港股異動 | 首都機場漲近4% 悲觀預期充分釋放 未來成長性被低估
格隆匯10月8日丨首都機場漲近4%,報7.04港元,成交1.16億港元,總市值305億港元。東興證券近日發佈研報,認為市場對於首都機場預期過於悲觀。現有每年約2700萬人次的國際旅客量在轉場完成後能夠保留約2100萬人次,這使得首都機場在未來的兩場競爭中獲得較大先發優勢。預計公司2019年-2021年營業收入分別為110.5億元、99.7億元、91.8億元;歸母淨利潤分別為25.5億元、18.2億元和12.2億元;對應PE分別為10.4X、14.5X和21.9X。雖然未來兩年由於新機場分流的因素盈利大幅衰減,但我們認為在2021年分流剛剛完成,公司處於產能利用率低點的情況下,PE估值也僅為22倍左右(行業平均估值水平),這正是公司未來成長性被低估的證明。首次覆蓋,給予“強烈推薦”評級。
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