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《大行》匯豐研究升中資券商目標價 首選中金(03908.HK)
匯豐環球研究發表報告指出,海外佈局正為中國券商創造實質價值。高成交額、強勁的股市表現以及一級市場限制放寬,持續推動中國券商盈利增長。隨著香港IPO市場加速,覆蓋範圍內的券商有望從海外擴張中獲益,而潛在的穩定幣牌照亦可能提供額外助力。 在覆蓋券商中,該行繼續首選中金公司(03908.HK),維持「買入」評級,主要基於其在香港IPO市場的領先地位。該行全面上調三大券商的盈利預測,其中中金公司2025年2027年淨利潤預測上調6%至7%,中信証券(06030.HK)2025至2026年盈測上調10%至11%,華泰證券(06886.HK)2025年2026年盈測上調3%至6%。值得注意的是,該行對2025年每股盈利預測較市場共識高出1%至9%;2026年預測高出4%至9%。 鑑於估值已回落至低於2019年水平,該行將華泰證券H股評級從「持有」上調至「買入」。同時調整各券商目標價:中金公司H股評級為「買入」,目標價由20.4港元上調至25.5港元。中信証券H股評級為「持有」,目標價由24.5港元上調至28.2港元,中信証券(600030.SH)A股評級為「買入」,目標價由33元人民幣上調至38人民幣;華泰證券H股評級為「買入」,目標價由18.4港元上調整至19.6元,華泰證券(601688.SH)A股評級為「買入」,目標價由26.8元人民幣上調至27.5人民幣。若穩定幣牌照政策落地,將進一步增強相關券商在跨境業務的競爭優勢。
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