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《大行》花旗降中創新航(03931.HK)目標價至19.9元 評級「買入」
阿思達克 06-09 13:38
花旗發表報告指,在2024財年業績公布後更新了中創新航(03931.HK)模型,將2025及2026年預計盈利預測,分別下調30%及23%,至13.4億元人民幣及21.62億元人民幣,主要反映管理層指引及2025至2026年儲能系統(ESS)電池單位毛利假設獲降低。該行同時引入2027年盈利預測,為30.25億元人民幣。 花旗採用2026年預測市盈率對中創新航進行估值,以更好地反映其2025年較同行更強的淨利潤增長。目標價從21.6港元下調至19.9港元,相當於預測2026年15倍市盈率,這是全球電池生產商的平均水平。將評級從「買入/高風險」更新為「買入」。考慮到中創新航有足夠的交易歷史,且電池價格在2023至2024年大幅下跌後已穩定,單位淨利潤趨於穩定,因此該行取消了高風險評級。
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