善開始初步兑現。截止上半年,公司應收賬款及票據476億元,環比Q1壓降35億,主要系出口收入高增長,海外業務回款優異、但以分期為主,對於應收科目影響較大,而海外回款主要集中在Q4,預計年底會看好良好改善。公司作為工程機械龍頭,產品出海打開成長空間。維持8.31元/股的合理價值,維持"買入"評級。
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