报告名称：Zoomlion(01157.HK)Data Update： Fine-tuning earnings estimates
报告类型：港股研究
报告日期：2015-12-30
研究机构：高盛高华证券有限责任公司
股票名称：中联重科
股票代码：000157,01157
页数：6
简介：Changes and Implications
We fine-tune our 2015E/16E/17E EPS by c.0%/+1%/0% after factoring inslightly lower operating expense ratio assumptions.
Our 12-month target price is derived using cycle-trough EV/GCI. Keyupside/downside risks include faster-/slower-than-expected property newstart recovery and stronger-/weaker-than-expected cost control.
We do not view these changes as material, and there is no change to ourinvestment thesis, rating or price target.

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