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《大行报告》大摩上调中集集团(02039.HK)目标价至19元 评级「增持」
阿思达克 04-12 09:41
大摩发表的研究报告指,中集集团(02039.HK)3月底集装箱报价达3,500-3,600美元,较去年底升约三成,考虑到集装商运送期约三个月,估计今年首季结算价约2,600-2,800美元,较去年第四季升15%。该行指出公司1月份月产能为18-20万个标准货柜,到3月份产能已增至20-22万个标准货柜,估计今年上半年产量将较去年下半年增40%。

该行的基本情景估算,上半年公司集装箱销量及平均销售单价将较去年下半年升35%,意味上半年收入将达230亿元人民币,较去年下半年增约七成,同时亦料今年上半年净利润率将达18%,高於去年下半年的13%,而平均销售单价的升幅大致跑赢钢铁价格升势,因此估计今年上半年集装箱业务将带来逾40亿元人民币净利。

该行估计公司集装箱业务盈利能力今年将持续改善,主要受惠销量及平均销售单价齐升,估计拖车及能源分部今年亦会反弹,维持「增持」评级,目标价由18元升至19元。(el/k) ~

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