《大行報告》匯豐研究下調中聯重科(01157.HK)目標價至8.3元 評級「買入」
匯豐研究發表研究報告指出,中聯重科(01157.HK)第三季下遊需求低迷,主要由於資金短缺導致房地產投資疲弱、基建進度落後,以及建材供應短缺使價格高企(部分由於限電所致),基於上述原因,導致公司收入按年跌27%。該行認爲下遊需求可能持續疲弱,但將於第四季有所好轉,並於2022財年首季出現強勁反彈。
傳統業務方面,該行認爲對於如混凝土機械和起重機的傳統產品,於自2016年起經過多年的強勁增長後,將迎來週期性下行趨勢,但料較上一次的下行週期(2012至2015年)來得溫和。至於新業務方面估計將持續增長。另預期第四季鋼價仍將高企,公司利潤率持續偏軟,惟近期鋼價小幅下跌,或改善公司2022財年上半年的利潤率。
該行將中聯重科2021至2023財年盈利預測分別下調20%、11%及9%,以反映第三季業績未達標及下行週期的影響,另將市賬率由1.8倍降至1.3倍,目標價由11.8元削至8.3元,維持「買入」評級。
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