金吾财讯 | 中国水务(00855)临近午盘震荡拉升，午后维持高位，截至发稿，涨4.51%，报4.63港元，成交额2238.12万港元。
中泰国际发研报指，中国水务FY25中期业绩优于预期。虽然公司优化发展步伐，导致(非现金流)建设收入同比下跌35.7%至21.7亿元(港币，下同)，但是运营收入同比上升16.6%至22.4亿元。毛利率也同比上升1.5个百分点至38.4%。最终上半年股东净利润仅同比下跌8.5%至7.6亿元。该行指，公司期望资本开支由FY24的53.3亿元分别下降至FY25-26的约36亿及20亿元，提升分红比率至最少30%。
综合中期业绩，该行分别上调FY25-27股东净利润预测11.9%、2.1%、5.2%，并相应将目标价由6.10港元提升至6.23港元，对应43.6%上升空间及7.5倍FY25目标市盈率。维持“买入”评级。
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