研報掘金丨廣發證券:中國動力Q4業績創單季度新高,予“增持”評級
廣發證券研報指出,中國動力(600482.SH)24年Q4業績創單季度新高,船舶行業增長勢頭持續。一方面,公司柴油機板塊子公司2024年銷售規模持續快速增長,訂單大幅增加,雙燃料主機滲透率持續提升;柴油機板塊主要產品船用低速發動機價格有所增長,船舶動力系統廠商產能供給缺乏彈性抬高船用低速發動機價格中樞,毛利率進一步提升。另一方面,船用機械銷售規模擴大,毛利率較高的產品訂單增長,利潤同比提升。考慮公司艦船動力龍頭地位,參考可比公司估值,給予公司25年30倍的PE估值,對應合理價值28.76元/股,給予“增持”評級。
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