港股异动 | 东方电气跌超4%暂现四连阴，汇丰此前称市场过度乐观，下调公司评级至“减持”
7月25日，东方电气跌超4，股价已连跌四日。
消息面上，西藏雅鲁藏布江水电项目近日启动建设。汇丰此前发布研报称，东方电气AH股均大升，但投资者或过度乐观。基于项目1.2万亿元人民币的总投资额，有投资者推测相关涡轮机订单价值超1,000亿元人民币。但即使以白鹤滩大坝机组溢价30%计算，该行料订单总值仅550亿元人民币。对东方电气而言，总收入及盈利影响分别为250亿及25亿元人民币。若摊分四年确认，每年盈利增加约6亿元人民币，仅占2025年盈利预测的16%。
该行指出，如将该项目未来十年的潜在现金流折现，H股及A股每股价值仅增加1.2港元及1.1元人民币，远低于近期升势所反映的10.23港元及4.27元人民币。目前H股相对A股出现溢价，估值亦已达历史高峰。该行维持目标价12.3港元及19.3元人民币不变，但评级从“持有”降至“减持”，并认为在2028年前，难以从雅鲁藏布江计划中目到实质催化剂。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Most Discussed
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10