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《大行報告》中金下調時代電氣(03898.HK)目標價至36.54元 評級「跑贏行業」
中金發表研究報告指,時代電氣(03898.HK)首三季收入及純利分別為141億及20.5億元人民幣,按年分別增29.6%及31.4%,符合預期。第三季收入按年增27%至55.2億元人民幣,純利增30%至9億元人民幣,綜合毛利率增2.6個百分點至34.5%;期間費用率增0.6個百分點至18.3%;淨利率升0.4個百分點至16.3%。經營現金流淨流入2.3億元人民幣,較去年同期少流入5.8億元人民幣。 該行表示,考慮到後續元旦假期、農曆新年等出遊高峰期即將來臨,認為鐵路客運量改善帶動車組使用率提高的趨勢可望延續,動車組採購需求或會提升、支撐公司軌交業務增長。另外,公司規劃三期中低壓產能包括宜興和株洲項目。目前公司約為滿產狀態,並規劃三期產能可於明年投產,考慮到下游景氣需求,該行認為產能釋放有助公司加快新興業務增長。 該行維持集團盈測,重申「跑贏行業」評級,目標價下調10%至36.54元。
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