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研報掘金丨廣發證券:中國中車Q1業績高增,予AH股“買入”評級

廣發證券研報指出,中國中車Q1業績高增,主要系產品結構變化和基數影響。公司預計Q1實現歸母淨利潤9.23-10.46億元,同比增長50%-70%。公司具有內需改善+設備更新邏輯,且具備國企改革+紅利資產屬性,在業務結構改變下利潤率有望提升,預計公司24-26 年歸母淨利潤達135/151/168億元。參考可比公司估值和公司歷史估值中樞,考慮到未來公司多個業務均具備釋放更大利潤彈性的可能性,給予公司A股2024年PE估值18x,對應A股合理價值8.42元/股;考慮AH股溢價因素,對應H股合理價值5.07港幣/股,均給予“買入”評級。

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