《大行報告》中金:中國建築國際(03311.HK)回調後估值更吸引 評級「跑贏行業」看12.3元
中金發表報告,指H股建築企業5月初以來股價回調,中國建築國際(03311.HK)、中國中鐵(00390.HK)、中交建(01800.HK)分別回調18%、8%及6%,期間恆生科技指數自底部反彈約20%。中金料歸因經濟預期企穩、市場風險偏好提升,導致建築板塊交易情緒波動。考慮到中國建築國際核心競爭力和基本面仍穩健,且近期股價回調後估值更具吸引力,建議關注公司投資機會,維持「跑贏行業」評級及目標價12.3元。
報告稱,其港澳業務受惠政府開支增加驅動需求向好,去年公司香港業務受疫情防控開支影響,毛利率有所下滑;中金預期2022年隨著該影響消除、香港利潤率有望復甦。內地業務方面,其科技優勢持續鞏固,支撐中長期高質素增長。
中金表示,向前看,認為公司建築科技持續投入升級、進而在新的領域、新的區域應用拓展,有望成為公司股價上漲的催化劑,建議關注公司相關新項目中標情況。
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