大行評級|摩根大通:雅下水電項目利好工程機械類股 予濰柴動力、中國中鐵等“增持”評級
摩根大通發表研究報吿指出,日前內地公佈西藏雅魯藏布江下游水電開發計劃,現時資金開始流向工程機械類股。該行認為,複雜的地形令傳統機械在項目初期扮演關鍵角色。當中,濰柴動力作為重卡引擎及建築機械的龍頭企業,其大馬力重型卡車特別適用於大壩建築環境要求,該行將公司列入正面催化觀察名單,予“增持”評級,H股及A股目標價分別為22港元及24元。而三一重工與徐工機械亦是大型重機的領導者,該領域具有較高的門檻,均予“增持”評級,目標價分別為25元及11.1元;中國中鐵的隧道機械市佔率約為40%,予“增持”評級,H股及A股目標價分別為5港元及8.2元。另外,傳統基建類股如中國中車與海螺水泥近日同步走強,反映市場解讀政策風向已從單純風險控制轉向支持新項目啟動;該行予中國中車“增持”評級,目標價分別為6.8港元及10.1元。整體而言,雅魯藏布江水電開發計劃有望帶動施工、機械、水泥、鋼鐵等上游產業需求,而電力設備領域的許繼電氣、思源電氣與華明裝備均能受惠。
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