研報掘金丨申萬宏源:予中國動力“買入”評級,目標價30.39-36.07元
申萬宏源研究日前指出,中國動力(600482.SH)隸屬中船集團,國內船用低速機龍頭。船週期上升中繼,景氣度向上遊發動機傳導。量:全球船隊平均船齡持續上行,當前老船替換度剛剛過半,替換需求仍舊充足。價:考慮通脹後當前船價僅為上輪週期高點的65%,上行空間充足。從製造向維保及設計端延伸,公司有望開闢第二成長曲線。樂觀情況下,假設公司2025年成功收回公吿的中船柴油機少數股權,在考慮發行可轉債帶來的股權稀釋後,對應目標價30.39-36.07元/股。給予“買入”評級。
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