研報掘金丨海通證券:予中國通號“優於大市”評級,目標價6.25-7.35元
海通證券研報指出,中國通號(688009.SH)是全球軌交控制系統龍頭,業務結構優化,具備較強紅利屬性。鐵路列控系統:投資維持高位,2025-2030年新建需求接近600億元,尚有萬餘公里線路待更新。鐵路投資具備強規劃屬性,根據相關政策規劃,認爲2025-2030年鐵路投資及新增里程有望穩健上行。就通信信號建設需求來看,預計新建需求有望率先兌現,更新需求維持穩定增長支撐市場景氣度。從中長期角度看,低空經濟板塊有望成爲公司新業績增長點。參考可比公司,給予公司2025年17-20倍PE估值,合理價值區間爲6.25-7.35元/股(預計2025年公司EPS爲0.37元),合理市值區間爲661-778億元,給予“優於大市”評級。
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