《大行》匯豐研究:中國建築(03311.HK)前景疲弱 下調評級至「持有」
匯豐環球研究發表報告指,中國建築國際(03311.HK)股價年初至今累跌約4%,對比同期恆指升幅達到25%,考慮到集團主動縮減內地業務規模,以及香港營業額增長放緩與利潤率受壓,預期前景仍較疲弱,將投資評級從「買入」下調至「持有」,目標價從12.6元輕微下降至12.5元。
該行預期中國建築國際下半年淨利潤將溫和增長,未及公司目標的雙位數增幅。內地地方政府財政狀況緊張,公司自去年第四季已主動減少投資驅動項目,導致今年上半年內地營業額跌約10%,匯豐研究目前預期內地營業額於2025至2027年將增長3%、11%及12%,較2021至2023年間介乎20%至40%的增幅明顯放緩。
考慮到中國建築國際專注發展香港市場,市佔率達30%至40%,匯豐研究預測該公司今年下半年香港營業額仍將錄得增長,但增幅將由上半年的37%減慢至12%。
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