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研報掘金丨華創證券:首予中國中車“強推”評級,目標價10元
格隆匯 02-21 14:20

華創證券研報指出,中國中車(601766.SH)是全球軌道交通裝備領軍者。2024年前三季度歸母淨利潤72.45億元,同比增長17.77%。截至2024年底,全國鐵路營業里程達到16.2萬公里,其中高鐵4.8萬公里;根據《“十四五”現代綜合交通運輸體系發展規劃》,預計2025年全國鐵路營業里程將達16.5萬公里左右,其中高鐵5萬公里左右。隨着電力及新能源車逐步推進,老舊型鐵路內燃機車將逐步更新。截至2023 年末,全國擁有鐵路機車2.24萬台,其中內燃機車0.78萬台,而需要淘汰的老舊機車數量較多。參考可比公司估值水平,考慮到公司作為全球軌道裝備製造業龍頭,首次覆蓋,給予2025年20倍PE,目標價為10.0元,給予“強推”評級。

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