研報掘金|華泰證券:首次覆蓋長江基建集團 給予目標價64.73港元及“買入”評級
華泰證券發表研究報告指,長江基建集團是全球大型環球基建集團之一,投資於世界各地的能源、基建及公用事業相關業務,受管制資產貢獻核心盈利,業務模式具有較強抗風險能力。此外,長江基建2024年重啓併購,未來業務版圖有望進一步拓展,該行認爲其現金流充裕,歷史每股股息逐年增長,2024年股息率4.5%。華泰證券首次覆蓋長江基建,給予目標價64.73港元(基於2025預測市賬率(PB)1.32倍),予以“買入”評級。該行預計,長江基建2025至2027年歸母淨利分別爲83.4億、86.6億、89.7億港元,對應2025年每股盈餘(EPS)和每股淨資產(BPS)分別爲3.31港元、48.86港元。華泰證券參考歷史3年PB均值0.96倍,考慮公司業務模式具有強抗風險能力,多個資產將於2025及2026年迎來回報率上調窗口期;長江基建重啓收購或帶來新增利潤貢獻;以及上市以來每股股息逐年增長。
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