《大行報告》中金下調時代電氣(03898.HK)目標價至36.54元 反映盈利增長放緩及估值下跌
中金發表報告指,時代電氣(03898.HK)第三季業績符合該行預期,當中軌道交通設備收入按年升16.5%,增幅按季加快,主要因為國鐵集團的電動列車(EMU)招標推動需求復甦。新興設備收入按年升37.2%,保持快速增長。混合毛利率34.5%,按年升2.6個百分點,淨利潤率按年升0.4個百分點至16.3%。
報告指,新年假期等出行旺季將至,鐵路載客量改善,從而提升電動列車的使用率,採購需求將會上升,支持公司軌道交通業務增長,維持其「跑贏行業」評級,現價相當於今明兩年預測市盈率分別11倍及10倍,考慮到增長放慢及估值下跌,目標價下調10%至36.54元,反映今明兩年預測市盈率分別15倍及14倍。
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