《大行報告》大摩上調中集安瑞科(03899.HK)目標價至6.5元 評級「增持」
摩根士丹利發表研究報告指,內地經濟改善及有利政策支持推動液化天然氣產業發展,看好中集安瑞科(03899.HK)佔收入一半的能源設備業務,預期2021至2022年收入複合增長可達雙位數。
該行指出,中集安瑞科的股價在過去五個月累漲了50%以上,超過恆指同期30%升幅,認為主要是由於去年下半年以來天然氣與油價差距不斷擴大,油價持續上漲,令天然氣具吸引力。中長期而言,在有利的政策及增加儲氣投資的支持下,對天然氣需求保持樂觀,預期將提振液化天然氣設備產品的需求。
另外,大摩預計以中集安瑞科在在氫存儲和運輸領域的地位,可從十四五規劃的氫能發展趨勢中受惠不少,預計高利潤LNG儲罐和儲罐的收入貢獻將增加,令能源設備領域的毛利率將從2020年的15%,增長到2022年的17%以上,因此預測綜合毛利率將從2020年的16%提升到2022年的18%。
摩根士丹利將2021至2022年盈利預測提高10%至15%,以反映出對強勁的液化天然氣設備需求樂觀看法,目標價由5元上調至6.5元,認為估值吸引,維持「增持」評級。
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