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研報掘金丨華源證券:中國中鐵長期發展空間廣闊,首予“買入”評級
格隆匯 03-25 15:51

華源證券研報指出,中國中鐵(601390.SH)是全球領先的綜合性建設集團,核心業務涵蓋基礎設施建設、勘察設計、施工安裝、工業製造、房地產開發、資源礦產及金融投資等領域。公司在鐵路和電氣化鐵路建設方面具有顯著優勢,累計建設鐵路佔全國總里程三分之二以上,電氣化鐵路佔比達90%。此外,公司在公路和城市軌道建設領域市場份額分別達全國的八分之一和五分之三,行業競爭力突出。儘管2024 年受城鎮化放緩、地方債務化解壓力等因素影響,新簽訂單同比下降12.4%,但公司整體訂單規模依然充足,截至2024 年上半年,未完合同額達6.22萬億元,比上年度末增長5.9%,爲未來業績提供穩固支撐。結合央企市值管理考覈推進,有望帶動估值修復,同時海外業務持續拓展,新興業務增長可期,長期發展空間廣闊,首次覆蓋給予“買入”評級。

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