金吾财讯 | 招银国际表示，中联重科(01157/000157)25年业绩强劲，1Q26稳健增长。2025年联影医疗的收入同比增长34.0%在1Q26年业绩电话会议上，中联重科指出中国收入增长乏力是由于公司持续将重心转向海外市场。毛利率方面，中联重科将1Q26毛利率下降归因于汇率波动，但预计这只是短期影响，主要由于与前期销售相关的汇兑损失将会后续确认为汇兑收益并在财务收入中体现。另一方面，部分大型产品（如塔式起重机和履带式起重机）在海外的销售受到一些产能限制的影响，而这些产品在后续的交付将有助于提升2Q26营收和毛利率。该机构认为中联在海外市场的增长潜力依然吸引。
该机构把2026/27年的盈利预测分别下调2%/3%。该机构小幅下调中联重科A /H股的目标价，从人民币12.0元/9.2港元下调至人民币11.8元/9.1港元，基于2026年A股预测市盈率18.6倍不变，H股目标价基于A股30%的折让。维持“买入”评级。
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