Market Brief

The articles are produced in Chinese only.

Author

王富榮先生 (Chris Wong)
助理經理

現任職輝立助理經理,對投資大中小型股票均經驗豐富,亦擅於以窩輪、牛熊證操作。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得
Phone:
3925 9299

中國中車 01766.HK 追趕形勢

Thursday, December 8, 2016 Views6621

自從 9
月底開始,中央對樓市進行調控之後,市場憧憬中央會加大基建投資,以維持固定資產投資,加上以主張大搞基建的特朗普成功當選美國總統後,環球基建股隨之大幅上揚,因此第四季開始以來,港股市場中基建股亦持續上升,中國鐵建
01186.HK 及中國中鐵 00390.HK 表現突出。

中國中車 01766.HK
主要從事鐵路機車、客車、貨車、動車組及城軌車輛的研發、製造、銷售及翻新以及其他軌道交通裝備專有技術延伸產業,其走勢落後主因是其具滯後反應,因為中央加大鐵路基建投資,最先受惠者固然會是從事建築及建設的股份,到建設完成後,才會帶動集團產品需求。

根據中國鐵路總公司公佈,今年首三季全國鐵路固定資產投資共 5,423 億元人民幣,投產 1,209 公里,預計全年鐵路固定投資可完成 8,000
億元以上,開工建設項目 45 個,投產新線逾 3,200 公里,才能全面完成今年鐵路建設任務目標。項目相繼落成料市場對機車需求將會有增無減。

集團於 7 至 11 月期間簽訂共 252.4 億元的若干項重大合同,受惠新產品銷售推動,售後服務提升,及高速動車組 MU
使用量增加,料可刺激未來數年 MU 需求,成為帶動集團盈利增長重要動力。

摩根士丹利發表研究報告,指中車 1766.HK
母公司最近由新管理層執掌,市場將關注其業務發展及能否加快推動南北車整合,又認為,由於中車在國內鐵路市場有壟斷地位,新管理層可以專注於業務增長,並指其可加快發展海外市場及非鐵路相關業務。中車目標於
2020 年達成海外收入佔總收入 20% 的比例,但目標似乎具挑戰性,因其2015 年的比例僅佔 11%,2016 年更有可能跌至約
10%,因海外市場收入錄得按年跌幅。在新領導層帶領下,該行認為集團將加速滲透海外市場,如收購海外同業,早前集團籌劃收購斯柯達交通 Skoda
Transportation 便是的其中一個例子。此外,亦指集團銷售新能源巴士已帶來收入貢獻,並已開始涉足電動車供應鏈。


買賣策略
買入: $7.2-7.6   目標價: $9    止蝕價: $6.4

本人王富榮為證監會持牌人士。截至本評論文章發表日止,本人及/⁠⁠或其有聯繫者並無持有全部提及之證券的所有相關財務權益。

 

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