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研報掘金丨天風證券:首予招商港口“增持”評級,目標價23.44元
格隆匯 07-18 15:35

天風證券研報指出,2018-2024年,招商港口的營業收入、歸母淨利潤及扣非淨利潤高增長,CAGR達9%、27%及41%,主要是投資併購驅動。認為招商港口未來在國內有望推進區域港口整合,並關注核心樞紐港的投資機會;在海外有望增加新興市場控股碼頭,推進“一帶一路”佈局,並作為戰略投資者參與關聯項目。港口費率市場化定價及出口增長有望帶動港口費率上行。深西港區量價向好,有望帶動國內業務營業收入和利潤增長。國內集裝箱業務有望增長,參股公司盈利有望上行,海外業務量價向好。給予目標PE 為12.5倍,對應目標價為23.44元。首次覆蓋,給予“增持”評級。

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