Societe Generale Securities China Times Electric maintain buy rating 申威1600

Societe Generale Securities: maintain Zhongche times electric buy sina finance App: Live on-line blogger to tutor Sina Hong Kong APP: real time market exclusive reference stocks also worth the investment? What’s the problem? Where is the future of the way out? Sina launched the "Hong Kong Hong Kong stocks as well as unattractive" discussion, with a rational and constructive attitude, welcome attention to Hong Kong stocks, concern of the capital market, Hong Kong stocks together for suggestions, seek the Hong Kong stock market tomorrow. Please to hkstock_biz@sina. This locomotive electric business cliff fell, dragged down performance throughout the year. The locomotive products this year showed the cliff downwards, on the one hand the domestic railway freight demand decline, on the one hand is the overseas orders for the delay. Locomotive business income fell dragged down the overall gross margin level. With the number of overseas orders have made Zhongche locomotive, locomotive business is expected in 2017 will be restored.   EMU has entered a major overhaul period, driving EMU products at a high level of stability. EMU Operation of about 5 million km or about 10 years into the overhaul phase. The overhaul will all want to change a new electric power equipment, this year into the overhaul is 30 columns, next year is expected to have more than 100 overhaul, therefore EMU electrical equipment products in the future will be maintained at a high and stable state.   rapid rise of track construction machinery business. The company’s track mechanical vehicle product innovation ability, and Kunming railway maintenance machinery car has certain differences. With the rapid rise of construction machinery business income, the construction machinery business will become the company’s new important revenue segment.   investment advice: maintain overweight investment rating. China Times electric rail transportation is our country train vehicle electrical equipment enterprises, the locomotive business this year amount to fall, is expected this year, the overall performance of flat. Our Forecast Ltd in 2016-2018 EPS were 2.39, 2.75 and $3.17, respectively. Our next 12 lowered its target price to HK $44.76, the corresponding 2016-2018 PE was 16.2, 14 and 12.2 times, the target price than the price of HK $40.75 to about 9.8% of the increase in space, to maintain the "overweight" rating. Risk warning: new orders less than expected gross margin decline; new business expansion is less than expected. (both) to enter the Sina financial stocks] discussion相关的主题文章: