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標普料中國中車(01766.HK)今年鐵路設備訂單增長放緩 EBITDA輕微增長
標普全球評級預期,中國中車(01766.HK)今年鐵路設備訂單增長將放緩,但仍將維持現金流水平,部分歸因於營運效率提升。標普估計,繼去年增長10.8%後,中國中車今年將錄得低單位數增長,反映去年動車組招標達278組的五年高位後,今年招標活動將有所減少。不過,去年動車組新增訂單顯著增長,其中部分訂單將於今年交付,令該業務收入有一定的能見度。在政府「十五五」規劃...
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標普料中國中車(01766.HK)今年鐵路設備訂單增長放緩 EBITDA輕微增長
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標普全球評級預期,中國中車(01766.HK)  -0.020 (-0.395%)    Short selling $8.79M; Ratio 11.408%   今年鐵路設備訂單增長將放緩,但仍將維持現金流水平,部分歸因於營運效率提升。標普估計,繼去年增長10.8%後,中國中車今年將錄得低單位數增長,反映去年動車組招標達278組的五年高位後,今年招標活動將有所減少。

不過,去年動車組新增訂單顯著增長,其中部分訂單將於今年交付,令該業務收入有一定的能見度。在政府「十五五」規劃的設備更新計劃推動下,機車的置換需求亦將獲得支持。此外,在中國能源轉型推動下,新產業業務的需求應可支持其未來一至兩年溫和擴張。

同時,標普認為更嚴格的成本控制及營運效率提升,可緩衝投入成本上升及新產業業務激烈競爭的影響;預期今年EBITDA利潤率大致持平,EBITDA將輕微增長至265億至275億元人民幣。

標普預期公司在2026至2027年將產生正自由經營現金流,基於穩定的盈利能力、穩健的經營現金流及審慎的資本開支。經調整資本開支在由2024年的97億元人民幣降至2025年的88億元人民幣後,預期將繼續輕微下降。穩健的自由經營現金流將在未來一至兩年增強公司的淨現金狀況。(ss/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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