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研報掘金丨第一上海:中國銀河當下估值處於低位,予“買入”評級
格隆匯 03-25 15:18

第一上海研報指出,中國銀河(6881.HK)憑藉強大股東背景、清晰戰略定位及廣泛營業網絡,競爭優勢突出。當前行業正處於政策暖風頻吹、市場交易活躍度回升、業績邊際改善的三重驅動階段,公司有望在資本市場改革和行業整合中持續受益,投行業務補齊短板,國際化佈局拓展海外市場。預計2024-2026年公司有望分別實現淨利潤101.3/120.5/131.6億元,當下估值處於低位,預計上述催化劑有望與公司自身優勢形成共振效應,進一步釋放估值彈簧,參考2025年1倍PB估值,目標價11.00港元,較現價上行空間35.5%,“買入”評級。

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