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基金經理觀點
> 正文
中遠海控受惠經濟復甦 動量評級滿分
6/17/2024 10:01:03 AM
中遠海控(01919.HK)是一家領先的集裝箱運輸和物流服務提供者,主要經營國際、國內海上集裝箱運輸服務及相關業務,航線網絡覆蓋全球。
根據中遠海控2024年第一季度業績報告,公司實現營業收入482.7億元(人民幣, 下同),按年增加1.9%;歸屬於上市公司股東的淨利潤67.6億元,按年減少5.2%,但環比則大增278%,利潤波動主要由於去年同期部分長協價格高基數的影響。
旺季來臨,集裝箱製造有望量價齊升
隨著中美兩國集裝箱庫存週期正在企穩,去庫存階段接近尾聲,補庫存的需求在2024年將逐步顯現。根據Alphaliner2024年6月14日數據顯示,集裝箱船隊已接近歷史高位至約3000萬TEU。受惠於終端需求復甦帶來的動力,中遠海控2024年第一季度集裝箱航運業務貨運量按年增加10.5%;港口碼頭總輸送量按年增加9.8%。今年以來中東地區局勢持續不穩,巴以衝突、伊朗以色列衝突等事件,造成船舶繞行及受襲擊事件增多,導致周轉效率下降,運輸時間增加。在此背景下,尤其是港口調度難度增大的情況下,集裝箱新增需求及價格顯著上升。由於鋼材成本佔集裝箱製造成本約一半左右,在箱價回升與鋼鐵的低位運行共同作用下,中遠海控的毛利率有望得到進一步改善。
進出口需求持續增長,運價指數上漲
受惠於海外需求帶動,尤其是歐洲、韓國的製造業景氣顯著回升,5月中國出口表現進一步向好。根據海關總署資料:以美元計價,中國2024年5月進口同比增長1.8%至2197.3億美元,出口按年增長7.6%至3023.5億美元。強勁的出口需求以及紅海繞行導致的運力短缺將繼續推動運價上行,截至6月14日中國出口集裝箱運價指數(CCFI)報1733.47,較上期升8.8%,創下近一年新高。公司運力規模處於全球領先地位,將充分受惠於新一輪的經濟復甦。
大市表現反覆下的高動量股量
近來大市表現比較反覆, 動量模型(Momentum Model)繼續成為可以找到有持續升勢股票的工具。根據LSEG Workspace 顯示,中遠海控在中期的動量評分為100分(即滿分),中期走勢較絕大部份同類型的股票為佳,以90個交易日計算出來的波動率為41.4%,看好中遠海控業務增長的投資者,可考慮用$15.8港元作為三個月的目標價。
馬家俊博士
時富量化金融董事總經理
從事金融科技業多年,是香港首批量化投資策略師及量化投資組合經理,重點研究量化投資策略在金融市場上的應用,涵蓋多種不同資產類別。馬博士於香港多間大學任教量化/計量金融及風險管理學,是特許金融分析師 (CFA)、專業風險管理師 (PRM)、精算師學會之專業會員 (ASA), 特許工程師 (CEng)等。
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