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国元国际:上调重庆机电目标价至3.08 港元,维持“买入”评级

香港智远权证网2026年4月10日 00:00
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2025年营业收入和利润创新高

2025年公司营收100.44亿元人民币(下同)(+11.9%),股东应占利润7.64亿元(+76.9%),每股收益0.21元(+75%),创历史新高。2025年公司毛利16.2亿元,较2024年增加0.57亿元,增幅约3.6%。毛利率16.1%,下降1.3个百分点,基本保持平稳。

清洁能源装备:水力发电业务扭亏助力业绩增长103.7%

2025年公司清洁能源装备板块的整体营业收入达8,301.3百万元,同比增长约13.7%。板块毛利12.44亿元,较2024年增长0.9%。板块业绩2.5亿元,较2024年增长103.7%,主要是水力发电业务实现扭亏。

重庆康明斯:紧跟AI等行业趋势,持续聚焦大马力发动机

2025年重庆康明斯市场拓展成效显著,营业收入创历史新高,净利润为人民币12.7亿元,同比增长47%。该公司积极调整产品结构,聚焦K38/50、QSK38/50等大马力发动机系列推广。我们认为大马力发动机系列在重庆康明斯出货中的占比有望继续提升,并进一步带动该公司收入和利润增长。

重庆日立能源:AI和电网建设等需求旺盛,产能扩建保障长期增长

重庆日立能源自2023年搬迁至新基地后,通过持续投资与产能升级,整体产能增长已超过30%(目前正实施第三期扩产建设)。2025年,受欧洲电网更换潮、新兴市场国家加大电力基础设施建设、AI算力带动的分布式电网建设加大等因素驱动,重庆日立能源实现较好的增长,营收同比增长16%,净利润为人民币2.8亿元,同比增长172%。我们认为公司下游需求将持续旺盛,而随着公司产能爬坡,公司收入和利润有望不断增长。

维持“买入”评级,目标价3.08港元/股

我们预测公司FY2026至FY2028营业收入为10,676.4(+6.29%)、11,367.6(+6.47%)和12,180.1(+7.15%)百万元人民币,归母净利润907.5(+18.79%)、1,018.6(+12.25%)和1,124.5(+10.39%)百万元人民币。我们参考工业机械行业估值,认为公司合理估值应为2026年11倍PE,对应目标价为3.08港元/股,维持“买入”评级。

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