《大行》花旗升中國中車(01766.HK)評級至「買入」 目標價上調至7.3元
花旗發表研究報告表示,將中國中車(01766.HK)評級從「中性」上調至「買入」。該行表示,中國中車今年次季盈利按年增長31%,至41.9億元人民幣,超出初步業績中點3%,還因中國國家鐵路集團(CSRG)210組高鐵動車組招標,使2025年至今動車組招標(278組)較2024年全年總量(245組)高出約14%。
花旗又將中國中車2025及2026年盈利預測分別上調9%和10%,以反映上半年好於預期的業績及下半年樂觀展望,後者得益於上述強勁的動車組招標;並將目標價從5.4元上調至7.3元,基於2025年預測每股盈利的13.5倍市盈率(之前為11倍)。花旗又預計中車2025年盈利按年增長15%,為「十三五」及「十四五」期間最高水平。花旗轉而看好中車多於時代電氣(03898.HK),因鐵路設備前景穩健,但對功率半導體盈利能力表示擔憂。
花旗表示,中國國家鐵路集團210組動車組招標後,預計下半年鐵路設備前景穩定。鑑於今年至今,鐵路客運量強勁增長及中國國家鐵路集團相對較低的淨負債率,花旗不排除所有訂單於2025年下半年交付或年底前公布額外動車組招標的可能性。
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