《大行》中金升東方電氣(01072.HK)目標價至19.4元 維持「跑贏行業」評級
中金發表報告指,東方電氣(01072.HK)上半年營業總收入381.51億元人民幣(下同),按年增長14.03%;淨利潤19.1億元,按年增長12.91%。其中第二季收入216.03億元,按年增長17.38%;淨利潤7.56億元,按年跌3.79%,由於公司第二季計提減值損失增加,業績略低於該行預期。
報告指,東方電氣上半年新增生效訂單654.85億元,按年增長16.78%。其中在裝備板塊清潔高效能源,上半年板塊收入按年增長19.2%,其中煤電/核電分別按年增長32.6%及38.7%,煤電毛利率按年增長2.7百分點至19.1%,該行認為主要系低價訂單已逐步在去年消化;核電毛利率下滑主要系產品交付結構影響。此外,公司50兆瓦重型燃氣輪機海外訂單實現首次突破,該行看好公司海外市場持續拓展。
該行維持東方電氣2025和2026年盈利預測不變。當前A、H股股價分別對應2025年及2026年15.8及13.1倍、12.8/10.4倍市盈率。考慮雅下水電站建設、燃煤機組核准加快為公司打開長期發展空間,疊加H股市場回暖,維持A股及H股「跑贏行業」評級,分別上調A、H股目標價30%及67.2%,各至22.1元人民幣及19.4港元,分別對應今年年18倍和14.5倍市盈率。
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