研報掘金丨海通證券:予中國中車“優於大市”評級,目標價8.22-9.76元
海通證券研報指出,中國中車(601766.SH)是全球軌交裝備龍頭,國企改革成效顯著,重視分紅與市值管理。公司源自“南北車”合併,是目前全球規模最大、品種最全、技術領先的軌道交通裝備供應商。公司打造“一核兩商一流”戰略地位,主業涵蓋鐵路裝備、城軌與城市基礎設計、新產業和現代服務業,業務結構優化支撐盈利能力向好。2015年合併以來,公司收入及利潤規模整體保持穩健。公司實控人爲國務院國資委,通過3年國企改革有效調整經營機制及產業佈局,公司高度重視現金分紅和市值管理,股息率穩健提升。參考可比公司,給予公司2025年16-19倍PE估值,合理價值區間爲8.22-9.76元/股(預計2025年公司EPS爲0.51元),合理市值區間爲2360-2802億元,給予“優於大市”評級。
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