《大行》中金再次覆蓋中集集團(02039.HK)予「跑贏行業」評級 目標價11元
中金研究報告指,再次覆蓋中集集團(000039.SZ)A股予「跑贏行業」評級,予目標價10元人民幣,對應預測2025年市賬率1倍;再次覆蓋中集集團(02039.HK)H股予「跑贏行業」評級,目標價11港元,對應預測2025年市賬率1倍,並認為公司是全球領先的物流和能源行業設備和解決方案提供商。
中金認為,基於航運安全、深海石油結構性增產等背景下,公司相關物流和能源裝備業務全球市場競爭力領先,有望實現穩健增長,是較為稀缺的跨業務板塊、具備綜合解決方案能力的投資標的。
該行表示,公司在冷藏貨櫃領域,市佔率常年保持在50%以上、為全球第一,認為中集憑藉規模、成本、客戶、資金等綜合優勢,行業集中度在週期底部得到鞏固和提升,待週期上行時將優先受益。
中金指出,市場擔心去年貨櫃基數較高,但認為公司集裝箱業務長期受益於「再全球化」與更新替換需求,市佔率穩步提升;海工業務去年扭虧後有望持續貢獻利潤增長。
中金予公司今明兩年每股盈測分別0.58元及0.73元人民幣,2024至2026年年均複合成長率(CAGR)料15%
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