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研報掘金丨中金:中遠海控一季度業績超預期,維持“跑贏行業”評級
格隆匯 04-08 14:41

中金公司研報指出,中遠海控(601919.SH)預計1Q25實現EBIT約為165.71億元,同比增長約66.09%,實現淨利潤約132.23億元,同比增長72.13%,公司一季度業績好於我們預期,認為主要因公司實現運價好於我們此前預期。一季度即期運價有所回落,但長協價仍相對堅挺。目前美國關税政策是影響行業需求與週期走向的重要變量,根據中金宏觀組,“對等關税”或降低美國GDP1.3個百分點,並加劇美國經濟“滯脹”風險,從而影響美國及全球貨量需求。當然關税政策或仍有反覆風險,建議等待4月9日關税實際落地情況,並跟蹤後續運價及貨量變化。維持“跑贏行業”評級和目標價不變,A股目標價對應9.6倍/12.7倍2025年/2026年市盈率,較當前股價有27.9%上行空間。

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