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《大行》摩通首次覆蓋中遠海能(01138.HK) 評級「增持」目標價12元
摩根大通發表研究報告,首次覆蓋中遠海能(01138.HK),予港股「增持」評級,目標價爲12港元,予中遠海能(600026.SH)A股「中性」評級,目標價爲13元人民幣。 摩通表示,中遠海能是中國最大的油輪營運商,也是全球領先的原油、成品油和液化天然氣(LNG)運輸企業之一。作爲中國中遠集團的能源運輸部門,公司營運多元化船隊。其規模、較新的船齡結構和不斷增加的LNG業務,爲其在波動的運費市場中提供下行保護,同時定位公司受益於多年上行週期。該行預測公司2025至2027年淨利潤年均複合增長率爲16%,受運費復甦、結構性供需催化劑和謹慎的船隊擴張支持。 摩通指,隨着船隊從2024年的246艘增至2027年的290艘,認爲公司在捕捉下一個上行週期方面具有獨特優勢,預計淨負債率將從2025年的約52%,上升至2027年的約67%。 該行又預測,公司2025至2027年收入年均複合增長率約8%,支持利潤率提升(淨利潤率從2025年的19%改善至2027年的21%)。LNG收入佔比至2027年擴大至約13%,增強可見性。雖然負債率至2027年升至約67%,但強勁的營運現金流和資產支持保持槓桿可控。
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