植耀輝:跟進推介股最新部署
耀才證券研究部總監植耀輝稱,本週繼續分析心水股業績。眾多筆者推介股份中,威勝(03393)表現可說最有驚喜,期內收入增加17%至43.9億元(人民幣,下同),股東應佔溢利更增加33%。集團三個業務分部電智能計量解決方案(電AMI)、通信及流體智能計量解決方案以及智能配用系統及解決方案收入皆有所上升,當中又以收入佔比最大(43%)之電AMI增速最佳,達到30%,其餘兩個業務增速則分別為13%及6%。
集團於內地持續取得國家電網及南方電網探購訂單,此外隨著公司近年積極開拓海外市場,現時海外收入佔比已接近三成,集團亦先後於印尼、馬來西亞、墨西哥、巴西、坦桑尼亞及匈牙利設有生產基地,利用本地化生產優勢,藉此開拓更多市場,相信國際市場收入未來將續有可觀表現。筆者對其業績相當收貨,唯一美中不足可能就是在早前恆指季檢中未被入綜合指數。部署策略方面,雖然股價於績後至今已抽升超過25%,但現價估值依然吸引,因此會繼續持有,若股價回調至10.5元以下則會考慮增持。
當然,若以股價升幅而論,則以年內累升超過250%之哈電(01133.HK)更佳。其業績亦相當對板。期內收入增長32%,股東應佔溢利按年增加超過一倍至10.5億元人民幣。不過,由於該公司早已發盈喜,故績優已是預期之中,反而有幾點值得留意。雖然業績持續轉好,整體毛利率亦已回升至約12.05%,不過相比東方電氣(01072.HK)約16.6%仍有相當大改善空間;另外新簽訂單增加36.64%至355.61億元人民幣,近日亦接連中標內地多個火電及抽水蓄能重點項目。而西藏雅江水電項目對水力設備預計會有強大需求,長遠利好惟短期則未必能帶來實質貢獻。
最後則是估值方面。保守估計假設下半年盈利環比持平,全年盈利將達到21億元人民幣,按年計升近25%,預測市盈率將不足8倍,估值仍遠低於東電(預測約13倍)。由於對其未來發展仍有相當憧憬,以及估值依然吸引,即使年內升幅驚人,但筆者暫仍傾向持有,並維持10元目標價不變。
(筆者為證監會持牌人,持有威勝及哈爾濱電氣股份)~
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