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大行评级 | 摩通:降中联重科评级至减持 下调龙工目标价至1.8港元

Big Bank Ratings | Motong: Downgraded Zhonglian Heavy Industry's rating to reduce holdings and lowered Longgong's target price to HK$1.8

Gelonghui Finance ·  May 19, 2023 16:02
Glonghui, May 19. According to the report, considering the demand trend in the first four months of this year, the difference in sales of construction machinery and heavy trucks was noted. The former was dragged down by the mainland's IV emission standard upgrade and inventory removal of off-road machinery, and was affected by the low housing operating rate from the beginning of the year to now (21% year-on-year decline). Furthermore, the company's first-quarter results can also be seen from the above differences in basic demand. Weichai Power (2338.HK)'s profit rebound outperformed, followed by Zhejiang Dingli, Sany Heavy Industries, and Hengli Hydraulic, while Zhonglian Heavy Industry's performance clearly lagged behind. Motong downgraded the H-share rating of Zhonglian Heavy Industries from “neutral” to “reduced holdings”, believing that its risk exposure in the real estate industry is high, and the target price was lowered from HK$3.9 to HK$3.2. It also believes that the industry's first choice is Weichai Power, Sany Heavy Industries, and Zhejiang Dingli. It also maintained the “increase in holdings” rating for Longgong, believing that the company has a stable balance sheet, strong cash flow, and low exposure to the real estate market. The target price was lowered from HK$1.9 to HK$1.8.

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