研報掘金丨國信證券:維持中國鐵建“優於大市”評級,現金流有望持續好轉
國信證券研報指出,中國鐵建(601186.SH)收入與業績承壓,24Q4收縮投資效果開始顯現。建築行業邁入存量發展階段,基建新開工和投資落地均面臨較大壓力,地方政府化債工作持續推進,公司工程業務回款短期承壓。但從長期看,公司作爲建築央企龍頭,品牌影響力和融資成本優勢突出,未來隨着減值壓力逐步釋放,資本開支持續縮減,現金流有望持續好轉。預測公司未來三年歸母淨利潤爲221/226/226億元,每股收益1.63/1.66/1.67元,對應當前股價PE 爲4.97/4.87/4.90X,維持“優於大市”評級。
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