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《大行》摩通料西藏大壩工程利好工程機械股 看好濰柴(02338.HK)中鐵(00390.HK)等
摩根大通研究報告指出,日前內地公佈西藏雅魯藏布江下遊水電開發計劃,現時資金開始流向工程機械類股。該行認爲,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(02338.HK)(000338.SZ)作爲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股目標價分別爲22港元及24元人民幣。 而三一重工(600031.SH)與徐工機械(000425.SZ)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,目標價分別爲25元人民幣及11.1元人民幣;而中國中鐵(00390.HK)(601390.SH)的隧道機械市佔率約爲40%,予「增持」評級,H股及A股目標價分別爲5港元及8.2元人民幣。 另外,傳統基建類股如中國中車(01766.HK)(601766.SH)與海螺水泥(00914.HK)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啓動;該行予中國中車「增持」評級,目標價分別爲6.8港元及10.1元人民幣。 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、鋼鐵等上遊產業需求,而電力設備領域的許繼電氣(000400.SZ)、思源電氣(002028.SZ)與華明裝備(002270.SZ)均能受惠。
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