《大行報告》瑞信下調中聯重科(01157.HK)及龍工(03339.HK)目標價 偏好恆立液壓(601100.SH)
瑞信發表報告,預期中國挖掘機市場在今年第三季及第四季將分別收縮35%及25%,雖然兩個季度的出口料增長68%及53%,但估計出口銷售將在明年放慢。
該行對行業今年下半年本土銷售及出口的毛利率擴張看法正面,不過對中期的毛利擴展則持謹慎看法,主要憂慮在本土需求疲弱下有供應過多的風險。
由於需求尚未穩定,瑞信對內地挖掘機行業維持審慎,在欠缺房地產建設及穩健的替換需求支持下,相信行業未來兩年的需求上升空間有限。
該行將中聯重科(01157.HK)股份目標價由5元降至3.5元,評級「跑贏大市」;龍工(03339.HK)目標價則由1.56元下調至1.25元,評級「中性」。行業中,瑞信偏好恆立液壓(601100.SH)。
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