研報掘金丨申萬宏源:予中國重工“買入”評級,利潤彈性有望持續顯現
申萬宏源研究報吿指出,造船長邏輯逐步驗證,航運景氣度提升集裝箱再迎訂單潮,航運造船景氣度互相加強。造船船廠產能緊張,船隊老齡化、環保壓力等因素仍舊存在,推動造船市場景氣度持續上行。考慮新造船價格持續攀升,中國重工手持訂單及交付量快速提升,利潤彈性有望持續顯現。預計公司 2024E-2026E歸母淨利潤為22、48、94億元,2024年起扭虧為盈。當前P/O估值僅0.75,處在歷史底部區間,低於同業公司中國船舶的0.96倍與中船防務的1.20倍,且距離景氣週期1.5倍以上空間充足。給予“買入”評級。
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