小摩:降中国建筑国际(03311)目标价至13港元 管理层撤回盈利指引

智通财经网
Oct 30, 2025

智通财经APP获悉,摩根大通发布研报称,中国建筑国际(03311)第三季税后净利润同比升8.4%,高于该行预期同比升5%。不过,管理层撤回全年盈利增长双位数,和经营现金流维持正数及持续增长的指引,基于宏观经济不确定,以及即将进行的投资需要资金; 惟策略方向保持不变。管理层重申将维持正数经营现金流,派息比率不低于30%。该行下调对其2025年盈利预测,最新料同比增长8%,意味第四季盈利将较去年的低基数反弹15%。至于2026及27年,该行将盈利预测下调至中单位数; 目标价由15港元降至13港元,维持“增持”评级。

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