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研報掘金丨西南證券:維持中國中車“買入”評級,目標價8.46元
格隆匯 04-01 15:30

西南證券研報指出,中國中車(601766.SH)24年歸母淨利潤123.9億,同比+5.8%;Q4歸母淨利潤51.4億,同比-7.5%;動車業務高增,鐵路裝備板塊引領增長。動車組業務收入增長顯著,動車組營收624.3億、同比+49.3%,動車組營收高增主要系動車組車輛招標、高級修招標同比大幅提升;機車營收236.3億、同比-15.6%,客車營收63.1億、同比-35.0%,貨車營收180.9億、同比-3.2%。檢修後市場放量、業務結構持續優化,公司盈利能力提升。截止2023年底我國內燃機車存量7800 台,老舊(超30 年)佔比約50%,淘汰替換空間大;在設備更新政策的支持下,鐵路裝備板塊有望持續推動公司業績穩定增長。給予公司2025年18倍PE,目標價8.46元,維持“買入”評級。

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